Answer:
$50,000
Explanation:
Since Tinsel Co.’s balances in allowance for credit losses were $70,000 at the beginning of the current year and $55,000 at year end.
If during the year, receivables of $35,000 were written off as uncollectible, the amount that Tinsel should report as credit loss expense at year end is $50,000 and this is derived by
Opening balance .................................... 70,000
Add: Receivables written off .............. .35,000
less: Closing balance .............................<u>(55,000)</u>
= Amount of credit loss for the year - <u>50,000</u>
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False other things also happened
Answer:
Global product structure.
Explanation:
When customers around the world are willing to buy the same product, or products that are very similar, the managers will pursue a global product structure: that is to say, a product that is essentially appropriate for the world market, with only slight variations depending on the geographical locations or target segment of the market.
Answer:
Should Manny send his client the bill in December or January?
Send the bill in January because in cash method accounting recognized when payments are made.
In december he recognized only income because is in advance.
Explanation:
The cash method of accounting requires that sales be recognized when cash is received from a customer, and that expenses are recognized when payments are made to suppliers.
Answer:
$450,000
Explanation:
Calculation for the amount that would be expensed
Using this formula
Amount to be expensed = Project cost before the project was abandoned + Amount spent on another project
Let plug in the formula
Amount to be expensed =$150,000+$300,000
Amount to be expensed =$450,000
Therefore the amount that would be expensed will be $450,000
