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
Elza [17]
3 years ago
6

Using the percentage-of-sales method, the estimated total uncollectible accounts are $7,322. The Allowance for Uncollectible Acc

ounts prior to adjustment has a debit balance of $2,635. The Accounts Receivable balance is $44,720. The amount of the adjusting entry for Uncollectible- Accounts Expense is
A. $7,322
B. $9,957.
C. $2,635
D. $4,687
Business
1 answer:
xenn [34]3 years ago
8 0

Answer:

B. $9,957.

Explanation:

The computation is adjusted amount for Uncollectible account expense is shown below:

= The estimated total uncollectible accounts + debit balance of Allowance for uncollectible accounts

= $7,322 + $2,635

= $9,957

For computing the adjusted amount we added the estimated total uncollectible accounts and the debit balance of Allowance for uncollectible accounts

You might be interested in
Lakeside Components wishes to purchase parts in one month for sale in the next. On June 1, the company has 15,000 parts in stock
Kryger [21]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Beginning inventory (parts)= 15,000 parts

Sales June= 13,600

Sales July= 10,500

Sales August= 12,700

Parts are purchased at a wholesale price of $30.

Purchasing arrangement:

60 percent on the month of the purchase.

40 percent in the following month.

Lakeside purchased 14,000 parts in May.

A) To calculate the purchase for June and July, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

June= 13,600 - 15,000= -1,400

July= 10,500 - 1,400= 9,100

B) Cash Required:

Purchase from the month

Purchase from the month before

<u>June:</u>

Purchase from the month= 0

Purchase from the month before= (14,000*30)*0.4= 168,000

<u>July:</u>

Purchase from the month= (9,100*30)*0.6= 163,800

Purchase from the month before= 0

3 0
3 years ago
Of money's three functions, the one that distinguishes money from other assets is its function as a a. store of value. b. unit o
tiny-mole [99]

The one that distinguishes money from the other assets is that it is used as a medium of exchange

Explanation:

Money is one of the most important factor in our day to day lives it has become as defining the country's economic standard and it is widely accepted all over the world

Money is used as the medium of exchange because we can buy all the necessary things using the money and can use it as a medium to exchange of goods and services. There are also other important functions as the method of comparing the values

4 0
3 years ago
List six elements that should be addressed in a company’s marketing strategy
mario62 [17]

Hey im trying to answer it, it keeps saying im adding a link or bad words. Im new here so im not sure what to do about that. Did you maybe do something to cause that?

8 0
3 years ago
Income statement data for Huffman Pharmaceuticals are provided below. Income Statements 12/31/201712/31/2016 Sales Revenue$598,0
koban [17]

Answer:

Huffman Pharmaceuticals

The percentage that should be assigned to Gross Profit, using trend analysis, is:

= 42%.

Explanation:

a) Data and Calculations:

Income Statements           12/31/2017         12/31/2016

Sales Revenue                  $598,000          $724,000

Cost of Goods Sold             337,000            427,000

Gross Profit                          261,000            297,000

Operating Expenses            137,000             146,000

Operating Income               124,000              151,000

Other Income (Expense)      60,000              23,000

Income before Tax              184,000             174,000

Income Tax Expense             71,000              76,000

Net Income                         $113,000           $98,000

Income Statements           12/31/2017         12/31/2016

Sales Revenue                  $598,000          $724,000

Cost of Goods Sold             337,000            427,000

Gross Profit                          261,000            297,000

Ratio of Gross profit to

 Sales Revenue

2017 = $261,000/$598,000 * 100 = 43.65% =  44%

2016 = $297,000/$724,000 * 100 = 41%

Average Gross profit ratio for the two years = 42.5% (44 + 41)/2.

b) Huffman's trend analysis is the use of its past financial performance indices to predict its future financial performances.  Past performances are expressed in percentages, forming the basis for predicting and comparing future performances of an entity.

6 0
2 years ago
Suppose a stock market boom makes people feel wealthier. The increase in wealth would cause people to desire: a) increased consu
Stels [109]

Answer:

a. Increased consumption , which shifts the aggregate-demand curve right.

Explanation:

When there is a boom in stockmarket which makes people wealthier, people's consumption would increase because of the desire and availability of money to purchase goods, which results in demand curve shifting right.

The boom in the stockmarket means people investment has appreciated hence are able to save and increase their consumption spending.

A shift in demand curve to the right means an increase in the quantity demand of goods and services while a shift in demand curve left means a decrease in the quantity demand of goods and services.

Other factor that could cause increased consumption and shifts in aggregate demand curve right is tax decrease. Tax is a compulsory levy imposed on an individual or an organization by the government.

When there is a tax decrease, people would be able to save more thus increase their desire to consume more hence demand curve would shift to the right.

3 0
3 years ago
Other questions:
  • Customer-Level Planning Circle K operates a number of convenience stores worldwide. Assume that an analysis of operating costs,
    12·1 answer
  • One industry with a reputation for less-than-stellar customer service is that of the nation's pay-tv providers. much of the terr
    7·1 answer
  • Who determines whether a corporation will pay dividends to stockholders?
    6·1 answer
  • The Model Privacy notice was introduced in 2010. Which statement about the notice is true?
    12·1 answer
  • Challenges associated with creating a benchmark program ​
    11·1 answer
  • If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a:______
    6·1 answer
  • The first step in the target market selection process is
    10·1 answer
  • When 100% peak effort from the most skilled and efficient workers is assumed, the direct labor hours required per unit is being
    7·1 answer
  • Ellen and Uncle Moneybags make a contract where Ellen will buy Uncle Moneybags’ boat for $100,000 if Ellen gets a T.V. show cont
    9·1 answer
  • I need help on creating my resume. I’m a high schooler currently in the 11th grade. I haven’t won any awards here at my high sch
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!