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mrs_skeptik [129]
2 years ago
8

The ledger of Windsor, Inc. at the end of the current year shows Accounts Receivable $84,000; Credit Sales $830,000; and Sales R

eturns and Allowances $44,000. (a) If Windsor uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Windsor determines that Matisse’s $800 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable.
Business
1 answer:
ira [324]2 years ago
8 0

Answer:

The answer is given below;

Explanation:

 a.  Bad Debt Expense   Dr.$800

      Account Receivable   Cr.$800

b.  $84,000*11%=                          $9,240

   Credit balance in trail balance ($1,450)

Total                                                 $7,790

Bad Debt Expense Dr.$7,790

Account Receivable  Cr.$7,790

C. Debit Balance    $400

84,000*9%=        $7,560

Total                    $7,960

Bad Debt Expense Dr.$7,960

Account Receivable  Cr.$7,960                                

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The buck store is considering a project that will require additional inventory of 216,000 and will increase accounts payable by
Sergeu [11.5K]

Answer:

a. -$82,250

Explanation:

Calculation for what is the projects initial cash

flow for net working capital

Initial cash flow=-$216,000 + $181,000 - ($525,000 *0.09)

Initial cash flow=-$216,000 + $181,000 - $47,250

Initial cash flow = - $82,250

Therefore the projects initial cash

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8 0
3 years ago
In this type of budget, the master budget is based on a single prediction for sales volume, and the budgeted amount for each cos
SOVA2 [1]

Answer:

Fixed budget.

Explanation:

A fixed budget can be regarded as financial plan which is not been modified for any variations that could come up in actual activity. In most times some companies may have experience of substantial variations as regards their expected activity levels within the encompassed period of budget as well as the amounts in that budget. The budget cost allowances in a fixed budget for each cost item cannot be changed as regards the variable items. It should be noted that in Fixed budget the master budget is based on a single prediction for sales volume, and the budgeted amount for each cost essentially assumes that a specific amount of sales will occur.

3 0
3 years ago
Accounting profit differs from economic profit because:
Mariana [72]

Answer:

The correct option is D,economic costs are generally higher than accounting costs because economic costs include all opportunity costs, while accounting costs include explicit costs only.

Explanation:

Economic costs are usually higher because economic costs comprises of both implicit and explicit costs whereas accounting profit calculation only consider the explicit costs.

Explicit costs are the costs that require actual cash flows from the business such as the payment of rent,salaries and many more.

However,implicit costs are not real costs in actual term,they are costs of forgone benefits such as the salaries the business owner if he takes employment elsewhere.

6 0
3 years ago
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3. Kevin took out a loan for a car. He must pay $3,000.00 in interest, service
ss7ja [257]

Answer:

The finance charge

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The finance charge is the total cost incurred when borrowing money, including interest amount and all other fees. It is the extra money paid on top of the borrowed amount. The finance charge may be a flat fee or a percentage of the principal amount.

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8 0
3 years ago
Which of the following statements are true about this natural monopoly? Check all that apply. In order for a monopoly to exist i
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Answer: The following statements are true about this natural monopoly:<em> </em><u><em>It is more efficient on the cost side for one producer to exist in this market rather than a large number of producers.</em></u>

Natural monopoly is a form of monopoly that persists because of start-up costs of administrating a business organization in a particular industry. A organization with natural monopoly will be the only supplier of a commodity or service in an industry.

5 0
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