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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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Terry, nick, and frank are forming the doctor partnership. terry is transferring $30,100 of personal cash and equipment worth $2
Leni [432]
Balance Sheet

Assets

Current Assets
Cash 37200
Accounts Receivable 36300
Less: Allowance for Doubtful Accounts (5000) [Computation: 36300-31300)
Supplies 3600
Total Current Assets 72100

Property, Plant, and Equipment
Land 17600
Building 75100
Equipment 47200
Total Property, Plant, and Equipment 139900
Total Assets $212000

Liabilities
Long term Liabilities
Mortagage Payable 19900

Owner's Equity
Terry, Capital 55200
Nick, Capital 72800
Frank, Capital 64100

Total Owner's Equity 192100
Total Liabilities and Owner's Equity $212000
6 0
3 years ago
Foreign exchange​ ________ earn a profit by a bidminusask spread on currencies they purchase and sell. Foreign exchange​ _______
Ronch [10]

Answer:

Dealers ; Brokers

Explanation:

Foreign exchange dealers make money or profit by buying stock at lower price and selling the same at a higher price. They do this by adding a markup on the price of stock bought by them and sell the same to a buyer. The markup serves as profit to dealers.

Foreign exchange brokers act as intermediary between buyers and sellers as traders could execute trades through a brokers only. A broker earns profit in the form of commissions and fees earned on executing each transaction.

7 0
3 years ago
Last year, Natalie submitted her idea for a redesigned bicycle seat on the Fast Flyers Bikes website. She learned this week that
Tems11 [23]

Answer:

microblogging

Explanation:

Natalie has submitted her idea in a website. Her idea was supported by greater number of people. Natalie did not expected that her idea would gain such significance and will be voted as winning.

4 0
3 years ago
Why is it important to use the right strategies to beat competition?:​
Cloud [144]

Answer:

Therefore, competitive strategy is essential for the survival of the product in the market. Having a new competitive strategy to beat rival companies or their products by renaming or redesigning their products will help the company to be more profitable and create an image new on the market.

3 0
3 years ago
Knowledge Check 01 On January 1, Year 1, Abbott Company granted 92,000 stock options to certain executives. The options are exer
Westkost [7]

Answer:

$153,333

Explanation:

Calculation to determine What amount should Olympic recognize as compensation expense for 2016

Using this formula

Compensation expense =Total compensation/Vesting period

Let plug in the formula

Compensation expense=($5 x 92,000)/3 years

Compensation expense=$460,000/3 years

Compensation expense=$153,333

Therefore What amount should Olympic recognize as compensation expense for 2016 is $153,333

5 0
3 years ago
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