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
Salsk061 [2.6K]
3 years ago
6

Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not

Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 553,600 326,600 121,800 49,800 27,700 27,700 Boyd Industries 12,600 12,600 Hodges Company 18,600 18,600 Kent Creek Inc. 6,600 6,600 Lockwood Company 12,300 12,300 Van Epps Company 30,100 30,100 Totals 633,800 356,700 134,100 56,400 46,300 40,300 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful Accounts 60,727 3,567 6,705 14,100 16,205 20,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 12,755 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. July 31
Business
1 answer:
Murrr4er [49]3 years ago
5 0

Answer:

uncollectible ammount expense 47,972 debit

            allowance for doubtful account    47,972 credit

Explanation:

Fro mthe talbe we are given the amount of account over-time fro meach customer.

As we are presented with all date we should proceed directly with the journal entry:

the aging method stated an allowance of       60,727

the current balance is for                            <u>     (12,755)   </u>

the adjustment will be for:                         <em>       47,972 </em>

You might be interested in
On September 11, 2016, Home Store sells a mower for $590 with a one-year warranty that covers parts. Warranty expense is estimat
Ad libitum [116K]

Answer:

Sep 11

Dr Cash 590.00

Cr Sales 590.00

Dec 31

Dr Warranty expense 59.00

Cr Estimated warranty liability 59.00

July 24

Dr Estimated warranty liability 41.00

Cr Repair parts inventory 41.00

Explanation:

Home Store Journal entry

Sep 11

Dr Cash 590.00

Cr Sales 590.00

Dec 31

Dr Warranty expense (590*10%) 59.00

Cr Estimated warranty liability 59.00

July 24

Dr Estimated warranty liability 41.00

Cr Repair parts inventory 41.00

4 0
3 years ago
Read 2 more answers
Arnold, a single individual, has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his
Olin [163]

Answer:

Option A. $15,400

Explanation:

The net deduction allowed as an charitable contributions are as under:

                                             $

1. ABC Cop. stock

Cost $6000  

FMV <u>$22000</u>                   $16000

2. Personal Clothing Items

Cost $1000

FMV <u>$400  </u>                      <u>  ($600) </u>

Net Deduction                 $15,400

The amount that qualifies as charitable contribution for the year is $15400.

3 0
3 years ago
The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upc
Levart [38]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

1st Quarter -  2nd Quarter - 3rd Quarter - 4th Quarter

Units to be produced: 6,000 - 7,000 - 8,000 - 5,000

the beginning raw materials inventory= 3,600

Each unit requires three pounds of raw material that costs $2.50 per pound. Management desires to end each quarter with a raw materials inventory equal to 20% of the following quarter

I will assume that the requirements are the cost of direct material for each quarter.

<u />

<u>The direct material budget is calculated by the following formula:</u>

Direct material budget= direct material for production + ending inventory - beginning inventory

Q1:

Production= (6,000*3)*$2.5= $45,000

Ending inventory= [(7,000*3)*$2.5]*0.20= $10,500

Beginning inventory= (3,600*2.5)= (9,000)

Total= $46,500

Q2:

Production= (7,000*3)*$2.5= $52,500

Ending inventory= [(8,000*3)*$2.5]*0.20= $12,000

Beginning inventory= (10,500)

Total= $54,000

Q3:

Production= (8,000*3)*$2.5= $60,000

Ending inventory= [(5,000*3)*$2.5]*0.20= $7,500

Beginning inventory= (12,000)

Total= $55,500

8 0
3 years ago
True Taste's Restaurant and Catering serves delicious vegetarian and vegan dishes. So, when the local community became intereste
levacccp [35]
This would be D- an opportunity for True Taste to thrive in their community.
6 0
3 years ago
When diversification combines two businesses in different industrial sectors, the key determinant of whether the diversification
Anton [14]
, the key determinant of whether the diversification creates value would be: whether the diversification <span>enhances the competitive advantage of either or both of the two businesses

Here is an example of business combination in different sectors that create a value.

Let's say that a mobile manufacturer called company x (from electronic sector) combines its-self with an animation company (from entertainment sector).

Company x could obtain value from this combination by rewarding free movie/tv shows subscription for every mobile phone that they sold. By doing this, the sales in both sectors will be increased

</span>
4 0
3 years ago
Other questions:
  • Melrose Manufacturing has net sales revenue of $624,000, cost of goods sold of $274,560, net income of $95,360, and preferred di
    5·1 answer
  • Which of the following schools is least likely to receive state tax dollars? A. Liberty Baptist University
    6·1 answer
  • The domestic opportunity cost of producing a television in the United States is 20 bushels of wheat. In Korea, the domestic oppo
    11·1 answer
  • Alliance Products purchased equipment that cost $120,000. It had an estimated useful life of four years and no residual value. T
    9·1 answer
  • The sensitivity of bank profits to changes in interest rates can be measured more directly using ▼ duration analysis credit rati
    10·2 answers
  • Select the correct definition of the term "comparative advantage." the ability to produce a good or service at a lower opportuni
    15·1 answer
  • John, a product manager, ensures that his team has regular meetings and no team member is absent during the meetings. He also en
    12·1 answer
  • A manufacturing company hit by a slump in demand is experiencing a labor surplus. The company expects the market to improve in s
    15·1 answer
  • Kemp Manufacturing set 70,000 direct labor hours as the annual capacity measure for computing its predetermined variable overhea
    15·1 answer
  • A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!