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
kirill115 [55]
3 years ago
15

At the end of 2021, Marin Co. has accounts receivable of $754,500 and an allowance for doubtful accounts of $23,960. On January

24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,624.a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCreditEnter an account titleEnter a debit amountEnter a credit amountEnter an account titleEnter a debit amountEnter a credit amount(b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off?Before Write-OffAfter Write-OffCash realizable value$Enter a dollar amount$Enter a dollar amount
Business
1 answer:
andrezito [222]3 years ago
3 0
Indent just because to get the teacher mad
You might be interested in
In October of the current year, received a $15,520 payment from a client for 32 months of security services she will provide sta
sleet_krkn [62]

Answer:

a. When must Janine recognize the income from the $17,360 advance payment for services if she uses the cash method of accounting?

  • 3. Year 0

Cash method of accounting recognizes revenues and expenses when they are received or paid for.

b. When must Janine recognize the income from the $17,360 advance payment for services if she uses the accrual method of accounting?

  • 1. Year 0 and Year 1

c. Suppose that instead of services, Janine received the payment for a security system (inventory) that she will deliver and install in year 2. When would Janine recognize the income from the advance payment for inventory sale if she uses the accrual method of accounting and she uses the deferral method for reporting income from advance payments? For financial accounting purposes, she reports the income when the inventory is delivered.

  • 1. Year 2

She will recognize revenue only after the merchandise is delivered.

d. Suppose that instead of services, Janine received the payment for the delivery of inventory to be delivered next year. When would Janine recognize the income from the advance payment for sale of goods if she uses the accrual method of accounting and she uses the full-inclusion method for advance payments?

  • 5. Year 0

Under this system, advanced payments are considered revenue on the year that they were received.

4 0
3 years ago
Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $
Ne4ueva [31]

Answer:

Average rate of return =  14 %

Explanation:

Average rate of return = Annual average return/ Average Investment

Average investment =( Initial investment + scrap value)/2

Average investment = 138,000 + 12,000/2 =75,000

Average annual return = Savings in cost - energy cost - depreciation

Depreciation = (initial cost - scrap value)/2= (138,000 - 12,000)/2= 12600

Average annual return = 29,780-6,680-12600= 10500

Average rate of return = 10,500/75,000 × 100= 14 %

Average rate of return =  14 %

6 0
3 years ago
When inflationary pressure occurs, what is happening to the dollar?
GaryK [48]

Answer:

A

Explanation:

7 0
3 years ago
"An individual is unique and does not speak for or represent anything other than themselves." This statement is an argument agai
aivan3 [116]
I think it’s c , i might be wrong tho lol
3 0
3 years ago
Why is organizational culture so difficult to change? A. Because all culture is negative, indicating a high level of mistrust am
maksim [4K]
<span>Why is organizational culture so difficult to change? Because it is difficult to change a group's shared values, attitudes, and beliefs. Organizational culture is defined as the values and behaviors that make an organization a unique environment. It is hard to change the way an organization works because you can't just change values and beliefs that someone beliefs in. </span>
7 0
3 years ago
Read 2 more answers
Other questions:
  • Assume an economy is incurring unemployment. The effect of resolving this problem will be to:
    12·1 answer
  • Jim&amp;Jenny Inc, an investment service firm, regularly donates to nonprofit organizations for various social causes and events
    10·1 answer
  • Carrie bought a house 5 years ago for $200,000. at that time, she borrowed $195,000 from her bank. the house is now worth $225,0
    10·1 answer
  • J. Cole Went Platinum With No Features
    14·2 answers
  • Question 21 (3.333333333 points)
    8·1 answer
  • The annual demand for a product has been projected at 2,000 units. This demand is assumed to be constant throughout the year. Th
    8·1 answer
  • Russell Inc. had sales of $2,210,000for the first quarter of 2017. In making the sales, the company incurred the following costs
    11·1 answer
  • State whether true or false and briefly explain why:
    12·1 answer
  • Connect the words below (In any order) and create an essay
    8·1 answer
  • What is the current price of a $1,000 par value bond maturing in 12 years with a coupon rate of 14 percent, paid semiannually, t
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!