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
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

You might be interested in
Shane wants to invest money in a 6% CD account that compounds semiannually. Shane would like the account to have a balance of $1
ANTONII [103]

Answer:

84165.59

Explanation:

12000=x(1+\frac{.06}{2})^{2*6}\\.\frac{120000}{(1.03)^{12}}=84165.58562

which we will round to 84165.59

3 0
3 years ago
What are the primary reasons food producers can increase profits by participating in a local direct market?
goblinko [34]

Answer:

What are the primary reasons food producers can increase profits by participating in a local direct market? They get higher prices and keep all the retail sales

Explanation:

4 0
3 years ago
Use the below information to answer the following question.
lianna [129]

Answer:

$2,253.35

Explanation:

external financing needed = EFN = [(total assets/total sales) x ($ Δ sales)] - [(total current liabilities/total sales) x ($ Δ sales)] - [profit margin x forecasted sales in $ x (1 - dividend payout ratio)]

total assets = $48,900

total sales = $42,700

$ Δ sales = $5,978

current liabilities = $3,650

profit margin = net income / sales = 0.129

forecasted sales = $48,678

dividends payout ratio = dividends / net income = 0.35

EFN = [($48,900/$42,700) x ($5,978)] - [($3,650/$42,700) x ($5,978)] - [0.129 x $48,678 x (1 - 0.35)]

EFN = $6,846 - $511 - $4,081.65 = $2,253.35

7 0
3 years ago
Which of the following is defined as an unplanned event that results in damage to property? Hazard, injury, accident, violation
Zina [86]

Answer:

violation/accident.

Explanation:

Its violation because its a violation to the property, but you also can use accident because it mean a situation not done on purpose or  something unexpected which will cause damage or injury.

4 0
3 years ago
How can you estimate the total sales volume you can expect in your location?
kirill115 [55]

How can you estimate the total sales volume you can expect in your location? You can forecast your sales by figuring out your market. Depending on your market you can estimate how mant people are likely to purchase your product and how often. By using market trends and product testing it allows for a forecast of total sales over time and can let a business know how much to produce so that they are meeting demand.

4 0
3 years ago
Other questions:
  • Jane receives 16 cents for every unit produced. jane produces 3,512 pieces in a 43-hour workweek. for overtime, jane is paid a s
    7·1 answer
  • A check returned by a bank because the issuer's cash account balance could not cover the check is called a(n):
    7·1 answer
  • Which of the following directly generates revenue for a business?
    10·2 answers
  • What written document gives public notice that a mortgaged property may soon have a judgment issued against it
    14·1 answer
  • Who is down for a Amazon card trade for steam gift card
    8·2 answers
  • Each of the following is a reward of entrepreneurship EXCEPT:
    8·1 answer
  • Which of the following generate the type of externality previously described?
    14·1 answer
  • Ruiz Co. provides the following unit sales forecast for the next three months: January February March Sales units2,400 3,500 4,4
    13·1 answer
  • A company needs a way to convert 10 years of shipping records currently on paper into files that can be saved to its private clo
    6·1 answer
  • armon apparels designs, manufactures, and distributes athletic apparel and accessories for men and women. the company has only n
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!