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Setler79 [48]
3 years ago
7

At the beginning of the year, a company had an Allowance for Uncollectible Accounts of $22,000. By the end of the year, actual b

ad debts total $24,000. What is the balance of the Allowance for Uncollectible Accounts after the write-offs (before any year-end adjustment)
Business
1 answer:
Zina [86]3 years ago
5 0

Answer:

$2000 (Debit)

Explanation:

                                       

Opening balance          = $22000 (Credit)

LESS: Actual Bad debt  = 24000 (Debit)

Closing Balance            = 2000 (Debit)  

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Type the correct answer in the box. Spell all words correctly.
Solnce55 [7]

Answer:

529

Explanation:

A 529 plan is a plan to encourage savings for future education expenses.  The money saved in a 529 plan is not subject to taxation as long as it will be used for education purposes.

Parents, grandparents, or guardians can open 529 savings account for a child, who will be named as the beneficiary.  The contributor of funds to the account may be eligible for a state tax deduction for contributing to a 529 plan. The gains on the accounts are exempt from tax if they are to be used on education expenses.

5 0
2 years ago
Time Value of Money: Basics Using the equations and tables in Appendix 25A this chapter, determine the answers to each of the fo
kow [346]

Answer:

Present value (PV) = $3,000

Interest rate (r) = 6% = 0.06

Number of years (n) = 2 years

Future value (FV) = ?

FV = PV(1 + r)n

FV = $3,000(1 + 0.06)2

FV = $3,000(1.06)2

FV= $3,000 x 1.1236

FV = $3.370.80                                                                                                                                                                                                                                                                                    

Explanation:

In this case, there is need to compound the present value for 2 years at 6% interest per annum. The formula to be applied is the formula for future value of a lump sum (single investment).

6 0
3 years ago
A proposed new project has projected sales of $159,800, costs of $80,840, and depreciation of $5,640. The tax rate is 24 percent
never [62]

Answer:

Explanation:

In order to calculate the OCF, we first need to calculate net income.

We have:

Sales: $159,800

  • Cost:  -$80,840
  • Depreciation  $5,640

EBT : $73,320

  • Tax = $73,320*24% = $17,596.8

Net income : $55,723.2

Using the most common financial calculation for OCF, we get:

OCF = EBIT + Depreciation - Taxes

OCF = $73,320 + $5,640 - $17,596.8

OCF = $61,363.2

The top-down approach to calculating OCF yields:

OCF = Sales - Costs - Taxes

OCF = $159,800 - $80,840 - $17,596.8

OCF = $61,363.2

The tax-shield approach is:

OCF = (Sales - Costs)(1 - tC) + tCDepreciation

OCF = ($159,800 - $80,840)(1 - 0.24) + 0.24*$5,640

OCF =$61,363.2

And the bottom-up approach is:

OCF = Net income + Depreciation

OCF = $55,723.2 +$5,640

OCF = $61,363.2

Hope it will find you well

3 0
3 years ago
What is one of the key goals of unions?
stealth61 [152]
I believe the correct answer would be the last one. One of the main goals of unions is to engage in featherbedding. In simple words, to be able to provide and implement favorable and advantageous working conditions to employees in a company.
6 0
3 years ago
Being ________ means knowing what computers can do and what they can't, knowing how they can benefit you and how they can harm y
USPshnik [31]
The answer to this question is "SAVVY" which also means practical knowledge. <span>Being SAVVY means knowing what computers can do, its functionalities, and what they can't, knowing how they can benefit the people especially the students and how they can harm you, knowing when you can solve computer problems and when you have to call for help.</span>
4 0
3 years ago
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