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BARSIC [14]
3 years ago
12

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will

be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote off accounts receivable totaling $2,300 and made credit sales of $113,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be?
Business
1 answer:
kolezko [41]3 years ago
6 0

Answer:

$ 2,260

Explanation:

Since Allowance method is used,

Bad Debt Expense balance would be % estimated to be uncollectible.

Balance in Bad Debt Expense after adjusting entry would be

= $ 113,000 Credit sales x 2%

= $ 2,260

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As a general rule, large teams make need satisfaction for individuals more difficult. (1pts)
dimulka [17.4K]

Answer: true

<span>The larger the  people on a team, the larger the potential interactions of people with different personalities .  If the team is  not  composed of a right combination of  people, need satisfaction for individuals are more difficult and the higher  the chance that a project  can become frustrating. </span>

6 0
3 years ago
On June 1, Lulu's Performing Arts School purchased merchandise with a list price of $5,500 from Monty's Inc. with credit terms 2
natali 33 [55]

Answer:

$4,410

Explanation:

Discount refers the amount that is deducted from the usal price of a good sold or service rendered.

From the question, the credit terms 2/10, n/30 implies 2% discount if the amount owed is paid within 10 days while no discount will be enjoyed if the amount owed is paid after 10 days but must be beyond 30 days.

Therefore, the amount owed by Lulu's if the store pays within the discount period, i.e. within 10 days, can be calculated as follows:

Discount = (Purchases - Merchandise returned) * 2% = ($5,500 - $1,000) * 2% = $90

Amount owed = Purchases - Merchandise returned - Discount = $5,500 - $1,000 - 90 = $4,410.

Therefore, the amount owed by Lulu's if the store pays within the discount period is $4,410.

3 0
4 years ago
You just acquired a 30-year mortgage in the amount of $179,500 at 4.75 percent interest, compounded monthly. payments will be eq
miss Akunina [59]
Given:
Present value, P=179500
interest per period (month), i = 0.0475/12
number of periods (month), n=30*12=360

Interest charged after first month
Interest=P*i
=179500*0.0475/12
=710.52

Monthly payment (just to confirm that A > Interest)
A = Pi(1+i)^n/((1+i)^n-1)
=179500*(0.0475/12)(1+0.0475/12)^360/((1+0.0475/12)^360-1)
= 936.36 (to the nearest cent.
>  710.52   so ok.


6 0
4 years ago
The ability to self-correct is important for any organization. When a firm produces a product no one wants to buy, it will self-
11Alexandr11 [23.1K]

When a government agency is performing poorly,

No change will be implemented until a new administration is voted in.

Underperforming departments simply go out of business. She does not have the ability to raise additional funds on her own. The new administration can also take away the funds. The sector does not have the financial incentives to remain competitive in the market, so it is unlikely to be fixed

<em>This question is incomplete. Please read below for the complete question.</em>

<em />

The ability to self-correct is important for any organization. When a firm produces a product no one wants to buy, it will self-correct or go out of business. When a government agency is performing poorly,

Group of answer choices

Congress will act swiftly and put pressure on the agency to correct the problem quickly or risk losing funding.

More time is needed to self-correct due to the fact that the threat of going out of business is not high.

No change will be implemented until a new administration is voted in.

The agency is better able to correct the problem quickly, compared to businesses, since they have access to more resources and federal funding.

Learn more about government agency here:brainly.com/question/28043694

#SPJ4

5 0
2 years ago
You start your own company and decide that administrative assistants will earn between $30,000 and $40,000 each year. This scope
Arturiano [62]
The answer this question <span>salary range</span>
3 0
3 years ago
Read 2 more answers
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