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bearhunter [10]
4 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]4 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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Determine whether the statement describes a descriptive or inferential statistic. a recent poll of 2707 home owners in michigan
jolli1 [7]

The average price of a house in the u.s. is $265,000. this statement describes an Inferential Statistic.

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Inferential facts are regularly used to evaluate the differences between the remedy businesses. Inferential facts use measurements from the pattern of topics within the test to evaluate the treatment organizations and make generalizations approximately the bigger population of subjects. inferential statistics are used to decide if there's a good-sized distinction between the method of businesses and the way they're associated. T-tests are used while the facts sets comply with a regular distribution and have unknown variances, just like the records set recorded from flipping a coin one hundred instances.

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4 0
2 years ago
Lina wants to be a lawyer for her future career. Which extracurricular activity would be the most helpful? teacher’s aide marchi
Aleksandr [31]
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3 0
4 years ago
Read 2 more answers
A small business owner is skeptical about online transactions. They are worried that information may be stolen in transmission o
Pie

Answer:

Using Encryption and also digital certificate technologies

Explanation:

Encryption and digital certificate technologies could be used. The data can be encrypted before transmission. Only the intended recipient of the transmission will be able to decrypt and use it. In addition, digital certification service can also be used to ensure the authenticity of the other party. The standards for processing financial transactions quite strict enough to ensure safeguarding the interests of the card issuer, the cardholder and the merchant.

5 0
3 years ago
Which of the following is the basic economic policy function of the Federal Reserve Banks? A. holding the deposits or reserves o
Stolb23 [73]

Answer:

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Explanation:

Federal Reserve Banks are banks that work together with a board to supervise commercial banks and their activities as well as implement policies, regulations and also influence the supply of money and credit.

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I hope this helps.

8 0
3 years ago
On June 1, 20X1, Conner Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the
Gekata [30.6K]

Answer:

No    Account and explanation              Debit      Credit

1.       Rent expense ($4,300/5)               $860

                Prepaid rent                                           $860

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2.      Supplies expense (7,250-2,950)   $4,300

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        (To record adjusted supplies)

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                Accumulated depreciation                     $460

         (To record depreciation)

6 0
3 years ago
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