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TEA [102]
3 years ago
14

On January 1, Wei company begins the accounting period with a $45,000 credit balance in allowance for doubtful accounts. a. On F

ebruary 1, the company determined that $9,800 in customer accounts was uncollectible; specifically, $2,400 for Oakley Co. and $7,400 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,400 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries necessary to reinstate the account and to record the cash received.
Business
2 answers:
GrogVix [38]3 years ago
7 0

Answer:

The Journal entry and their narrations is shown below:-

Explanation:

1. Allowance for doubtful accounts Dr,      $9,800  

      To Account receivable-Oakley Co.  $2,400

       To Account receivable-Brookes Co.            $7,400

(Being write off is recorded)

2. Account receivable-Oakley Co. Dr,          $2,400  

           To Allowance for doubtful accounts       $2,400

(Being amount reinstated is recorded)  

3. Cash Dr,                                                      $2,400  

      To  Account receivable-Oakley Co.   $2,400

(Being cash received is recorded)  

Natalka [10]3 years ago
3 0

Answer:

The journal entries are shown below

Explanation:

a. Allowance for doubtful accounts $9,800  

           To Account receivable - Oakley Co  $2,400

            To Account receivable - Brookes Co      $7,400

(Being the written off amount is recorded)

b. Account receivable - Oakley Co $2,400

             To Allowance for doubtful accounts $2,400

(Being the reinstated amount is recorded)

c. Cash $2,400  

        To Account receivable - Oakley Co  $2,400

(Being the cash receipt is recorded)  

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Fabiola, who lives in mexico city, fills her car with gas, paying 357 pesos for 40.0 l. what is her fuel cost in dollars per gal
77julia77 [94]

Answer:

Fabiola pays 27.0963 dollars for 8.79877 gallons of fuel.

Step-by-step explanation:

We are given that,

Fabiola pays 357 pesos for 40 liters of fuel.

It is required to convert the amount in dollars.

Since, we know that,

1 peso = 0.0759 dollars

So, 357 pesos = 0.0759 × 357 = 27.0963 dollars

Moreover,

1 liter = 0.219969 gallons

So, 40 liters = 0.219969 × 40 = 8.79877 gallons

Thus, we get that,

Fabiola pays 27.0963 dollars for 8.79877 gallons of fuel.

4 0
3 years ago
Read 2 more answers
Total payroll of Walnut Co. was $1,900,000, of which $330,000 represented amounts paid in excess of $118,500 to certain employee
babymother [125]

Answer:

A.

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

B.

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

Cr FUTA Taxes Payable 3,360

Cr SUTA Taxes Payable 5,040

Explanation:

Walnut Co

A.

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

(1,900,000 – $330,000) × 7.65%+ ($330,000 × 1.45%)

=1,570,000×0.0765+4,785

=120,105+4,785

B.

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

($1900,000 × 7.65%) + ($330,000 × 1.45%)

(145,350+4,785)

Cr FUTA Taxes Payable 3,360

($1,900,000 – $1,480,000) × .8%

420,000×.8%

Cr SUTA Taxes Payable 5,040

($420,000 × 1.2%)

7 0
3 years ago
Content analysis is:
Bas_tet [7]

Option 5

Content analysis is: the systematic procedure of taking individual responses and grouping them into larger theme categories or patterns.

<h3><u>Explanation:</u></h3>

Content analysis is the well-organized investigation of the content of a manuscript quantitatively or qualitatively.  Content analysis is a analysis procedure practiced to produce replicable and accurate conclusions by evaluating and coding textual element.

A simplistic model of content analysis is sentiment analysis – a routine handled to seize people’s view or approach to an thing, or aspect. Content analysis is valuable in organizational inquiry because it enables researchers to improve and measure the distinctions of organizational practices,societal biases.

8 0
3 years ago
A company forecasts free cash flow in next year to be $20 million, $25 million in second year, and 30 million in third year. Aft
Norma-Jean [14]

Answer:

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Explanation:

The value from operations can be calculated by discounting back the free cash flow of the firm. The first three year's FCF will be discounted back using the WACC and when the growth rate o FCF becomes constant after Year 3, the terminal value will be calculated and discounted back too.

The current value from operations = FCF1 / (1+WACC) + FCF2 / (1+WACC)² + FCF3 / (1+WACC)³  +  [FCF3 * (1+g)  /  WACC - g] / (1+WACC)³

Current value from operations = 20 / (1+0.1)  +  25 / (1+0.1)²  +  30 / (1+0.1)³  +  [30 * (1+0.05) / (0.1 - 0.05)] / (1+0.1)³

Current value from operations = $534.71 million

8 0
3 years ago
Read 2 more answers
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Stels [109]
As a person becomes more educated, the person may gain more money while working or applying to jobs and will gain more knowledge of their surroundings.
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