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bogdanovich [222]
3 years ago
11

Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accou

nts expense is estimated at 2% of sales. If sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is:
Business
1 answer:
BabaBlast [244]3 years ago
4 0

Answer:

$11,500

Explanation:

Given

Sales = $600,000

And uncollectible accounts expense is estimated at 2% of sales

Therefore,

uncollectible accounts expense = 2% × $600,000

                                                      = $12,000

Since allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), the account has to be adjusted by

= $12,000 - $500

= $11,500

The amount of the adjusting entry to record the provision for doubtful accounts is $11,500.

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"all professional athletes earn a lot of money"  is the premise that is used as some sort of evidence for " wes makes a lot of money", which is the speaker's conclusion.


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7 0
3 years ago
Marshall-Miller & Company is considering the purchase of a new machine for $50,000, installed. The machine has a tax life of
vlabodo [156]

Answer:

$10,620

Explanation:

Depreciation for Year 1 = 0.202 × $50,000

                                       = $10,100

Depreciation for Year 2 = 0.323 × $50,000

                                       = $16,150

Depreciation for Year 3 = 0.194 × $50,000

                                       = $9,700

Depreciation for Year 4 = 0.125 × $50,000

                                       = $6,250

Accumulated depreciation = $10,100 + $16,150 + $9,700 + $6,250

                                             = $42,200

Book value of machine as on date of sale:

= Purchase price - Accumulated depreciation

= $50,000 - $42,200

= $7,800

Selling price = $12,500

Gain on sale of machine = $12,500 - $7,800

                                         = $4,700

Tax rate = 40%

Tax on capital gain = $4,700 × 0.40

                                = $1,880

Net proceeds on sale of machine:

= Selling price – Tax paid on capital gain

= $12,500 - $1,880

= $10,620

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