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den301095 [7]
3 years ago
10

Assume Zap industries reported the following adjusted account balances at year-end. 2019 2018 Accounts Receivable $ 1,730,200 $

1,380,920 Allowance for Doubtful Accounts (96,000 ) (79,900 ) Accounts Receivable, Net $ 1,634,200 $ 1,301,020 Assume the company recorded no write-offs or recoveries during 2019. What was the amount of Bad Debt Expense reported in 2019?
Business
1 answer:
Mazyrski [523]3 years ago
4 0

Answer:

The amount of Bad Debt Expense reported in 2019 was $16,100.

Explanation:

Our concern is mainly on the allowance for doubtful accounts. Based on the facts given in the question, the opening balance of the allowance account was $79,900 credit balance, while the closing balance was $96,000 credit. Since there were no write-offs or recoveries during 2019, the bad debt expense is simply the difference between the closing balance and the opening balance i.e, $96,000 - $79,900 = $16,100.

The journal entries will be:

Debit Bad debt expense                                           $16,100

Credit Allowance for doubtful account                    $16,100

<em>(To record the bad debt expense for 2019)  </em>

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Answer:

A.  Date   Account Title                 Debit        Credit

                Insurance expense      $30,700

                ($3000+$32500-$4800)

                       Prepaid insurance                  $30,700

B.   Date   Account Title                Debit          Credit

                 Insurance expense     $30,700

                          Prepaid insurance                 $30,700

5 0
3 years ago
William is a 38-year-old computer systems executive. He has come to a point in his life where he is reassessing his ambitions an
Pavel [41]

Answer: D. make a conscious choice to do so

Explanation:

Based on the information given, in order to attain a "right livelihood," William needs to make a conscious choice to do so.

Option A is wrong as getting promoted so he can delegate more of his work doesn't guarantee him that he'll relax more and enjoy right livelihood. When he's promoted, he'll have more work and this means that there'll be more responsibility. This will hinder him from enjoying right livelihood.

Option B and C are wrong as well as losing weight and getting in better shape and also de-emphasize the spiritual side of his life doesn't make one enjoy right livelihood.

Option D is the correct answer as he should make a conscious choice to attain the right livelihood and have enough rest that he desires.

5 0
3 years ago
Icy Mocha Company estimates its factory overhead costs to be $35,000 and machine hours to be 5,000 for the year. If the actual h
emmainna [20.7K]

Answer:

d) overapplied $160

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

$35,000 expected overhead / 5,000 machine= 7 dollar per machine hour are spend on overhead

<em><u>applied overhead:</u></em>

4,980 x 7 = 34,860

<u><em>actual overehad:</em></u> 34,700

As the amount of cost enter by the accounting are above the real cost, we are going to increase the manufacturing overhead cost and making the net income lower for this particular reason.

7 0
3 years ago
Mariano helped lauren sell​ __________ business, which she had started only ten years ago.
Gre4nikov [31]
B)

A) C) D) don't fit the text,

Hope this somewhat helped! xD
5 0
3 years ago
a. Simulation can be used to analyze large and complex real-world situations that cannot be solved by using conventional quantit
Ivan

Answer:

D). All of the above statements are correct.

Explanation:

Simulation can be described as the process designed to offer a realistic experience in order to know the actual mechanism of a specific behavior or outcome.

As per the question, 'all the given statements' are asserting true claims with respect to simulation. Simulation is characterized as <u>an effective process for evaluating large and complicated actual-world circumstances as it is a realistic environment to know the truth and actual causes behind those situations</u>. Such situations cannot be assessed truly using the traditional quantitative models of analysis. It is able to provide answers to the questions like 'what-if' as it observes the realistic nature and promotes effective decision-making. It is also <u>employed to investigate the collective effect of specific variables or components to categorize them as important or not-important as it closely observes every aspect</u>. Thus, <u>option D</u> is the correct answer.

3 0
3 years ago
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