1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
adelina 88 [10]
3 years ago
9

Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $374,000 and credit sa

les are $1,000,000. An aging of accounts receivable shows that approximately 7% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $1,800 before adjustment?
Business
1 answer:
IceJOKER [234]3 years ago
5 0

Answer: The adjusting entry would be: Debit Bad debt expense $24,380; Credit Allowance for doubtful accounts $24,380.

Explanation: Since aging of the accounts receivable shows that 7% approximately of the outstanding receivable of $374,000 will be uncollectible. It then means $26,180 (7%*$374,000) will be uncollectible. Meanwhile, Tanning Company already has a credit balance of $1,800 in the allowance for doubtful accounts, therefore, an adjustment of $24,380 ($$2,180 - $1,800) has to be made.

You might be interested in
The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. Based on your analysis of the exchange ra
Misha Larkins [42]

Answer:

b. Buy £1,000,000 forward for $1.50/£.

Explanation:

Let's say for instance, we agree to make purchase of €1,000,000 and then forward for $1.50/€ and we assume that the price turns out to become $1.62/€ in three months time, the expected profit will be $12,000 = €1,000,000 ($1.62 - $1.50)As we can see, answer d looks convincing from an accounting standpoint, but it is wrong because the question asks us to make money with a forward contract, not by holding a particular spot. The correct option should be option b.

4 0
3 years ago
Catherine often switches from project to project because she thinks she gets more done that way. She also doesn't get bored as o
marta [7]
The answer is A. Multitasking. For three reasons: <span>You’re less productive. It is scientifically proven that there is no such thing as multitasking. You're simply switching from one task to another. When your brain tries to switch it needs to rethink about what its doing which wastes time. You sabotage your ability to do good work. Constantly switching from one thing to another means you can't focus on one specific thing. This often leads to mistakes which means you need to take extra time to fix it anyway. You squelch your creative juices. In other words when you go back and forth from one thing to another you're preventing your thoughts from developing into other thoughts. Which could potentially prevent a brilliant idea.Stay safe. Focus!
</span>
5 0
3 years ago
Read 2 more answers
In lean operations, input resources arrive for processing only after the preceding batch has been completed. question 10 options
JulijaS [17]
The correct answer would be TRUE, In lean operations, input resources arrive for processing only after the preceding batch has been completed.
6 0
3 years ago
It is unethical to report the wrongdoing of a coworker.
Natalija [7]
It is ethical to report the wrongdoing of a coworker.  Which means the answer is false.  Hope this helped!
6 0
3 years ago
Read 2 more answers
In digital forensics, all investigations follow the same basic methodology. which of the following should be performed first in
Xelga [282]
Had to look for the options and here is my answer. Based on digital forensics's basic methodology, the very first thing that should be done upon investigation is the identification of relevant items of evidentiary value or known as EM. Hope this answers your question.
8 0
3 years ago
Other questions:
  • Which type of bank account is most likely to pay you interest on the money in the account?
    12·1 answer
  • A quantitative job evaluation procedure that determines a job's relative value on the basis of quantitative assessments of speci
    10·1 answer
  • The balance of the Cost of Goods Sold account at the end of the year represents:(A) The cost of inventory not sold in the curren
    15·1 answer
  • Uchimura Corporation has two divisions: the AFE Division and the GBI Division. The corporation's net operating income is $10,900
    8·1 answer
  • Yoon, who sells designer jeans, has a mobile app to help women determine what leg style looks best on their body type. What coul
    6·1 answer
  • The following four employees all feel committed to the organization they work for. Jennifer feels it will be difficult to find a
    11·1 answer
  • The price of a Honda Accord
    9·1 answer
  • What is the net present value of a project with the following cash flows if the required rate of return is 9 percent? (round ans
    14·1 answer
  • You have hired 10 new temporary workers who will be with the company for 3 months. how can you make sure that these users can on
    13·1 answer
  • many companies view the marketing environment as a(n) __________ element to which they must react and adapt.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!