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sineoko [7]
2 years ago
11

Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works prepared an aging of accounts receivabl

e and estimated that $6,700 of the $99,700 accounts receivable balance would be uncollectible. The allowance for doubtful accounts had a $570 debit balance at year-end prior to adjustment. What is the amount of bad debt expense?
Business
2 answers:
andreyandreev [35.5K]2 years ago
4 0

Answer:

-$7,270

Explanation:

Accounts receivable is the amount that is owed to the business by various parties that is due within a particular period.

In this instance there was an aging analysis done that estimated that $6,700 will be uncollectible. This will result in a bad debt expense of -$6,700.

Before now there was a balance of -$570 in allowance for doubtful accounts. Meaning there was a debit balance attributed to uncollected debt.

The total debt balance will now be -6,700-570 = -$7,270

Drupady [299]2 years ago
3 0

Answer:

$7,270

Explanation:

Allowance for doubtful accounts is a contra asset account. It has credit balance and need to be adjusted against the receivable account balance to show net receivable amount on the balance sheet.

As $6,700 of uncollectible accounts receivables are estimated, but allowance account has a debit balance of $570.

Bad Debt Expense for the year = Estimated uncollectible accounts receivables + Year end debit balance of Allowance for doubtful accounts

Bad Debt Expense for the year = $6,700 + $570

Bad Debt Expense for the year = $7,270

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Aloan Co. provides the following sales forecast for the next three months: January February March Sales units 3,000 4,200 5,000
Natalka [10]

Answer:

Total= 3,120 units

Explanation:

Giving the following information:

production budget:

January= 3,000 units

February= 4,200 units

March= 5,000 units

The company wants to end each month with ending finished goods inventory equal to 10% of the next month’s sales.

Beginning inventory= 300 units.

To calculate the production for any month, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

<u>January:</u>

Sales= 3,000

Desired ending inventory= (4,200*0.1)= 420

Beginning inventory= (300)

Total= 3,120 units

6 0
3 years ago
Which of the following is not a need-based source of financial aid
yanalaym [24]
B. athletic scholarship
6 0
3 years ago
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When a company purchases another company and the purchase price is greater than the fair value of the net assets acquired, this
34kurt

Answer:

Goodwill

Explanation:

Goodwill is an intangible asset, reported on the balance sheet asset side. It is used yearly for the impairment tests.

When the company purchase another company and its purchase price is more than the fair value of the net asset so the excess amount would be called as a goodwill

The fair value of the net asset is come from subtracting the

= Company assets - company liabilities

6 0
3 years ago
Match each description with the corresponding group performance factor that best describes it.
Sladkaya [172]

Answer:

i b) Group cohesiveness

ii c) Group heterogeneity

iii a) Group norms

iv d) Social loafing

Explanation:

i b) Group cohesiveness (this terms refers to the strong link between members of a social group as a whole)

ii c) Group heterogeneity (Refers to inter functional collaboration, individuals from different fields will be working together)

iii a) Group norms (refers to the informal rules that a group adopts and regulate on its own)

iv d) Social loafing  (this terms refers to the idea that people are prone to exert less effort while working in a group, considering that others will take care of the work)

3 0
3 years ago
Seth worked a summer job at a camp. His salary accumulated all summer and at the end of the summer he deposited $1890 in a savin
klemol [59]

Answer:

Total amount= $2,055.38

Explanation:

Simple interest is defined as the amount that a lender charges the borrower for the funds collected. The borrower pays back the principal collected and the interest to the lender.

Simple interest is calculated as principal multiplied by time multiplied by interest rate.

Interest= principal * time * rate

Interest= 1,890* 2.5* 0.035

Interest= $165.375

Therefore total amount of money in the account is

Total amount= principal + Interest

Total amount= 1890+ 165.375

Total amount= $2,055.375~ $2,055.38

4 0
2 years ago
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