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
Cerrena [4.2K]
3 years ago
13

Grayhawk Company reported net credit sales of $588,000 for the year ending December 31, 2019. On January 1, 2019, the Allowance

for Doubtful Accounts had a credit balance of $14,400. During 2019, $24,000 of uncollectible accounts receivable were written off. Grayhawk has experienced bad debt losses of 3% of credit sales in prior periods. Using the percentage of credit sales method, what is the adjusted balance in the Allowance for Doubtful Accounts at December 31, 2019?
A) $17, 640


B) $8,400


C) $27,600


D) $8,040
Business
1 answer:
Sever21 [200]3 years ago
5 0

Answer:

D) $8,040

Explanation:

<u>Credit Sales Method:</u>

Bad Debt Losses = 3% of Credit Sales

Bad Debt Losses = 0.03 x $588,000

Bad Debt Losses = $17,640

<u>Adjusted balance in the Allowance for Doubtful Accounts:</u>

Bad Debt Losses - (uncollectible accounts receivable - Allowance for Doubtful Accounts)

$17,640 - ($24,000 - $14,400)

$17,640 - $9,600

$8,040

You might be interested in
Luci has worked as a customer service representative for two years. She believes that this job has improved her ability to cope
vichka [17]

Answer:

<em><u>Self-efficacy.</u></em>

Explanation:

Self-efficacy at work is a personality trait that impacts the attitude employees will take when performing challenges and tasks in an organization.

When the level of self-efficacy is high, employees are self-motivated to commit more and more deeply to their work, setting goals and objectives to achieve complex tasks, which are seen as results of personal effort and overcoming.

7 0
4 years ago
What does the purchaser of a product obtain besides the good service or idea itself?
-BARSIC- [3]

A buyer of a manufactured good not only obtains the good itself, amenity, or awareness, but also receives good after-sales services that aid in handling and increasing products efficiently. Providing this kind of services are important to the capability of the business to uphold fruitful relations as well as marketing mixes by creating continuous growth in products and over market research. Providing excellence after-sale deal encourages the goodwill of the business. This competence lets customers not to use money for maintenances for 1 or 2 years of warranty period.

8 0
4 years ago
Read 2 more answers
Ashley has a large and growing collection of animated movies. She wants to replace her old television with a new LCD model, so s
Lelu [443]

Answer:

$3,402

Explanation:

We are to calculate the future value of the annuity

The formula for calculating future value = A x (B / r)

B = [(1 + r)^n] - 1

R = interest rate

N = number of years

(1.10)² - 1 = 0.21

$1,620 x( 0.21 / 0.1) = $3,402

4 0
3 years ago
Exercise 5-66 Bad Debt Expense: Percentage of Credit Sales Method Gilmore Electronics had the following data for a recent year:
Stels [109]

Answer:  Debit Bad debt expense $11,264, Credit Allowance for bad debt $11,264; Debit Allowance for bad debt $9,650, Credit Accounts receivable $9,650.

Explanation: Percentage of credit sales method means bad debt expense expressed as a percentage of sales.

The estimated bad debts rate is 2.2%, which translates to 2.2% of $512,000 (credit sales) = $11,264. The firm has to record this, being the estimated bad debts rate, as Debit to bad debt expense and Credit to allowance for bad debt. However, accounts receivable that was deemed uncollectible is $9,650. This amount would be taken out from the buffer in allowance account by debiting allowance for bad debt and crediting accounts receivable.

5 0
3 years ago
You want to have $2.7 million when you retire in 37 years. You feel that you can save $600 per month until you retire. What APR
PilotLPTM [1.2K]

Answer:

9.87%

Explanation:

Calculation to determine What APR do you have to earn in order to achieve your goal

$2.7 million = $600{[(1 + r)444 − 1] / r}

r = .0082*100

r=.82%

r = .82% × 12

r = 9.87%

Therefore the APR you have to earn in order to achieve your goal is 9.87%

6 0
3 years ago
Other questions:
  • Marcie and her husband, Franklin, each own 50 shares of Chestnut, Inc. Sally, Marcie's old high school friend, owns the remainin
    14·1 answer
  • During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2015, yo
    9·1 answer
  • Which of the following is not one of the main economic variables that affects business cycles
    9·1 answer
  • Specific data such as age, income , family size , and accupation used for marketing purposes, is called
    11·2 answers
  • The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000;
    9·1 answer
  • You've been tasked with marketing a new line of plumbing services, but you have a set budget you can't exceed. Why is Google Ads
    7·1 answer
  • ​KFC's "Buckets for the​ Cure" program, which donated​ $0.50 for every​ $5 "pink" bucket of fried chicken purchased over a​ one-
    13·1 answer
  • describe how a company would balance the tradeoff between cost and speed when selecting a shipping method
    5·1 answer
  • Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amoun
    7·1 answer
  • MC Qu. 98 Garcia Corporation's April sales forecast... Garcia Corporation's April sales forecast projects that 6,100 units will
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!