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
Marianna [84]
3 years ago
13

Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the e

nd of 2021, its balance for Accounts Receivable is $32,000. The company estimates that of this amount, $3,700 is not likely to be collected in 2022. In 2022, the actual amount of bad debts is $2,600.
Record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2021 and the actual bad debts in 2022. (If no entry is required for a transaction/event, indicate "No journal entry required".)
Business
1 answer:
Paladinen [302]3 years ago
7 0

Answer:

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

Explanation:

an adjustment for estimated uncollectible accounts at the end of 2021

JOURNAL ENTRIES

Dr. Bad Debts.......................3,700

Cr. Accounts Receivable.............3,700

for the actual bad debts in 2022. we have adjust for the difference between the estimate and the actual amount which is $1,100

JOURNAL ENTRIES

Dr. Accounts receivable...(3700-2600)...1,100

Cr. Bad debts recovered.....................................1,100

Being bad debts recovered, a shortfall in actual estimates

You might be interested in
An appliance manufacturer wants to contract with a repair shop to handle authorized repairs in Indianapolis. The company has set
luda_lava [24]
Although one would repair at the most time of 76 minutes, the other is at most 77.1 minutes. I would pick the second one because they may take longer by 1.1 minutes at most, they also included seconds, which seems more like an honest bid time.
3 0
3 years ago
You hold a portfolio consisting of a $5,000 investment in each of 20 different stocks. The portfolio beta is equal to 1.12. You
bija089 [108]

Answer:

The new beta of the portfolio 1.17

Explanation:

Portfolio beta is sum of weighted beta of all stocks consisting of it.

Portfolio beta = 1.12

Weight of each portfolio = 5,000

All weight or Amount = 5,000 * 20 = 100,000

Weight of one stock = 5,000 / 100,000 = 0.05

Foregone beta or beta of sold stock = 1

Acquired beta or beta of purchased stock = 2

Weight of both are same = 0.05

New beta = Portfolio beta - (foregone beta * weight) + (Acquired beta * weight)

New beta = 1.12 - (1 * 0.05) + (2 * 0.05)

New beta = 1.12 - 0.05 + 0.1

New beta = 1.17

So New portfolio beta is 1.17

6 0
3 years ago
Eddie, a 16 year old minor, buys a car from Ace Auto and then damages the car in an accident. To disaffirm the contract and sati
Ket [755]

Answer: Return the car and pay for the damage(D)

Explanation:

To disaffirm a contract means to avoid the obligations in a contract. A contract can be disaffirmed by a minor when he shows an intent that he or she isn't bound by it. Contracts can be disaffirmed by minors before they reach eighteen years. When a minor disaffirms a contract, all properties transferred to the minor can be gotten back.

In the scenario explained in the question, even though Eddie had damaged the car, he can disaffirm the contract and satisfy his duty if restitution by returning the car and paying for damage.

3 0
3 years ago
Read 2 more answers
Sunny Day Manufacturing Company has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2
seropon [69]

Answer:

Alpha Moose Transporters's retained earnings breakpoint is B. $1,655,556

Explanation:

Addition to retained earnings = $745,000

Weight of equity = 45%

Retained earnings breakeven = $745,000 / 45%

= $1,655,556.

Retained earnings breakeven is $1,655,556.

7 0
3 years ago
Read 2 more answers
Wilder Company manufactures two models of its banjo, the Basic and the Luxury. The Basic model requires 10,000 direct labor hour
OLEGan [10]

Answer:

The inspecting costs should be allocated to the Basic model using ABC costing is $30,600

Explanation:

The computation of the inspecting cost is shown below:

= Total number of basic model inspection + the total number of inspection

where,

Total number of basic model inspection equals to

= Number of units produced ÷ every units produced

= 3,400 units ÷ 100

= $34

And, the total number of inspection equals to

= Total inspection cost ÷ number of inspection

= $84,600 ÷ $94

= 900

The number of inspection includes

= total number of basic model inspection + the total number of luxury model inspection

= $34 + $60 (600 units ÷ 10)

Now put these values to the above formula  

So, the value would equal to

= 900 × $34

= $30,600

7 0
3 years ago
Other questions:
  • To test an herbal treatment for acid reflux disease, 100 volunteers who suffered from mild indigestion were randomly divided int
    8·1 answer
  • An accountant has been engaged to compile the financial statements of a nonissuer. The financial statements contain many departu
    12·1 answer
  • Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $68,000 and $3450, re
    7·1 answer
  • UPS, a delivery services company, has a beta of 1.4, and Wal-Mart has a beta of 0.9. The risk-free rate of interest is 4% and th
    11·1 answer
  • The article said that experienced workers’ wages often rose? Why would this be so, and what
    15·1 answer
  • The critical issue in the debate over the merits of the for-profit hospital structure is whether the profit motive has a negativ
    7·1 answer
  • Given the ethical lapses that are prevalent today in our businesses, what can be done to restore trust in the free-market system
    14·1 answer
  • Mel suddenly finds an opportunity to sell boxed dinners. The new opportunity would require the use of the 30 percent unused capa
    5·1 answer
  • When a company issues 25,000 shares of $1 par value common stock for $10 per share, the journal entry for this issuance would in
    15·1 answer
  • A company purchased a van at a cost of $42,000 and expects it can be sold for $6,000 after 120,000 miles of service. Assuming th
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!