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The Allowance for Bad Debts has a credit balance of $ 7 comma 500 before the adjusting entry for bad debts expense. After analyz

Olenka [21]

Answer:

The amount of bad debt exp is 7000

Explanation:

Allowance for bad debt exp has a credit balance of 7500 before adjusting entry

Now the management wants to estimate the uncollectible accounts at 14500

So we have to increase the balance of the allowance account from 7500 to 14500

Like 14500-7500=7000

So we need to record the entry by 7000 to increase the amount of the allowance to 14500

The entry

Bad debt exp Dr. 7000

Allowance for doubtful accounts Cr 7000

Now the bad debt exp will be reported in the income statement by 7000

5 0

3 years ago

The following information is available for Kinsner Corporation: Total fixed costs $313,500 Variable costs per unit $99 Selling p

Zanzabum

Answer:

The number of units that must be sold is A. 6,540 units

Explanation:

The number of units must be sold to meet the target profit figure are calculated by using following formula:

The number of units must be sold = (Total fixed cost + Targeted profit) / Contribution margin per unit.

Contribution margin per unit = Sales price per unit – Variable cost per unit = $154 - $99 = $55

The number of units must be sold = ($313,500 + $46,200)/$55 = 6,540 units

7 0

3 years ago

Joseph Juran provided guidance regarding how to conduct quality planning, quality control, and quality improvement. Which of the

Grace [21]

Answer:

b. work to identify root causes, not just symptoms.

Explanation:

The main thing on which Joseph Juran focused was on quality, how it could be improved in planning, and performing properly.

This provided for the quality controls, plans, improvements which could be made, but it did not work on finding the causes behind the lack that why it could not be achieved.

Accordingly it did not in manner focused on the finding the symptoms or root causes.

As it was focused on the action of now what can be done.

7 0

3 years ago

Why the exist an economy?

MAVERICK [17]

Answer:

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people

hope this helps

Explanation:

4 0

3 years ago

On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the

dangina [55]

Answer:

$82,580

Explanation:

We can calculate the estimated amount of inventory destroyed in the flood by deducting the cost of goods sold by the cost of goods available for sale.

DATA

Beginning Inventory = $215,950

Inventory purchased = $192,730

Sales = $543,500

Calculation

Inventory destroyed Iestimated) = Cost of Goods available for sale - Cost of Goods Sold

Inventory destroyed Iestimated) = $408,680 - $326,100

Inventory destroyed Iestimated) = $82,580

Working

Cost of Goods available for sale = Beginning Inventory + Inventory purchased

Cost of Goods available for sale = $215,950 + $192,730

Cost of Goods available for sale = $408,680

Cost of Goods Sold = Sales - Gross Profits

Cost of Goods Sold = $543,500 - ($543400 x 40%)

Cost of Goods Sold = $ 326,100

4 0

3 years ago