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DiKsa [7]
3 years ago
13

Deborah Company's account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2,100,000 an

d $35,000 (Cr.), respectively. An aging of accounts receivable indicated that $126,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is
A. $210,000.
B. $126,000.
C. $91,000.
D. $161,000.
Business
1 answer:
mart [117]3 years ago
5 0

Answer:

The amount of the adjusting entry for bad debts at December 31 is C. $91,000

Explanation:

Adjustment entry is made on changes on the amount of provision for doubtful debts.

Increase in amount of  provision for doubtful debts increases the expenses in income statement.

Decreases in amount of  provision for doubtful debts decreases the expenses in income statement.

Allowance for Doubtful Accounts Balance  $35,000 (cr)

Allowance during th year                             $126,000

Increase in Allowance                                   $ 91,000

$ 91, 000 increase in allowance for doubtful debts increases the expenses in Income Statement

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Answer:

B. 4 years

Explanation:

As per the certain life income period, the guaranteed payments for the recipient lifetime or the specified time duration whichever is more.

Now if the recipient dies before the certain period ended, so the payments would be continued to the other beneficiary unless there is an end for the certain period

So, in the given situation, the payments would be received for

= 10 years - 6 years

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Hence, the correct option is B. 4 years

6 0
3 years ago
Gipple Corporation makes a product that uses a material with the quantity standard of 7.3 grams per unit of output and the price
noname [10]

Answer:

C) $300 U

Explanation:

Gipple Corporation

Material Quantity Variance = (Actual Quantity Used * Standard Unit Cost )-

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Material Quantity Variance = (24,870* 6)- ( 7.3* 3400 *6)

Material Quantity Variance = (24,870* 6)- (24,820* 6)

Material Quantity Variance = 149220 - 148920

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4 0
3 years ago
Quick assets include which of the following? Multiple Choice Market securities, receivables, and inventories. Cash, marketable s
just olya [345]

Answer:

The correct answer is letter "C": Cash, marketable securities, and receivables.

Explanation:

The quick assets of a company can easily be converted into cash. Quick assets include <em>cash, account receivables, </em>and<em> marketable securities</em>, which are equity and debt securities that can be converted into cash within one year. To calculate the company's quick assets add its cash, account receivables, and marketable securities and subtract its inventory from that result.

8 0
3 years ago
What are the unique financial reporting implications of the partnership entity in comparison with the proprietorship and corpora
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The financial reporting of the Partnership firm differs from the  proprietorship and corporate entities as the closing process of partnership involves creation of the realization account, whereas the another entity not required this.

<h3>What is financial reporting?</h3>

Standard techniques for giving stakeholders an accurate portrayal of a company's finances, including revenues, profits, expenses, cash flow, capital, and official records that provide in-depth insights into financial information, are referred to as financial reporting.

The payment of taxes, fines, and interests has new financial reporting consequences for partnership firms that are distinct from any other sort of business company.

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Furthermore, the financial reporting implications for a partnership firm differ from those for a sole proprietorship or a corporation, as the partnership business is distinct from the two stated businesses.

The closing process of partnership differs from the another businesses because the closing process of partnership involves the preparation of realization account.

Therefore, the partnership form of business enterprise is differed from the other business.

To learn more about the partnership, refer to:

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5 0
2 years ago
Answer this question on the basis of the given information for an economy in 2016. dollar value of resource extraction activity
Flura [38]
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