1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ivanshal [37]
3 years ago
11

An agingminusofminusaccountsminusreceivable indicates that the amount of uncollectible accounts is​ $3,910. The Allowance for Un

collectible Accounts prior to adjustment has a debit balance of​ $600. The Accounts Receivable balance is​ $44,620. The amount of the adjusting entry for uncollectible accounts should be​ for:
Business
2 answers:
nevsk [136]3 years ago
5 0

Answer:

$3,310

Explanation:

An aging of accounts receivable indicates that the amount of uncollectible accounts is​ $3,910.

The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of​ $600.

The Accounts Receivable balance is​ $44,620.

The amount of the adjusting entry for uncollectible accounts should be​ for: $3,910 - $600 = $3,310

Generally, as a rule - Allowance for Uncollectible Accounts has a credit balance, which will be subtracted from the amount estimated to be uncollectible, to get the amount of the adjusting entry.

forsale [732]3 years ago
5 0

Answer:

The question is missing below options:

A) $600.

B) $3,310.

C) $3,910.

D) $4,510.

The correct option is D

Explanation:

The amount of uncollectible debt of $3910 indicates that the allowance for uncollectible debt account  should show a credit balance of $3910 at the end of the period.

Without mincing words, since the allowance for uncollectible debts account already has a debit of $600 already, the adjusting entry needed  is a figure that would change the debit balance of $600 to a credit balance of $3910.

Intuitively, a credit entry of $600 would reverse the earlier debit balance and another credit entry of $3910 would guarantee a final credit balance of $3910,as a result the total credit entries passed equal $4510          ($3910+$600).

The amount of of the adjusting entry for uncollectible accounts should be for $4510

You might be interested in
A company borrows $25 000 to buy new equipment. The loan is to be repaid in five equal annual payments. If the interest rate is1
REY [17]

Answer:

Each payment is of $6595

Explanation:

Amount borrowed by company= $25000

No. of installments = 5

Interest rate = 10%

We are supposed to find how much are each of the payments

Formula : Amount =I (\frac{1-\frac{1}{(1+r)^n}}{r})

I = installment

r = rate of interest

n = No. of installments

So, 25000 =I (\frac{1-\frac{1}{(1+0.1)^5}}{0.1})\\\frac{25000}{(\frac{1-\frac{1}{(1+0.1)^5}}{0.1})}=I\\6594.93=I

So, Each payment is of $6595

7 0
3 years ago
A T-bill that is 290 days from maturity is selling for $96,040. The T-bill has a face value of $100,000.
umka2103 [35]

Answer: a 0.049, 0.05 and 0.05 or 5%

b 0.039, 0.041 and 0.041 or 4%

Explanation:

Ai discounted yield = [(Face value - purchase price)/Face value] * 360/ maturity

Discount yield =:[(100000 - 96040)/100000] * 360/290

= 0.0396* 1.24

= 0.049

ii. Bond equivalent yield (BEY) = [(Face value - purchase price)/purchase value] * 365/M

BEY= [(100000 - 96040)/96040] * 365/290

BEY = 0.05

iii EAR = [(1+BEY/n)exp n - 1)

EAR = [(1 + 0.05/(365/290)) exp (360/290) - 1]

EAR = [(1 + 0.05/1.26) exp (1.26) - 1

EAR = (1.04) exp (1.26) - 1

EAR = 0.05 or 5%

The same formula are applied for the B part

Discount yield = [(100000-96040)/100000] * 360/365

Discount yield = 0.0396 * 0.986

= 0.039

B ii. BEY = [(100000 - 96040)/96040] * 365/365

BEY = 0.041 × 1

BEY = 0.041

B iii. EAR = [(1 + 0.041/(365/365))exp (365/365) - 1

EAR = (1 + 0.41) - 1

EAR = 0.041 or 4%

4 0
3 years ago
Consider the closed (no exports or imports) Latverian economy in which the consumption function is C = 300 + 0.75DI (where DI =
777dan777 [17]

Answer:

0.66

Explanation:

Marginal propensity to consume is the proportion of disposable income that is spent on consumption

Marginal propensity to consume = change in consumption / change in income = C / Y

Gross domestic product (Y) is the sum of all final goods and services produced in an economy within a given period which is usually a year.

In a closed economy, GDP = Consumption + Investment spending + Government Spending

Y = 300 + 0.75(Y - $1,200) + $900 + $1,300

Y = 300 + 0.75Y - $900 + $900 + $1,300

Collect like terms

Y - 0.75Y = $1600

0.25Y = $1600

Y = $6400

Substitute for Y in the consumption function : 300 + 0.75(Y - $1,200)

300 + 0.75($6400 - $1,200)

300 + 0.75($5,200) = $4,200

C = $4200

Marginal propensity to consume = $4,200 / $6400 = 0.66

4 0
3 years ago
On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning
Gekata [30.6K]

Answer:

C. Insurance expense will increase $2,250

Explanation:

On April 1 2016, the following journal entry will be recorded in respect of the premium paid on a one year insurance policy:

                                                         Debit                       Credit

Prepaid Insurance                          $3,000

Cash                                                                                  $3,000                                                                                                      

The year end given in this question is December 31, 2016 and the insurance premium is for one year and since the insurance premium is paid on April 1, 2016, therefore, only expense in respect of 9 months i.e. from April 1, 2016 to the December 31, 2016 will be recognised in this year. Remaining expense of three months will be recognised in the Year ended December 31,2017.

The following Journal entry will be recorded in respect of insurance expense in accounts on December 31, 2016.

                                                                   Debit             Credit

Insurance expense(3,000*9/12)               2,250

Prepaid Insurance                                                            2,250                    

So the answer will be C. Insurance expense will increase $2,250

5 0
3 years ago
The most socially responsible companies establish _____ for their vendors, setting clear policies for human rights, wages, safet
AfilCa [17]
In order to help the student expand his/her knowledge I will help answer the question. This in hope that the student will get a piece of knowledge that will help him/her through his/her homework or future tests.

The most socially responsible companies establish codes of conduct for their vendors, setting clear policies for human rights wages, safety, and environmental impact. In fact many of this companies have this establish today.
<span>
I hope it helps, Regards.</span>
3 0
3 years ago
Other questions:
  • Based on the following information: Assume that Forrest Company uses the LIFO accounting method. In year X1, Forrest reported th
    13·1 answer
  • "what is the first stage of the marketing research process?"
    15·1 answer
  • Christie and Jergens formed a partnership with capital contributions of $390,000 and $490,000, respectively. Their partnership a
    12·1 answer
  • The sticky-wage theory of the short-run aggregate supply curve says that when the price level is lower than expected, production
    12·1 answer
  • What is the periodic interest on a credit card with a 17.99% APR?
    14·1 answer
  • The Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last​ week, purchased and
    15·1 answer
  • Which of the following is true of external recruiting, compared to internal recruiting?
    13·1 answer
  • Select the correct answer from each drop-down menu.
    10·1 answer
  • Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods
    8·1 answer
  • Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!