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
Kaylis [27]
3 years ago
6

2/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Co

mpany had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that 1.5% of sales will be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?
Business
1 answer:
Artyom0805 [142]3 years ago
6 0

Answer:

$395,000

Explanation:

Bad Debt expense:

= 1.5% of sales will be uncollectible

= 1.5% × $1,000,000

= 0.015 × $1,000,000

= $15,000

Allowance for Doubtful accounts:

= Bad Debt expense - accounts receivable written off

= $15,000 - $10,000

= $5,000

Net realizable value:

= Accounts receivable - Allowance for Doubtful accounts

= $400,000 - $5,000

= $395,000

You might be interested in
Which selling approach is considered direct and focuses mainly on convincing the buyers that the item is needed?
arsen [322]

Answer:

Which selling approach is considered direct and focuses mainly on convincing the buyers that the item is needed?

A. upselling

B. consultative selling

C. relationship selling

D. personal selling

E. traditional selling

answer is B

3 0
3 years ago
San Francisco Seats manufactures seats for airplanes. The company has the capacity to produce 100,000 seats per year, but is cur
Rzqust [24]

Answer:

The company's operating income will increase from $8,800,000 by $350,000 to become $9,150,000

Explanation:

Detailed explanation and calculation is shown in the image below

4 0
3 years ago
An article in Forbes noted that the Intercounty Connector toll road that connects two counties in Maryland was not generating
Roman55 [17]

Answer:

The price elasticity of demand

Explanation:

you need to know how high the demand is for the toll road.

3 0
3 years ago
Beverly decides to go on a great trip to Hawaii. She needs someone, however, to take care of her two dogs, Creaky and Toady, whi
Gnesinka [82]

Answer:

d. She is discharged from performance because of impossibility of performance.

Explanation:

Alice's refusal to keep Creaky and Toady can be based on fact that She is discharged from performance because of impossibility of performance. Discharge of contract by impossibility of performance usually occurs when the contractual duty cannot be performed due to unforeseen and uncontrollable circumstances, such as death, illness etc, which can lead to the party been released from a contract on the ground that such uncontrollable circumstances have rendered performance impossible.

3 0
4 years ago
Reasons why countries avoid specialization​
Romashka [77]

Answer:

Countries specialize in order to increase their trade. Imagine a country that has specialized in rubber production and suddenly other more efficient synthetic products have replaced rubber. That means that the demand of rubber has fallen. This would create the country to face labor unemployment, lack of trade for rubber, a long period of stagnant growth indirectly effecting the economy adversely.

Therefore countries prefer to go along with trade and avoid specialization so as to avoid period of stagnant growth.

4 0
3 years ago
Other questions:
  • Matthew currently has $2,000 in his checking account and $10,000 in a savings account. He owns a home worth $120,000 and he owes
    10·1 answer
  • Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the current year of $411,000. I
    10·1 answer
  • On January 1, a company issues bonds dated January 1 with a par value of $340,000. The bonds mature in 5 years. The contract rat
    14·1 answer
  • Manufacturers of furniture, clothing, and consumer electronics generally use _____ distribution.
    7·1 answer
  • Which of the following is correct?
    12·1 answer
  • both capital and labor​ double, given the production​ function, output will double . If output doubles when inputs​ double, the
    13·1 answer
  • Resources fall broadly into two categories: tangible and intangible. Tangible resources have physical attributes and are visible
    9·2 answers
  • Pikachu means what ​
    14·1 answer
  • The accountant for TI Company is preparing the company's statement of cash flows for the fiscal year just ended. The following i
    15·1 answer
  • Select the correct answer.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!