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Blababa [14]
3 years ago
9

Amend Inc. debited Accounts Receivable and credited Allowance for Doubtful Accounts to reestablish an account previously written

off. Amend Inc. should also debit _______ and credit _______.
Business
1 answer:
Aleks [24]3 years ago
3 0

Answer:

Allowance for Doubtful Accounts and

Bad debt expense

(to fill the gaps)

Explanation:

Allowance for Doubtful Accounts is the account used to record receivables that may not be collectible. When receivables may be incollectible, the entries posted are

Debit Bad debt expense

Credit Allowance for Doubtful Accounts

When the receivables can no longer be collected

Debit Allowance for Doubtful Accounts

Credit Account receivables

Hence for Amend Inc, the reversals of the above entries is what is required. Since Amend Inc. has debited Accounts Receivable and credited Allowance for Doubtful Accounts to reestablish an account previously written off, the second set of entries required would be

Debit Allowance for Doubtful Accounts

Credit Bad debt expense

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Suppose the Board of Directors of The Staten Island Suppliers Co. announces on October 4th that the regular quarterly dividend o
kipiarov [429]

Answer:

a. October 4th

b. November 15th 2019

c. November 14th 2019.

d. December 13th, 2019 (Note: This is assumed based on the explanation below as it is not specifically stated in the question).

Explanation:

a. What date is the declaration date?

The declaration date is the date the announcement to pay the next dividend is made by the board of directors of a company. In this case, the declaration date is October 4th, 2019.

b. What date is the holder of record date?

The holder of record date refers to the cut-off date set by a company to ascertain the eligible shareholders that will receive the next dividend payment. In this case, the holder of record date is November 15th 2019.

c. What date is the ex-dividend date?

The ex-dividend date refers to date that a seller of stock is still eligible to receive dividend despite that the stock has already been sold to a by him. This is because it is the person that hold the security on the ex dividend date that will receive the dividend payment not the holder on the payment date. Generally, ex-dividend date is usually one business day before the record date. In this case,he ex-dividend date is November 14th 2019.

d. What date is the payment date?

The payment date refers to the actual day that eligible shareholders are paid the declared dividend by the company. It is usually a few weeks or month after the ex-dividend date. If we assumed to be a month, the payment date would be December 13th, 2019.

6 0
3 years ago
Which of the following is one of the first steps to take in launching the strategy execution process? A. Form a mission statemen
leva [86]

Answer:

The correct answer to the following question will be Option C.

Explanation:

  • The strategy execution method offers a systematic framework to explain, interact, enforce, and conduct policy. The objective of this project would be to ensure that the organization focuses on building value-added technologies and implementing value-optimizing expenditures.
  • Bringing together a good leadership people with the highest combination of talents, abilities, as well as the desire to do tasks has become one of the measures to follow to initiate this venture.

Other choices have no relation with the specified scenario. So Option C seems to be the right response.

5 0
3 years ago
Lake stevens marina has estimated that fixed costs per month are $350,000 and variable cost per dollar of sales is $0.30.
Leni [432]

$500,000

Break even =(fixed costs - contribution margin)

Contribution margin is Price of item- variable costs ($1- 30 cents/per item=.7)

$350,000/.7 = $500,000

4 0
3 years ago
Rollins Corporation is estimating its WACC. Its target capital structure is 20 percent debt, 20 percent preferred stock, and 60
Serggg [28]

Answer:

d. 12.6%

Explanation:

Rollins Corporation will receive $100 - ($100 x 5% flotation costs) = $100 - $5 = $95 net for each preferred stock issued

Since it will have to pay $12 on preferred dividends, the cost of preferred stocks = preferred dividend per preferred stock / net amount received per preferred stock = $12 / $95 = 0.1263 = 12.6%

Flotation costs are costs that a corporation incurs when issuing new stocks or bonds, and they include legal fees, underwriting fees, etc.

4 0
3 years ago
Online Book Merchants offers premium customers 1 free book with every purchase of 5 or more books and offers 2 free books with e
EastWind [94]

Answer:

A statement that assigns freeBooks the appropriate value based on the values of the boolean variable isPremiumCustomer and the int variable nbooksPurchased.

if(nbooksPurchased > 4){

if(isPremiumCustomer){

freeBooks = 1;

if(nbooksPurchased > 7){

freeBooks = 2;

}

}else{

freeBooks = 0;

if(nbooksPurchased > 6){

freeBooks = 1;

}

if(nbooksPurchased > 11){

freeBooks = 2;

}

}

}else{freeBooks = 0;}

Explanation:

5 0
3 years ago
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