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bearhunter [10]
3 years ago
6

g "At the start of the current year, Minuteman Corporation had a credit balance in the Allowance for Doubtful Accounts of $3,500

. During the year a monthly provision of 3% of sales was made for uncollectible accounts. Sales for the year were $1,110,000, and $7,200 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the year. The year-end financial statements should show:"
Business
1 answer:
nordsb [41]3 years ago
6 0

Answer: Allowance for the doubtful accounts with a credit balance of $29,600

Explanation:

From the information that is provided in the question, the following can be deduced and the year-end financial statements should show:

Allowance for the doubtful accounts with a credit balance will be calculated as: the beginning allowance for the doubtful accounts + (the sales × Provision % ) - accounts receivable that were written off.

= $3,500 + ($1,110,000 × 3%) - $7,200

= $3500 + $33300 - $7200

= $36800 - $7200

= $29,600

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Answer:

Consider the following explanation

Explanation:

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5 0
3 years ago
Assume that you finance a new car when you graduate. It will cost $120,000 and you will finance it with a 84 month contract havi
shusha [124]

Answer: $1942.89

Explanation:

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6 0
3 years ago
Equipment costing $37,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,200 per year.
mr Goodwill [35]

Answer:

$16000

Explanation:

3 0
2 years ago
No matter what you do professionally, you should create and follow a ____. A. Resume
seraphim [82]
The answer is B. career plan
5 0
2 years ago
Gavin invested $40,000 in the Jason and Kelly Partnership for ownership equity of $40,000. Prior to the investment, land was rev
stich3 [128]

Answer:

A.

Dr Land $189,000

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Cr Kelly, Capital $126,000

B.

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Cr Gavin, Capital $40,000

Explanation:

A.

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B.

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6 0
3 years ago
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