No formal steps are necessary to create a sole proprietorship. True or false?

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a sche

ahrayia [7]

Answer and Explanation:

a. The required balance of allowance for doubtful debts is shown below:

Particulars Account receivable % Estimated uncollectible

Not yet due $860,000 1.20% $10,320

1 to 30 days $344,000 1.95% $6,708

31 to 60 days $68,800 6.45% $4,438

61 to 90 days $34,400 32.50% $11,180

Over 90 days $13,760 67.00% $9,219

Estimated balance $41,865

b. The adjusting entry is

Bad debt expense Dr ($41,865 - $14,000) $27,865

To Allowance for doubtful debts $27,865

(being the bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful debts as it decreased the assets

8 0

3 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

Which document must the borrower receive at least three days before the signing appointment?

sergiy2304 [10]

The document the borrower must receive at least three days before the signing appointment is: Closing Disclosure.

Closing disclosure is a loan document that contains all the information about the what loan entails.

This closing disclosure tend to contain the following:

The loan terms
Transaction details
Closing information
Projected payments
Closing costs
Summary of loan transaction etc

Closing disclosure document must be received by the borrower at least three days before the borrower sign the appointment so as to give the borrower time to go through the document or to review the documents and have good understanding of the loan terms and condition before signed the appointment.

Inconclusion the document the borrower must receive at least three days before the signing appointment is: Closing Disclosure.

Learn more about closing disclosure here:brainly.com/question/4375643

5 0

2 years ago

A company uses a process costing system. its assembly department's beginning inventory consisted of 52,400 units, 75% complete w

zalisa [80]

Total transferred units = 121,500
Direct labor costs = $30,000
Completed unit from the ending inventory = 42,400 x 25% = 10600
Now the total units transferred = 121,500 + 10600 = 132100
Direct labor cost per equivalent unit = Direct labor costs / total units transferred
= 30,000 / 132100 = 0.227
Direct labor cost per equivalent unit = 0.23.

5 0

3 years ago

At p1y1, if taxes decrease then consumer spending will decrease and ad will shift right to long-run equilibrium. decrease and ad

Gemiola [76]

Answer: Increase and ad will shift right to long-run equilibrium.

Explanation: A decrease in Taxes lead to an increase in the disposable income of the consumers. This results in higher consumer spending at the given income levels. As a result the AD curve shifts to the right towards the long run equilibrium level.

3 0

3 years ago