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mrs_skeptik [129]
3 years ago
5

The Allowance for Doubtful Accounts account has a year-end credit balance, prior to adjustment, of $450. The bad debts are estim

ated at 3% of $650,000, the net credit sales. After the appropriate adjusting entry for bad debts, what will be the balance of the Allowance for Doubtful Accounts account?
Business
1 answer:
Eddi Din [679]3 years ago
5 0

Answer:$19500

Explanation:

The provision for doubtful debts accounts is an account that shows the amount of estimated debts that are expected to go bad at the end of the year. The estimated amount at the end of a year is debited to income account, credited to debtors account and left as a credit balance on the provision for doubtful debts accounts.

If at the end of a new year a new estimate is made which differs from the current estimated figure, then the account is adjusted to show the entire new estimate and that is why the answer to the question is 3% of $650,000 = $19,500.

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The Fun Tyme Toy Company discovers that one of its products can easily break, exposing children to potential injury from the sha
Novosadov [1.4K]

Answer:

A) 24 hours

Explanation:

The Consumer Product Safety Act (CPSA) established the Consumer Product Safety Commission (CPSC) which is the government entity in charge of setting product safety standards, requesting recalls and banning products if necessary.

In this case, if a toy is potentially dangerous then the company must notify the CPSC within one business day and start the recall procedure immediately.

4 0
3 years ago
A property is assessed at $64,410. the county tax rate is 8.9 mills per dollar. what would the monthly payment for taxes be to t
Marta_Voda [28]

The monthly payment for taxes be to the escrow account to $48

$48 Assessed value × tax rate = annual tax amount ÷ 12 = monthly tax amount

8.9 mills ÷ 1,000 = 0.0089 tax rate

$64,410 × 0.0089 = $573.25 annual tax ÷ 12 = $47.77, rounded to $48

<h3>What is property?</h3>

Anything over which a person or a company has legal ownership is considered property. Property can refer to both real objects, like homes, automobiles, or appliances, as well as intangible items with the potential for future value, like stock and bond certificates.

Corporeal property and incorporeal property are the two primary forms of property. Corporeal Property is visible and tangible, but incorporeal Property is not. Additionally, corporeal property refers to the ownership of tangible objects, whereas incorporeal property refers to an intangible right in real estate.

To learn more about property visit:

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5 0
2 years ago
A shift from labor to equipment is:
leva [86]

Answer:

In summary, labor supply is the total hours that workers or employees are willing to work at a given wage rate. Changes in income, population, work-leisure preference, prices of related goods and services, and expectations about the future can all cause the labor supply to shift to the right or left.

6 0
2 years ago
Dan saves a portion of his income in an interest-earning account. in the loanable funds market, dan is:________
AlexFokin [52]

Answer:

Dan is the "supplier" of the funds

Explanation:

Given their willingness to lend their money, savers in this marketplace are on the supply side of the economy.

What is the loanable fund market?

The market that connects savers and borrowers is the loanable funds market.

Model of the market for loanable money

To make what occurs in the economy when borrowers and savers interact more understandable, the loanable funds market model is utilized. A modification to the market model for commodities and services is the market model for loanable funds. In this hypothetical scenario, the exchange of money takes the place of a good and the interest rate replaces the price. In essence, it describes how loans are made and borrowed money is exchanged between borrowers and lenders.

To know more about the loanable fund market visit:- brainly.com/question/15851247

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3 0
2 years ago
Abbott Landscaping purchased a tractor at a cost of $40,000 and sold it three years later for $20,300. Abbott recorded depreciat
dsp73

Answer:

The Journal entries are as follows:

(i) Sale of Equipment

Cash A/c                                       Dr. $20,300

Accumulated Depreciation A/c   Dr. $22,500

To Equipment                                                      $40,000

To Gain                                                                 $2,800

(To record the sale of equipment)

(ii) Sale of Equipment

Cash A/c                                       Dr. $12,700

Accumulated Depreciation A/c   Dr. $22,500

Loss A/c                                         Dr. $4,800

To Equipment                                                      $40,000

(To record the sale of equipment)

Workings:

Accumulated Depreciation = [(40,000 - 2,500) ÷ 5] × 3 years

                                             = 7,500 × 3 years

                                             = $22,500

4 0
3 years ago
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