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
Sindrei [870]
3 years ago
8

Black Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $21,000. During 2020, it wrote off $15,120 of a

ccounts and collected $4,410 on accounts previously written off. The balance in Accounts Receivable was $420,000 at 1/1 and $504,000 at 12/31. At 12/31/20, Black estimates that 5% of accounts receivable will prove to be uncollectible. What should Black report as its Allowance for Doubtful Accounts at 12/31/20?
Business
1 answer:
sdas [7]3 years ago
6 0

Answer:

Black report as its Allowance for Doubtful Accounts at 12/31/20 of $25,200

Explanation:

The computation of the allowance for the doubtful account is shown below:

= Ending account receivable balance × estimated percentage

= $504,000 × 5%

= $25,200

To find out the allowance for a doubtful account we simply calculate the estimated amount based on the ending balance of the accounts receivable and the given percentage.

All other values are not relevant. Hence, ignored it

You might be interested in
When retained earnings are not enough to meet their long-term funding needs, businesses may be able to raise funds by?
sergij07 [2.7K]

When retained earnings are not enough to meet their long-term funding needs, businesses may be able to raise funds by <u>selling common stock</u>. Long-term funding can be defined as any financial tool with maturity going beyond one year (such as bank loans, bonds, leasing and other forms of debt finance), and public and private equity instruments.

<h3>What is a retained earnings?</h3>

Retained earnings are the total of profit an establishment has left over after paying all its direct costs, indirect costs, income taxes and its dividends to shareholders.

Therefore, the correct answer is as given above

learn more about retained earnings: brainly.com/question/25631040

#SPJ1

8 0
2 years ago
Jessica Marshall, the CEO of ABD Oil Drilling Inc., decides to set aside an amount of $10,000 from the company's annual profits
Travka [436]

Answer:

corporate philanthropy.

Explanation:

Corporate philanthropy refers to an act done by a corporation or business organization with a motive to promote the welfare of a society by charitable donations of funds

Since in the question it is mentioned that the Jessica already aside the amount of $10,000 for the nonprofit organization and already it meets the requirement of government to contribute 4% of the company revenue for the social benefits

So this given situation represents the corporate philanthropy.

3 0
3 years ago
Chester has negotiated a new labor contract for the next round that will affect the cost for their product Camp. Labor costs wil
PolarNik [594]

Complete Question:

Chester has been selling widgets for $10, total variable costs are $4.40 and fixed costs are $100,000.

Chester has negotiated a new labor contract for the next round that will affect the cost for their product Cid. Labor costs will go from $2.79 to $3.39 per unit. Assume all period and other variable costs remain the same.

If Chester were to absorb the new labor costs without passing them on in the form of higher prices, how many units of product Cid would need to be sold next round to break even on the product?

Answer:

Chester

Break-even point = Fixed costs/Contribution margin per unit

= $100,000 / $5

= 20,000 units

Explanation:

a) Data and Calculations:

Selling price = $10

Old variable cost = $4.40

Additional variable cost = $0.60

New variable costs = $5 ($4.40 + $0.60)

Contribution per unit = Selling price minus variable cost per unit

= $5 ($10 - $5)

Fixed costs = $100,000

b) Chester's Break-even point (in units) is the number of units of a product  Camp that Chester requires to sell in order to recover her fixed costs.  The information provided by break-even analysis guides Chester in making decisions for the production of Camps and its marketing.  Without identifying the units of Camp to be produced and sold in order to remain in business, all things being equal, Chester might short-produce or short-sell Camps and run the business unprofitably.

5 0
3 years ago
In what ways do individuals make a difference in a firm’s commitment to ethics?
Sphinxa [80]
Individuals can make a difference in a firm’s commitment to ethics by making morally right decisions. Moral behavior is infectious and the acts of executives, managers, and employees do not go unnoticed by the individuals surrounding them. <span />
8 0
3 years ago
Manuel, who works for a multinational company, is often put in teams consisting of people from different cultures. Manuel finds
Vinvika [58]

Answer:

Individualism

Explanation:

As it is mentioned in the question that Manuel finds difficult to do the work in a team as he comes from his personal brand i.e building so his culture represents the individualism as he does not work as a team he wants to work individually as he is not comfortable or he has reserve nature i.e he does not open up with easily.

Hence, in the given case, the correct option is Individualism

8 0
4 years ago
Other questions:
  • If a person drives an automobile, they are required by law to have automobile liability insurance. in which situation would this
    10·1 answer
  • A publishing company sells 1,250,000 copies of certain books each year. It costs the company $1 to store each book for a year. E
    12·1 answer
  • Review your pre and post scores from "Where Are You Now." Did your scores improve? What activities did you complete that facilit
    15·1 answer
  • What makes a checking account more conveniant than a savings account?
    11·2 answers
  • In January of 2015, the appropriate construction cost index had a value of $3,260. In January of 2005, the value was $1,746. In
    6·1 answer
  • DeBeers is an example of a government monopoly. True or False?
    14·1 answer
  • Why is a spending plan an important part of financial planning? Choose all that are correct. а b C Helps to manage your money in
    13·1 answer
  • To convince his manager that a new copier was needed, Darrin kept track of the lost productivity that resulted from employees ha
    13·1 answer
  • Martin, a u.s. citizen, travels to mexico and buys a newly manufactured motorcycle made there. his purchase is included in?
    10·1 answer
  • Amazon’s home delivery of groceries and instacart’s delivery of whole foods items are found where on the market development curv
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!