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Oliga [24]
4 years ago
11

Using the aging method, Carlton Company calculates the estimated ending balance in the Allowance for Uncollectible Accounts to b

e $12,000. Prior to adjusting entries, the Allowance for Uncollectible Accounts has a credit balance of $3,000. The year-end adjustment would include a:
Business
1 answer:
guajiro [1.7K]4 years ago
6 0

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr  $9,000

                 To Allowance for doubtful debts $9,000

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Ending balance in the Allowance for Uncollectible Accounts) - (credit balance of Allowance for Doubtful Accounts)

= ($12,000) -  ($3,000)

= $9,000

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Newspaper distributors are not concerned because the second copy that is taken will be of less value to the customer or thief since they would contain the same information. Thus, acquiring more than one copy is not a loss of revenue to the distributors.
8 0
4 years ago
Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $3,750,000 and 250,000 shares of stock outst
inessss [21]

Answer:

$16

Explanation:

Book Value of Equity = Value of complete equity/no of equity shares

Value of equity share as on 31 Dec 2019 = $3,750,000 + Net income - Dividend

= $3,750,000 + $750,000 - $500,000 = $4,000,000

Net income is a part of common equity, but dividend paid is not part of common equity as dividend paid reduces company's assets as cash or bank balance is reduced.

Provided there is no further issue of common stock and also no common stock is retired. Therefore number of shares = 250,000

Book value per share = $4,000,000/250,000 = $16

$16

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4 years ago
Politics is sort of like a game. And the best gamer is great at manipulating the rules.
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Politics is about making agreements between people so that they can live together in groups such as tribes, cities, or countries. In large groups, such as countries, some people may spend a lot of their time making such agreements.

8 0
2 years ago
Jackson just received a settlement in a lawsuit that promises two future payments of $450, the first payment at the end of the 7
vodomira [7]

Answer:

Total PV= $522.92

Explanation:

Giving the following information:

First payment= $450 at the end of the 7th year

Second payment= $450 at the end of the 12 year

Interest rate= 6% compounded annually

<u>To calculate the present value, we need to use the following formula on each payment:</u>

PV= FV/(1+i)^n

Cf1= 450/1.06^7= 299.28

Cf2= 450/1.06^12= 223.64

Total PV= $522.92

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3 years ago
Which of the following actions would the Fed take to fight inflation?
andrezito [222]

Answer:

b reduce the money supply

Explanation:

5 0
3 years ago
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