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3 years ago

Gonzalez Company has been in business for several years. At the end of the current year, the ledger shows:

Business

1 answer:

Westkost [7]3 years ago

6 0

Answer:

Debit : Bad Debts = $16,370

Credit : Allowance for doubtful debts = $16,370

Explanation:

The question states that bad debts are expected to be 5% of the accounts receivables. This means that it is: $327,400 x 5% = $16,370.

An account for allowance for doubtful debts is a contra account created, predicting that certain debtors will not be able to pay for the goods and services they purchased. The 5% may be based on historical experiences. Doubtful debts aren’t officially uncollectible, it is simply a prediction, but bad debts are, where you have officially written off a certain accounts receivable as uncollectible.

An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement.

The initial entry for allowance for doubtful debts is incorrect, hence it would have to be corrected before the new amount can be recorded. Correction:

Debit : Allowance for doubtful debts = $7900

Credit : Bad debts = $7900

The accounts will be cancelled off and the new entry can be recorded...

Debit : Bad Debts = $16,370

Credit : Allowance for doubtful debts = $16,370

When the amount is officially declared uncollectible, the allowance for doubtful debts account will be debited and the accounts receivables account will be credited.

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12) A particular species of North American frog is most comfortable within a temperature range of 20 oC- 40 oC. A mating pair is

meriva

Answer:

The male frog would join the female frog in the water poodle

Explanation:

Mathematically,

Let x = temperature the 10000 joules from sun Ray would raise the temperature of the copper

So therefore:

10000 = m * (x - 33°) * Spc

Where m = mass of copper = 400g

Spc = specific heat capacity of copper = 0.387j/g/°c

400 * ( x - 33) * 0.387 = 10000

( x - 33 ) = 10000/ (400 * 0 387)

x = 97.6 °c

Temp for water where m = mass of water = 100g

x¹ = temperature the sun Ray of 10000 joules would raise the temp of water too.

Spw = specific heat capacity of water = 4.184j/g/°c

So therefore;

100 * ( x¹ - 33 ) * 4.184 = 10000joules

x¹ - 33 = 10000/ (100 * 4.184)

x¹ = 56.9°c

Since x for the male frog is greater than x¹ for the female frog, the male frog would be more uncomfortable because it's environmental temp is far higher than the comfort zone tem which is 20° to 40°c so it would move to join the female frog.

3 0

3 years ago

Suppose your friend is a music major who sings at weddings. She has no fixed or marginal costs for singing and has two types of

ehidna [41]

Answer: a. $4,000

b. $5,000

Explanation:

a. If she can sing at each wedding but decides to maximise profits, she will only sing at the weddings of those paying her $200 as it is the higher of the two payment options.

Should she sing at the $200 customer weddings, she would make;

= 20 people * $200

= $4,000

b. Price Discrimination is the charging of different types of customers different prices for the same or similar goods.

If your friend knows how to perfectly charge the two different groups the different prices that they value her at then she will be able to attend and sing at both weddings making her revenue;

= (10* $100) + (20 * $200)

= 1,000 + 4,000

= $5,000

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3 years ago

9,432 written verbal is?

LenKa [72]

Answer:

Poetry?????????????????

8 0

3 years ago

Read 2 more answers

Which two men are largely credited with establishing the steel and oil industries in the united states? j.p. morgan and corneliu

mihalych1998 [28]

Answer : Andrew Carnegie and John Rockefeller.

Andrew Carnegie owned and operated the largest iron and steel company in the United States.

John.D. Rockefeller is credited with establishing the oil industry in the United States. His astuteness, efficiency and clear vision helped him to steer through the glut in oil drilling in the early 1860s and establish the oil industry.

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3 years ago

Concord Corporation developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-va

scZoUnD [109]

Answer:

the value of the inventory reported is $280,000

Explanation:

The computation of the inventory reported on the balance sheet is shown below:

As we know that the inventory should be recorded at lower cost of cost or market value. So here the same is applied

= Lower amount of market A + Lower amount of market B + Lower amount of market C

= $91,000 + $61,000 + $128,000

= $280,000

hence, the value of the inventory reported is $280,000

3 0

3 years ago