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lianna [129]
3 years ago
12

Marigold Corp.'s account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts a

re $917000 debit and $1920 credit, respectively. From an aging of accounts receivable, it is estimated that $42000 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for
Business
1 answer:
strojnjashka [21]3 years ago
4 0

Answer:

The necessary adjusting entry would include a credit to the allowance account for $40080

Explanation:

Marigold Corp.'s Account Balances

At December 31, 2020

Accounts Receivable  $917000 Debit

Allowance for Doubtful Accounts $1920 credit

Bad Debts                                $42000

Unadjusted Balance  of Uncollectibles          $ 1920

<u>Estimated Balances                                         $ 42000</u>

<u>Required  Adjustment                                      $ 40080</u>

<u />

The data tells that the Allowance for Doubtful Accounts  has a credit balance of $1920 the required adjustment to the allowance for doubtful accounts is $ 40080. The required entry is

Bad debts Expense            40,080 Dr.

Allowance for Doubtful Accounts $40,080 credit

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Korolek [52]

Answer:

c. pre-conventional morality

Explanation:

Preconventional morality is the first stage of moral development according to Kohlberg's model of moral development. It is the stage in which the children decides according to the consequences the actions will bring to them. The consequences which the behavior may is on the primary focus. In the above case, Finnian gives attention to the result before taking any of the steps.

6 0
3 years ago
Mike has one hour to spend at the gym where he will jog, play handball and cycle. jogging uses 10 calories per minute, handball
slega [8]
Let
x = minutes used for jogging
y = minutes used for handball
z = minutes used for cycling

Th total time spent is 1 hour (60 minutes), therefore
x + y + z = 60

Because Mike jogs as long as he cycles, therefore
x = z
Therefore
2x + y = 60
or
y = 60 - 2x                 (1)

Jogging consumes 10 calories/min, handball consumes 9 calories/min and cycling consumes 12 calories/min.
The calories consumed in 60 minutes is 580, therefore
10 x + 9y + 12z = 580
Because x = z,
22x + 9y = 580          (2)

Substitute (1) into (2).
22x + 9(60 - 2x) = 580
22x + 540 - 18x = 580
4x = 40
x = 10
y = 60 - 2x = 40
z = x = 10

Answer:
10 minutes of jogging
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4 0
3 years ago
The supply of product X is perfectly inelastic if the price of X increases by _______ and, as a result of the price change, the
konstantin123 [22]

Answer:

c) 10%; stays the same. 

Explanation:

Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price.

Supply is perfectly inelastic if a change in price has no effect on quantity supplied. The quantity supplied remains unchanged despite changes in price.

I hope my answer helps you

7 0
2 years ago
A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members.
atroni [7]
That statement is true, an LLC can indeed <span>held liable for any loss or injury caused by the wrongful acts or omissions of its members.
The assets that owned by the members couldn't be held accountable in case there is a loss in the company, but in case of criminal activities, this thing could be overlooked.</span>
5 0
3 years ago
Tristan transfers property with a tax basis of $1,245 and a fair market value of $1,750 to a corporation in exchange for stock w
Bas_tet [7]

Answer: $1644

Explanation:

The corporation's tax basis will be the addition of the tax basis of Tristan and the gain that is recognized on the exchange by Tristan.

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The gain recognized on the exchange will the value that's lower between the gain realized which is $505 and the boot received which is $399. Therefore, gain recognized = $399.

The corporation's tax basis will then be:

= Tristan Tax basis + Gain recognized

= 1245 + 399

= 1644

6 0
3 years ago
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