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Juliette [100K]
3 years ago
10

An aging of Lily Company’s accounts receivable as of December 31 revealed the following. Amount % Uncollectible Current $20,000

2% 1-30 days 50,000 4% 31-60 days 30,000 7% Over 60 days 10,000 25% Before any adjustment for the current year’s bad debts, Lily Company has a balance in its allowance for bad debts of $3,000; this $3,000 represents the remaining allowance associated with accounts receivable created in prior years. Lily Company uses the aging method of estimating bad debt expense. What is BAD DEBT EXPENSE for THIS year?
Business
1 answer:
lana66690 [7]3 years ago
4 0

Answer:

What is BAD DEBT EXPENSE for THIS year?

4000

Explanation:

Aging    

Current          20000 2% 400

1-30                  50000 4% 2000

31-60         30000 7% 2100

Over 60         10000 25% 2500

   

                            7000

Allowance bad debts   3000

Expense                    4000

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THANK YOU GUYS FOR ALL THE HELP
photoshop1234 [79]
I just answered this to get a point sorry ☺
3 0
3 years ago
Zanny Moldings has the following estimated costs for the upcoming year:
Sloan [31]

Answer:

D) $31.

Explanation:

The computation of the predetermined overhead rate is shown below:  

Predetermined overhead rate = Estimated manufacturing overhead ÷ estimated direct labor hours

where,

Estimated manufacturing overhead is

= Salary of factory supervisor + Heating and lighting costs for factory + Depreciation on factory equipment

= $37,600 + $22,000 + $5,600

= $65,200

And, the direct labor hours is 2,100

So, the predetermined overhead rate is

= $65,200 ÷ 2,100

= $31

5 0
3 years ago
What is the relationship between the alpha level, the size of the critical region, and the risk of a type i error?
quester [9]
Alpha level is a probability value that is used to define the concept of "very unlikely" in a hypothesis. This value determines he boundaries for the critical region, which is composed of the extreme sample values that are very unlikely to be obtained if the null hypothesis is true. Type I error is <span>when a researcher rejects a true null hypothesis.</span>
The relationship between the alpha level, the size of the critical region, and the risk of a type i error is the following: when the alpha level increases, the critical region increases and type I error increases.
4 0
3 years ago
I need to know the answer of this question
Lunna [17]

Answer: D. Discouraged Worker

Explanation:

a discouraged worker is a person of legal employment age who is not actively seeking employment or who has not found employment after long-term unemployment

5 0
3 years ago
Restaurant A uses 60 bags of tomatoes each month. The tomatoes are purchased from a supplier for a price of $80 per bag and an o
ch4aika [34]

Answer:

Explanation:

D = 60 bags

cost = 80 / bag

s = 20 / order

h = 40% of cost

     0.4 * 80 / 100

h= 32 unit/year

D =  d * 12 months

D = 60 * 12

D = 720 bags / year

EOQ = \sqrt{2DS/H}

EOQ = \sqrt{2 *720*20/32}

EOQ = 30 bags

Total cost =  Total holding cost + total ordering cost

Total holding cost  = (Q/2 * H) = (30/2 * 32) = 480

Total ordering cost =  (D/Q * 20) = (720/30 *20) = 480

Total cost = 480 + 480 = 960

Total purchasing cost  = cost * D = 80 * 720 = 57.600

Percentage= total cost  / total purchasing cost  * 100

960 / 57.600 * 100

1.67 %

6 0
3 years ago
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