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natita [175]
3 years ago
15

On December 31, 2018, Larry's Used Cars had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $75,000

and $1,250, respectively. During 2019, Larry's wrote off $2,175 in accounts receivable and determined that there should be an allowance for uncollectible accounts of $5,150 at December 31, 2019. Bad debt expense for 2019 would be:
Business
1 answer:
kodGreya [7K]3 years ago
3 0

Answer:

Bad debt expense for 2019 would be $6,075

Explanation:

We know that,

Ending balance of Allowance for Uncollectible Accounts = Beginning balance of Allowance for Uncollectible Accounts + 2019 bad debts - 2019 write off amount

$5,150 = $1,250 + 2019 bad debts - $2,175

$5,150 = -$925 + 2019 bad debts

So,2019 bad debts = $5,150 + $925 = $6,075

We do not consider the beginning balance of the accounts receivable

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Marquis has a gross pay of $816. By how much will his gross pay be reduced if Marquis has the following items withheld? federal
andre [41]

Gross pay is the amount of income before taxes and deductions. The amount by which the gross pay is reduced is $174.66.

<h3>What is gross pay?</h3>

The gross pay is the amount of salary or wages that is before the taxes or other deductions. The expense of tax and deductions are subtracted from the gross pay to calculate the net pay.

The gross pay of Marquis in the given question is $816. His gross pay will be reduced by the taxes to calculate the net pay.

The amount of reduction will be the sum of all the taxes levied such as federal tax, social security tax, and so on.

Therefore the amount by which the gross pay will be reduced is:

\begin{aligned} \rm Federal\: tax &= \$92\\\\\rm Social\: security\: tax (\$816\times 6.2\%) &= \$50.592\\\\\rm Medicare\:tax (\$816\times 1.45\%) &= \$11.832\\\\\rm \end

The state tax is calculated as a percentage of federal tax. The state tax is:

\rm State \:tax (\$92\times 22\%) &= \$20.24\\

Therefore the total amount of reduction is:

\rm Total\:amount\:of\:reduction = \$92 + \$\$50.592 + \$11.832 +\$20.24\\\\\rm Total\:amount\:of\:reduction = \$174.664

Hence, the correct option is d.

Learn more about gross pay here:

brainly.com/question/8067656

6 0
2 years ago
State leaders believe the press should serve the goals of the state in the ______ model.
Iteru [2.4K]
Social responsibility 
State leaders want the press to serve the goals of the state with some responsibility towards society. Because many a time due to the growing numbers of media houses and the competition from each other the media is going overboard lacking sanity and integrity.
7 0
3 years ago
Suppose Community Bank offers to lend you $20,000 for one year at a nominal annual rate (annual percentage rate) of 6.00%, but y
Murljashka [212]

Answer:

The correct answer is option (D).

Explanation:

According to the scenario, the given data are as follows:

Payment = $20,000

Annual rate (r) = 6%

Time period (n) = 12 months

So, we can calculate the effective annual rate by using following formula:

EAR = ((( 1 + ( r / n ))^n ) - 1)

By putting the value, we get

EAR = ((( 1 + (0.06 / 12))^12 ) - 1)

= (((1.005)^12) - 1)

= (1.06167781186 - 1)

= 0.0617

= 6.17%

Hence, the effective annual rate (EAR) on this loan is 6.17%.

6 0
3 years ago
Do broadcast journalists have to worry about editing? Group of answer choices No, they have editors to do the editing. Yes, they
Amiraneli [1.4K]

Answer:

the first one or second one

Explanation:

tbh the first one sounds better because most broadcasters just go unfiltered

8 0
3 years ago
Training activities are said to be outsourced when they are provided by ________. in-house consultants company managers individu
Mrrafil [7]

Answer: Consulting firms and government organizations

Explanation:

When external bodies; Consulting firms and any organization carry out a task in a firm, it is said that the particular job was outsourced for services to be provided by an external body.

6 0
3 years ago
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