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Reil [10]
3 years ago
11

In 2022 the Cheyenne Corp. had net credit sales of $870000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit

balance of $21600. During 2022, $32700 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 5% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $227000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2022
Business
1 answer:
OleMash [197]3 years ago
5 0

Answer:

$22,450

Explanation:

Bad debt Expense will be calculated using the percentage of debt loss. The expense will be calculated using the account receivable balance

Beginning bal. of Allowance for Doubtful Accounts ($21,600)

- Uncollectible Accounts Receivable written off        <u>$32,700</u>

Adjustment of Allowance for Doubtful Accounts       <u>$11,100 </u>

Accounts receivable balance at December 31           $11,350

+ Adjustment of Allowance for Doubtful Accounts    $11,100 Adjustment to Allowance for Doubtful Accounts     $22,450

at December 31, 2022

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Answer:

$16,393.44

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If you make a false statement or commit a forgery about your motor vehicle insurance you can be guilty of a ________ degree misd
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Channel members can help producers by identifying customer complaints, customer preferences, and new competitors in the market.
butalik [34]

Answer:

communication

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3 years ago
4. Tom Busby owes $20,000 now. A lender will carry the debt for four more years at 8 percent interest. That is, in this particul
bezimeni [28]

Answer:

Tom Busby

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= $4,091.64

Explanation:

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Payment period = 12 years

Interest rate during payment period = 11%

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You will need to pay $4,091 every year for 12 years to payoff the debt at 11% interest.

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g: Sorin Incorporated, a company that produces and sells a single product, has provided its contribution format income statement
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Answer:

Total contribution margin= $59,800

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Giving the following information:

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2 years ago
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