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Vikentia [17]
3 years ago
10

The Allowance for Bad Debts account has a credit balance of $ 3 comma 000$3,000 before the adjusting entry for bad debts expense

. The​ company's management estimates that 44​% of net credit sales will be uncollectible for the year 2019. Net credit sales for the year amounted to $ 290 comma 000$290,000. What is the amount of Bad Debts Expense reported on the income statement for​ 2019?
Business
1 answer:
Triss [41]3 years ago
8 0

Answer:

The bad debt expense which should be recorded in the income statement for the year 2019, amounts to $127,600

Explanation:

The bad debt expense which should be recorded in the income statement for the year 2019 is computed as:

= Net Credit Sales × Uncollectible credit sales for the year 2019

where

Net Credit Sales is $290,000

Uncollectible credit sales for the year 2019 is 44%

Putting the values in the above formula:

= $290,000 × 44%

= $127,600

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value of stock is an amount assigned per share by the corporation in its charter. In many states, this amount establishes the mi
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Answer: par value

Explanation:

The __________ value of stock is an amount assigned per share by the corporation in its charter. In many states, this amount establishes the minimum legal capital, which refers to the least amount that the buyers of stock must contribute or be subject to paying at future dates.

Answer

Par value of stock

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3 years ago
For daily work production, several examiners can work together in a large open area, as long as they all have ________ level of
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Answer:

the same

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When examiners in a large open area have the same level of authority and access, work production gives room for more efficeincy and increased production. This means that everyone is on the same level and can do everything needed without awaiting authorization and clearance which could slow down production.

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3 years ago
1. Determine whether the activity is either:
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Answer:

1. Illegal

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8 0
3 years ago
Xi-ling has a net income that is 5% of her monthly salary of $2,315. Xi-ling would like to keep a net income of $50 and put any
vivado [14]

Xi-Ling focussed on her debt management by setting aside a part of net income in paying down the debts. The amount that Xi-Ling put towards the debt is $65.75.

<h3>What is Debt Management?</h3>

Debt management is a tool that facilitates keeping the debt under control through planning and budgeting. It helps in clearing the problem of debt at an affordable pace.

Xi-Ling has a monthly salary of $2,315 out of which 5% is her net income. The net income therefore is:

\begin{aligned} \rm Net \:Income &=\rm Salary \times 5\%\\\\&= \$2,315 \times 5\%\\\\&= \$115.75\end

Out of the net income of $115.75, she keeps aside $50 and uses the rest in paying down her debts. Therefore, the amount used for debts is:

\begin{aligned} \rm Amount\:used\:in\:paying\:debts &= \$115.75 -\$50\\\\&= \$65.75\end

Hence the amount Xi- Ling put towards paying down the debts is $65.75.

Learn more about debt management here:

brainly.com/question/7924883

4 0
2 years ago
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FinnZ [79.3K]

Answer:

<u>d. a nominal gain, but no real gain, and you paid taxes on the nominal gain. </u>

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<u>In the question above, the correct answer is option D.</u>

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3 0
3 years ago
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