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3 years ago

The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016:

Business

1 answer:

dybincka [34]3 years ago

6 0

Answer:

a. June 30, 2016 adjusting entry for bad debt expense

Dr Bad debt expense 9,108

Cr Allowance for doubtful accounts 9,108

b. August 15, 2016, uncollectible accounts are written off

Dr Allowance for doubtful accounts 3,251

Cr Accounts receivable 3,251

c. Allowance for doubtful accounts

debit credit

June 30, 2016 $38,565

August 15, 2016 <u>$3,251 </u>

August 15, 2016 $35,314

Explanation:

Number of Days Total Accounts Historical % Total

Unpaid Receivable Uncollectible

Not yet due $128,200 3% $3,846

1-30 days past due $90,900 13% $11,817

31-60 days past due $55,300 19% $10,507

Total $38,565

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You purchased 300 shares of common stock on margin for $60 per share. The initial margin is 60% and the stock pays no dividend.

MrMuchimi

Answer:

- 41.67%

Explanation:

For computing the rate of return first we have to compute the initial investment which is shown below:

= Number of shares × per share × initial margin percentage

= 300 shares × $60 per share × 60%

= $10,800

Now Loss on sale of common stock is

= (Selling price - purchase price) × number of shares purchased

= ($45 - $60 ) × 300 shares

= - $4,500

So the rate of return will be:

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= - $4,500 ÷ $10,800

= - 41.67%

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3 years ago

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3 years ago

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RUDIKE [14]

Answer:

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Explanation:

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3 years ago

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life

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Answer:

The correct answer is A.

Explanation:

Giving the following information:

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Question 4 of 20

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