Answer:
$4,412
Explanation:
If the company estimates that $4,412 of accounts receivables will be uncollectible, then it must record that number under the Allowance for Bad debts Account.
That account started the year with a $3,284 balance, it decreased by $1,826 (debt written off), and then must be adjusted by crediting $2,954 so its balance = $4,412 on December 31.
Answer:
the standard amount of materials allowed for the actual output is 23,310 ounces
Explanation:
The computation of the standard amount of materials allowed for the actual output is shown below:
= Actual output × direct material
= 3,700 units × 6.3 ounces
= 23,310 ounces
hence, the standard amount of materials allowed for the actual output is 23,310 ounces
The same is relevant
Answer:
The balance in stockholders' equity at the end of year 2 is $31,000
Explanation:
For computing the balance in stockholder equity at the end of year 2, first, we have to compute the balance for year 1 which is shown below:
Year 1 equity balance = Issue of stock + Net income
= $20,000 + $5,000
= $25,000
Now, year 2 balance would equal to
= Year 1 balance + Net income - Dividend paid
= $25,000 + $10,000 - $4,000
= $31,000
Hence, the balance in stockholders' equity at the end of year 2 is $31,000
Answer:
a
Life
Explanation:
Life insurance is a contract where the insurance company undertakes to pay the amount stated in the policy document upon the insured's death. The insured, in turn, pays periodic insurance premiums to keep the contract in force.
Life insurance renders financial protection to the family and the insured upon their death. For an entrepreneur, the insurance company will compensate their family for the loss of income occasioned by their death.
Answer:
a. Unearned Revenue; b. Accrued Revenue; c. Accrued Expense; d. Prepaid Expense
Explanation:
Prepaid Expenses : Expenses paid before due
Unearned Revenue : Revenue earned before due i.e Advance Income
Accrued Revenue : Revenue earned i.e due , but not received
Accrued Expense : Expense due but not paid i.e Outstanding Expense
a. Cash received for use of land next month = Unearned Revenue or Advance Income
b. Fees earned but not received in cash = Accrued Revenue / Accrued Income
c. Wages owed but not yet paid = Accrued Expense / Outstanding Expense
d. Supplies on Hand = Prepaid Expense
