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Georgia [21]
3 years ago
11

Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance

of $18,080 at the beginning of 2021 and a $24,010 credit balance at the end of 2021 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expense equals actual write-offs), the income statement for 2021 would have included bad debt expense of $18,700 and revenue of $3,800 from the collection of previously written off bad debts. Required: Determine bad debt expense for 2021 according to the allowance method.
Business
1 answer:
serg [7]3 years ago
4 0

Answer:

Bad debt expense for 2021 according to the allowance method is $20,830

Explanation:

We know that,

Ending balance of Allowance for Uncollectible Accounts = Beginning balance of Allowance for Uncollectible Accounts + 2021 bad debts + write off amount - collection made

$24,010 = $18,080 + 2021 bad debts + $3,800 - $18,700

$24,010 = $3,180  + 2021 bad debts

So, the 2021 bad debts is $24,010 - $3,180 = $20,830

We considered all the items for the calculation which is given in the question

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Answer: Clickthrough rate

Source and explanation: <span>https://goo.gl/EfAAxu</span>
4 0
3 years ago
Turnover Pulse hypothesis states that ____ eaters faced high rates of extinction during the ice ages
Alisiya [41]

The turnover Pulse hypothesis states that generalist eaters confronted excessive charges of extinction during the ice a long time.

The pulsed climate variability framework indicates there are durations of extreme weather variability every 400 or 800 kyr pushed via the eccentricity maxima while lakes rapidly develop and fill tons of the Rift Valley and then unexpectedly disappear.

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5 0
2 years ago
Last year, Mountain Top, Inc., purchased a coal mine at a cost of $900,000. The salvage value has been estimated at $100,000. Th
nydimaria [60]

Answer:

Journal entry to record depletion expense

Depreciation expense $280,000 (debit)

Accumulated depreciation $280,000 (credit)

Explanation:

The coal mine is an economic resource controlled (ownership of risks and benefits) by Last year, Mountain Top, Inc as a result of past event (purchase transaction) from which economic benefits are expected to flow into the business (cash from sale of minerals).Therefore the coal mine is an asset!

The asset is being depleted as it is being used. This is called depreciation.

Depreciation expense in this case is calculated as :

Depreciable Account × Current harvest as a percentage of total estimated tons available

(900000-100000)× 70000/200000 = $280,000

6 0
3 years ago
Country a has a temperate climate and can grow bananas in the spring. it produces 42,000 pounds of bananas per year per growing
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Country A would have absolute advantage because it produces the most pounds of bananas per year per growing acre.

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This is defined as the ability to produce more than available competitors in the market.

Country A produces more pounds of bananas per year per growing acre which is why it has an absolute advantage over country B.

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8 0
2 years ago
Use your knowledge about the advantages of international trade to complete each sentence. International tradeeconomic growth . I
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International trade has been significant for the globalization of free trade relations.

Explanation:

International trade has been responsible for the global economic growth in the 20th and 21st century .

International trade is responsible for the specialization of goods for one country which is at the most advantage for making that particular product while being able to import the others they may need

International trade makes it so that the types of goods and services available around the world can reach any other part of the world.

3 0
3 years ago
Read 2 more answers
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