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
scoundrel [369]
3 years ago
15

On June 2, 2018, Fred’s TV Sales sold Mark a large HD TV on account for $12,000. Fred’s TV Sales uses the accrual method. In 201

9, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2020 final settlement was made and Fred received $1,000. How much bad debt loss can Fred deduct in 2020?
Business
2 answers:
olya-2409 [2.1K]3 years ago
4 0

Answer:

$0.

Explanation:

This is business bad debt. Therefore, partial worthlessness can be recognized in 2019. The 2019 loss is $8,000. In 2020, the collection of $1,000 would produce a $1,000 gain ($1,000 - 0) rather than a loss.

Effectus [21]3 years ago
3 0

Answer:

0$

Explanation:

On June 2, 2018, Fred’s TV Sales sold Mark a large HD TV on account for $12,000. Fred’s TV Sales uses the accrual method. In 2019, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2020 final settlement was made and Fred received $1,000. How much bad debt loss can Fred deduct in 2020

Debt is when a business is owing some money

This business has ran into loss. There was a bad debt recorded in 2019 to the tune of $8000. In 2020, there was a gain instead of a loss

Therefore, to get the balance we say gain minus loss

1000-0

which mens

$1000 gain and  no loss in  dollar

You might be interested in
Your boss has asked you to email a client to let her know that the company will be late in delivering a report she’s requested.
Vika [28.1K]

Generally, it is important to be upfront, express regret that the company can't meet the deadline, and tell the customer how the problem will be fixed.

4 0
3 years ago
This area offers the broadest possible range of job options:
RSB [31]
 probably New York i think so

4 0
3 years ago
1. Assume that Lyn Addie is an unmarried employee. Her $1,000 of wages have deductions for FICA Social Security taxes, FICA Medi
fredd [130]

Answer:

Net pay $764.5

Explanation:

given data

wages = $1000

income taxes  = $159

solution

particular                              net pay

Gross wages                        $1000

less  

Income taxes withheld         $159

FICA-social security             (1000×6.2%)    = $62

FICA-Medicare taxes           (1000×1.45%)   =       $14.5

Total taxes withheld             (235.5)

So, Net Pay                            $764.5

5 0
3 years ago
For each of the goods, classify them according to whether they are rivalrous, nonrivalrous, excludable or nonexcludable. Rivalro
sergij07 [2.7K]

Answer:

A)A sports team t-shirt:(Rivalrous and Excludable)

B)The air we breath (Nonrivalrous and nonexcludable)

C)Atlantic Bluefin Tuna in the Mediterranean Sea:(Rivalrous and nonexcludable)

D)A toll road in normal traffic:(Nonrivalrous and excludable)

Explanation:

Excludable goods can be regarded as goods whereby there is possibility of preventing consumers that has not paid for that good from accessing it.

Rivalrous goods are types of goods that can only be occupied by a person

there is competition created for their consumption.

Non-excludable goods can be regarded as public goods they are one

which are commonly available within a society for all people. These goods cannot be excluded from certain person.

Non-rivalrous goods can be regarded as public goods whereby the supply of that goods is not affected by consumption of people.

6 0
3 years ago
Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) N
Alinara [238K]

Explanation:

The determination of the maturity date and the interest for each notes is as follows

Contract date    Maturity Month Maturity Date   Interest expenses

March 19                  May                         18                           $280

May 11                      August                     9                            $660

October 20             December               4                             $105

For March 19, the interest expense calculation is

= $28000 × 6% × 60 days ÷ 360 days

= $280  

For May 11, the interest expense calculation is

= $33,000 × 8% × 90 days ÷ 360 days

= $660

For October 20, the interest expense calculation is

= $21000 × 4% × 45 days ÷ 360 days

= $105                                                        

5 0
3 years ago
Other questions:
  • Suppose an initial investment of $80 will return $30/year for three years (assume the $30 is received each year at the end of th
    8·1 answer
  • Consider the following hypothetical transactions of the Balance of Payments of Country A: 1. Country A's firms export to Country
    8·1 answer
  • The lower the user's switching costs:
    14·2 answers
  • What are the remains after the costs of running a business have been paidA. stockB. taxesC. profits
    10·1 answer
  • A business operated at 100% of capacity during its first month, with the following results: Sales (90 units) $90,000 Production
    7·1 answer
  • Which project type creates a competitive advantage that enables the organization to earn a greater than normal return on investm
    8·1 answer
  • 1. PROVIDE A BRIEF INTRODUCTION FOCUSING ON YOUR EDUCATION, CAREER, AND DECISION TO APPLY TO UNIVERSITY OF THE CUMBERLANDS.2. IN
    12·1 answer
  • In practice, a common way to value a share of stock when a company pays dividends is to value the dividends over the next five y
    15·1 answer
  • Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches.
    15·1 answer
  • Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his busines
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!