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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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Society must choose what to produce based on its needs. Because we live in a world of relatively scarce resources, we have to make wise economic decisions.

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8 0
3 years ago
According to finance theory firms should attempt to
svlad2 [7]
Maximize shareholder value.
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3 years ago
On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees
Nostrana [21]

Answer:

Jan 15

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Explanation:

General journal debit credit

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Dr Salaries expense 30,000

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8 0
3 years ago
You noticed that a fast food restaurant's operating cycle is 30 days. would this suggest the restaurant is selling food beyond i
iris [78.8K]

No, i will not suggest the restaurant is selling food beyond its expiration date because the operating cycle includes the average collection period which will be long if the restaurant only takes cash.

<h3>What is an operating cycle?</h3>

This refers to the number of days required for a business to receive inventory, sell the inventory and collect cash from the sale of the inventory.

The operating cycle as a financial tools plays a major role in determining the efficiency of a business.

Hence, whenever we noticed that a fast food restaurant's operating cycle is 30 days, we will not suggest the restaurant is selling food beyond its expiration date because the operating cycle includes the average collection period which will be long if the restaurant only takes cash.

Read more about operating cycle

brainly.com/question/14020000

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4 0
2 years ago
A monopolist is a _______________ and a monopolistic competitor is ______________________. Group of answer choices price searche
Fiesta28 [93]

Answer:

The correct answer is a) price searcher; also a price searcher.

Explanation:

In the market there are situations known as monopoly where a person or a group of people have control in the market, these people are known as monopolists, and they usually have power in a specific market.

The monopolists are characterized by the dominance of the price and of the products to put it in a market for their potential clients, these are the ones in charge of putting their prices on the products to be competitors before the competition. Likewise, there is a monopoly competitor, who also seeks the best prices to help them be competitive in the market, many monopolists compete with similar products and different prices.

<em />

<em>I hope this information can help you.</em>

3 0
3 years ago
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