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blondinia [14]
3 years ago
10

At the end of the current year, using the aging of receivable method, management estimated that $28,500 of the accounts receivab

le balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $800. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Multiple Choice


Accounts Receivable 29,300

Allowance for Doubtful Accounts 29,300

Bad Debts Expense 27,700

Allowance for Doubtful Accounts 27,700

Accounts Receivable 28,500

Bad Debts Expense 800

Sales 29,300

Bad Debts Expense 29,300

Allowance for Doubtful Accounts 29,300

Bad Debts Expense 28,500

Allowance for Doubtful Accounts 28,500
Business
1 answer:
lyudmila [28]3 years ago
3 0

Answer:

Adjusting entry the company made to record its estimated bad debts expense:

Bad Debts Expense 29,300

Allowance for Doubtful Accounts 29,300

Explanation:

The company uses the aging of receivable method to estimate uncollectible.

Estimated uncollectible would be $28,500

Before year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $800

Bad debts expense = $28,500 + $800 = $29,300

Adjusting entry the company made to record its estimated bad debts expense:

Bad Debts Expense 29,300

Allowance for Doubtful Accounts 29,300

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If your purchases of shoes increase from 9 pairs per year to 11 pairs per year when your income increases from $19,000 to $21,00
fiasKO [112]

Answer:

Option (a) is correct.

Explanation:

Here, shoes are normal goods as there is a positive relationship between the income level of the consumer and the quantity demanded for shoes. It can be seen that as the income of the consumer increases from $19,000 to $21,000 then as a result the quantity of pairs of shoes demanded increases from 9 to 11 pairs. Normal goods are generally have positive income elasticity of demand.

Therefore, the shoes are normal goods in this case.

7 0
3 years ago
A person who is on property with the consent of the landowner and who brings an economic benefit to the landowner, such as a tic
timama [110]

Answer:

A business invitee

Explanation:

A business invitee is any person or group of people who enters another person's commercial property to do business.  A business invitee's purpose is to engage in a commercial transaction with property or landowner. The landowner is liable to any injuries or harm suffered by a business invitee due to dangerous conditions on the property.

Commercial property or premises refers to land or building designated for business transactions such as a retail store or a restaurant. In law, customers are business invitees. The assumption is that customers enter commercial premises to do business with the business owner.

7 0
3 years ago
Andrew earns $45,300 in taxable income annually, and pays federal income taxes of $5,345. 40. What is Andrew’s net federal inc
ASHA 777 [7]

Based on the information given Andrew’s net federal income tax rate is c. 11.8%.

Using this formula

Net federal income tax rate=Federal income taxes / Taxable income

Where:

Federal income taxes= $5,345.40

Taxable income=$45,300

Let plug in the formula

Net federal income tax rate=$5,345.40/$45,300

Net federal income tax rate=0.118×100

Net federal income tax rate=11.8%

Inconclusion Andrew’s net federal income tax rate is c. 11.8%.

Learn more here:brainly.com/question/11886585

8 0
3 years ago
You are considering a new product launch. The project will cost $2,200,000, have a four-year life, and have no salvage value; de
ankoles [38]

Answer:

break-even level of output for this project (ignoring taxes)? (2 decimal places)

d1) What is the accounting break-even level of output for this project? (2 decimal places)

d2) What

3 0
3 years ago
Foxtrot Co. started 2021 with $113,000 of merchandise inventory on hand. During 2021, $480,000 in merchandise was purchased on a
Marina CMI [18]

Answer:

$211,772

Explanation:

The computation of ending inventory is shown below:-

Discount = ($480,000 - $3,600) × 2%

= $9,528

Cost of goods for sale = Beginning inventory + purchases - returns at invoice price - Discounts + Freight - Cost of goods sold

= $113,000 + $480,000 - $3,600 - $9,528 + $7,900

= $587,772

Ending inventory = Cost of goods for sale - Cost of goods sold

= $587,772 - $376,000

= $211,772

So, the right answer is $211,772. Hence the option is not available.

4 0
3 years ago
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