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chubhunter [2.5K]
4 years ago
15

Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are con

sidered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts
Business
1 answer:
Sonbull [250]4 years ago
8 0

Answer:

$165,000

Explanation:

The computation of the reported amount for Allowance for Doubtful Accounts is shown below:

= Young accounts × uncollectible percentage + old accounts balance × uncollectible percentage

= $100,000 × 5% + $400,000 × 40%

= $5,000 + $160,000

= $165,000

We simply added the young accounts and old account balance after considering the uncollected percentage

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Answer:

b. There would be both a human and economic loss.

Explanation:

In the case when the illiteracy was more and 40% of the children left the school so early that they didnt complete their education so here the result should be that there should be 2 losses i.e. human and economic loss as the children does not have any kind of knowledge so they would not get the job so easily

Therefore the option b is correct

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3 years ago
Suppose that a monopolistically competitive restaurant is currently serving 230 meals per day (the output where mr = mc). at tha
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460$ profit

Explanation:

Marginal revenue is equal to marginal cost which shows that the restaurant is working in a competitive environment.

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4 years ago
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DerKrebs [107]

Answer:

Defer Income

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  • They generally report profits in the year accrued under an aggradation accounting method, then exclude or subtract costs in the year sustained.
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4 years ago
The first step when entering data is to _____.
mario62 [17]
I believe you'd have to highlight the cell.
7 0
3 years ago
Read 2 more answers
Zippy had cash inflows from operations of $65,500; cash outflows from investing activities of $50,000; and cash inflows from fin
Diano4ka-milaya [45]

Answer:

$45,500

Explanation:

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