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
Anarel [89]
3 years ago
6

Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accou

nts expense is estimated at 2% of sales. If sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is
Business
2 answers:
Rudik [331]3 years ago
6 0

Answer:

The amount of the adjusting entry to record  the provision of doubtful accounts  = $700

Explanation:

Allowance for doubtful accounts (before adjustment) = $500

sales = $600000

uncollected accounts expenses ( bad debit ) = 2% of sales

                                                                            = 0.02 * $600000

                ∴ estimated bad debit                           = $1200

The amount to be adjusted ( the amount of the adjusting entry to record the provision for doubtful accounts )

= ( estimated bad debit - allowance before adjustment )

=  $1200 - $500

= $700

Svetllana [295]3 years ago
3 0

Answer:

Bad Debts Expense  $ 700 Debit.

Allowance for  Doubtful Accounts $ 700 Credit

Explanation:

Sales     $600,000

Uncollectible accounts expense is estimated at 2% of sales

Uncollectible accounts expense= $ 600,000 * 2%=  $ 1200

Unadjusted Balance = $ 500 Credit

Estimated Balance =   $ 1200 Credit

Required Adjustment $ 700 Credit

Adjusting Entry to record the provision for doubtful accounts is

Bad Debts Expense  $ 700 Debit.

Allowance for  Doubtful Accounts $ 700 Credit

You might be interested in
Ronda's debt to Skye is past due. Skye brings a legal action against Ronda to collect the debt. To ensure that a judgment in Sky
dusya [7]

Answer:

The correct answer is Ronda's family home is in its entirety or up to a specified amount.

Explanation:

Non-intervention as a general principle is based on the legal conviction of States that certain rules have such force that they necessarily bind the international community as a whole4. Consequently, non-interference is binding on all States, whether or not they have ratified the conventional instruments that express it, as the general principles are the very essence of International Law which, as manifested in customary law, is valid erga omnes independently Whether or not States have attended the formation of such a custom.

6 0
3 years ago
Tubaugh Corporation has two major business segments--East and West. In December, the East business segment had sales revenues of
kicyunya [14]

Answer:

<em>Net operating Income of the company 130,000</em>

Explanation:

\left[\begin{array}{cccc}-&East&West&Total\\Sales&690,000&140,000&830,000\\Variable&352,000&56,000&408,000\\Contribution&338,000&84,000&422,000\\Fixed Cost&104,000&24,000&292,000\\Income&234,000&60,000&130,000\\\end{array}\right]

We have to arrange the values, and don't forget to add the common fixed cost of 164,000 in the total fixed cost line.

Net operating Income of the company 130,000

7 0
3 years ago
Fidelity Stereo Company has provided the following information regarding its activity-based costing system:Purchasing department
VikaD [51]

Answer:

a. $392, 265

Explanation:

Given that:

i. Purchasing department, overhead allocation rate is $77 per purchase order.

ii. Assembly department, overhead allocation rate is $5 per part.

iii. Packaging department, overhead allocation rate is $4 per unit.

iv. Direct material cost is $70 per unit.

v. Each stereo has 50 parts.

Total parts required = 1200 x 50

                                 = 60000

vi. 45 purchase order was required for 1200 stereos.

Thus:

i. $77 x 45 = $3465

ii. $5 x 60000 = $300000

iii. $4 x 1200 = $4800

iv. $70 x 1200 = $84000

Therefore,

total cost for 1200 stereos = $3465 + $300000 + $4800 + $84000

                                            = $392, 265

8 0
3 years ago
Once a person has been trained to operate a lift truck, they are authorized to use any type of lifting device
Dahasolnce [82]

 

The answer is FALSE; an operator is only trained to operate a narrow aisle lift truck which is indicated on the permit of OSHA that has very clear standards that employees must follow. If an operator is in need to operate a lifting device with a larger capacity or a different kind of a lifting device, an operator will need conversion training with the class of lifting truck. <span>It is not allowed to operate any lifting truck without proper training, authorized and employer certified on the specific class of lift truck. Once an operator is certified, he is responsible for the following safety procedures outlined in the training, truck manufacturers owner, operator’s manual, and company’s policies and procedures. The employer is intended to certify that each operator has been qualified and assessed as compulsory. Preceding to the employer verifying the operator: the operator must obtain classroom type training, hands on training and an assessment.  </span>

3 0
3 years ago
Which section of the business plan should come first but be written last? A. Competitive Analysis B. Goals and Strategy C. Execu
Alja [10]

The answer is B. Executive summary. A management summary, or executive summary, is a short article or section of a document, produced for business purposes, that condenses a longer report or proposal or a group of related reports in such a way that readers can rapidly become familiar with a large body of material without having to read it all.

6 0
4 years ago
Read 2 more answers
Other questions:
  • Energy-wise Builders, Inc., a leader in residential housing, recently negotiated a financing arrangement with First Pennsylvania
    5·1 answer
  • A bank sent out questionnaires to a simple random sample of customers asking whether they would like the bank to extend its hour
    5·1 answer
  • When managerial accountants assign costs to the production of specific products, the costs that are easiest to assign are
    6·1 answer
  • The U.S. Treasury bill is yielding 3.0 percent and the market has an expected return of 11.6 percent. What is the Treynor ratio
    13·1 answer
  • Cory opens a small jewelry store but has difficulty competing with Bling Jewels, a much larger firm. In his newspaper ad, Cory i
    11·1 answer
  • Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online co
    9·1 answer
  • A firm has zero debt in its capital structure. Its unlevered cost of capital is 9%. The firm is considering a new capital struct
    10·1 answer
  • Reacting to increasing public criticism and FTC scrutiny in the 1970s, the ad industry established the ________ to monitor poten
    6·1 answer
  • How many elective courses does a college studebt typically have to take to earn a bachelors degree
    8·1 answer
  • which of the following is an example of a transnational organization? 1.a group that influence the government concerning a speci
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!