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bixtya [17]
2 years ago
13

During 2021, its first year of operations, Pave Construction provides services on account of $124,000. By the end of 2021, cash

collections on these accounts total $92,000. Pave estimates that 30% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $8,640. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021
Business
1 answer:
7nadin3 [17]2 years ago
8 0

Answer:

The adjusting entry for uncollectible accounts on December 31, 2021:

Debit Bad debts expense $9,600

Credit Allowance for uncollectible accounts $9,600

Explanation:

During 2021, Pave Construction provides services on account of $124,000. By the end of 2021, cash collections on these accounts total $92,000.

The balance of uncollected accounts on December 31, 2021 = $124,000 - $92,000 = $32,000

Pave estimates that 30% of the uncollected accounts will be uncollectible.

Estimated uncollectible = 30% x $32,000 = $9,600

The adjusting entry for uncollectible accounts on December 31, 2021:

Debit Bad debts expense $9,600

Credit Allowance for uncollectible accounts $9,600

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On July 1, the inventory of at Barnett Shoes was $60,000. Because of anticipated back-to-school sales, the owner wants to have a
AVprozaik [17]

Answer:

required purchase             83,500

Explanation:

The cost of inventory in july sales and our desired ending invenory is the amount we need. the beginning inventory is a portion of this demand already fullfil, we need to purchase for the difference.

cost of inventory sales for July:

           70,000 x (1 - 45%) =  38,500

desired ending inventory   105,000

beginning inventory        <u>    (60,000)   </u>

  required purchase             83,500

4 0
3 years ago
There are a few people in line waiting to be served. you are taking care of one customer and she insists you gave her the incorr
Leto [7]
You enforce the rules, state you did correctly count the amount of money, no exceptions.
5 0
3 years ago
Generally it is thought that assignment of property rights leads to efficient use of resources. We noted two cases however (the
malfutka [58]

Answer:

Explanation:

This could be due a number of factors.

1 Externality effect

2 There could also be market failure, when property rights are not properly defined.

Externality is the effect of a third party on a property right, when all parties cannot come to an agreeable resolution on properties this could lead to inefficient use of land.

Also when the property rights are not put in place its difficult to come to a resolution that satisfies all parties.

4 0
3 years ago
You have found an asset with an arithmetic average return of 14.60 percent and a geometric average return of 10.64 percent. Your
Ksju [112]

Answer:

return of the asset =  13.94%

return of the asset =  13.11%

return of the asset = 11.46 %

Explanation:

given data

average return = 14.60 percent

geometric average return = 10.64 percent

observation period = 25 years

solution

we get here return of the asset over year  by Blume formula that is

return of the asset = ( T- 1 ) ÷ ( N - 1)  × geometric average + ( N -T)  ÷ ( N - 1)  × arithmetic average   ..................1

here N is observation period and T is time

put value in equation 1

return of the asset = \frac{5-1}{25-1} *0.1064 + \frac{25-5}{25-1} * 0.1460

return of the asset = 0.1394 = 13.94%

and

return of the assets = \frac{10-1}{25-1} *0.1064 + \frac{25-10}{25-1} * 0.1460

return of the asset = 0.13115 = 13.11%

and

return of the assets = \frac{20-1}{25-1} *0.1064 + \frac{25-20}{25-1} * 0.1460

return of the asset = 0.11465 = 11.46 %

6 0
3 years ago
Which of the following best describes a valuable asset used to secure a loan from a lender?
katrin [286]

Answer:

A. Collateral

Explanation:

Collateral is a pledge that is given to a person in exchange for a loan (of something). The pledge could be redeemed after the loan has been returned (along with whatever strings has come attached with borrowing the item).

~

3 0
3 years ago
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