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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

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katrin2010 [14]

Answer:

The correct option is<em> "A." which is  "believed that the free market assured personal freedom."</em>

The Young Americans for Freedom was based on the<em> Sharon Statement.</em>

<em></em>

Explanation:

<em>The Young Americans for Freedom (YAF) </em><em>is an ideologically conservative youth activism organization that was founded in 1960 as a coalition between traditional conservatives and libertarians on American college campuses.</em>

<em />

<em>The summary of the Core Principles of the Sharon Statement are:</em>

  • <em>    Individual freedom and the right of governing originate with God;</em>
  • <em>    Political freedom is impossible without economic freedom;</em>
  • <em>    Limited government and strict interpretation of the Constitution;</em>
  • <em>    The free market system is preferable over all others;</em>
  • <em>    Communism must be defeated, not contained.</em>
8 0
2 years ago
Read 2 more answers
What is the purpose of using predetermined overhead rates: Variation in cost assignment due to short-term variations in volume c
Sunny_sXe [5.5K]

Answer:

All of the answers are correct.

Explanation:

At the beginning of the accounting period a pre-determined overhead is computed by dividing the estimated overhead production by the estimated basis of operations. The default overhead rate is then applied to manufacturing, so that the standard cost for a product may be calculated

The purpose of using pretermined overhead rates are

Delays in product costing can be avoided

Variation in cost assignment due to seasonality can be prevented

Variation in cost assignment due to short-term variations in volume can be prevented

The Use of predetermined overhead rates serves all the above purposes

Hence, all answers are correct.

6 0
2 years ago
Einstein Company is preparing its cash budget for the upcoming month. The beginning cash balance for the month is expected to be
sveta [45]

Answer:

$29,000

Explanation:

Calculation would be as follows:

Particular                                   Amount ($)

Beginning Cash                          10,000

Add: Cash Receipt                      85,000

Less: Cash Disbursement          (66,000)

Cash Available                            29,000

Hence, the cash available over disbursement for the month would be $29,000.

3 0
3 years ago
Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the fo
Nikitich [7]

Answer:

a. Purchased short-term investments for $8,600 cash.

Dr short term investments 8,600

    Cr cash 8,600

b. Lent $6,300 to a supplier who signed a two-year note.

Dr notes receivable 6,300

    Cr cash 6,300

c. Purchased equipment that cost $24,000; paid $4,900 cash and signed a one-year note for the balance.

Dr equipment 24,000

    Cr cash 4,900

    Cr notes payable 19,100

d. Hired a new president at the end of the year.

no entry

e. The contract was for $86,000 per year plus options to purchase company stock at a set price based on company performance.

no entry

f. Issued an additional 2,300 shares of $0.50 par value common stock for $19,000 cash.

Dr cash 19,000

    Cr common stock 115

    Cr additional paid in capital 18,885

g. Borrowed $19,000 cash from a local bank, payable in three months.

Dr cash 19,000

    Cr notes payable 19,000

h. Purchased a patent (an intangible asset) for $1,100 cash.

Dr patent 1,100

    Cr cash 1,100

i. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.

Dr building 29,000

    Cr cash 8,700

    Cr notes payable 20,300

j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,400.

Dr cash 2,400

    Cr equipment 2,400

<h2>Cougar Plastics Company</h2><h2>Balance Sheet</h2><h2>For the year ended December 31, 202x</h2><h2>Assets</h2>

<u>Current assets:</u>

Cash $33,800

Accounts receivable $4,600

Inventory $27,000

Investments (short-term) $10,700

Total current assets                               $76,100

<u>Long term investments:</u>

Notes receivable $9,000

Total long term investments                  $9,000

<u>Property, plant and equipment:</u>

Equipment $78,600

Factory building $120,000

Total P, P & E                                      $198,600

<u>Intangible assets:</u>

Intangibles $4,500

Patent $1,100

Total intangible assets                    <u>     $5,600</u>

Total assets                                                                             $289,300

<h2>Liabilities and stockholders' equity</h2>

<u>Current liabilities:</u>

Accounts payable $19,000

Accrued liabilities payable $3,100

Notes payable (short-term) $43,300

Total current liabilities                       $65,400

<u>Long term liabilities:</u>

Notes payable $61,300

Total long term liabilities                   $61,300

<u>Stockholders' equity:</u>

Common stock $10,815

Additional paid-in capital $115,185

Retained earnings $36,600

Total stockholders' equity              <u>$162,600</u>

Total liabilities + stockholder's equity                                     $289,300

7 0
3 years ago
True or False: The LIFO Conformity Rule states that if the LIFO method is used for income tax purposes, it can not be used for f
elena-s [515]

Answer:

FALSE

Explanation:

The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.

Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose

6 0
3 years ago
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