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aalyn [17]
3 years ago
5

The allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $839 of acco

unts receivable are uncollectible. Allowance for Doubtful Accounts has a debit balance of $198. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of ______.
Business
1 answer:
In-s [12.5K]3 years ago
6 0

Answer:

$1,037

Explanation:

Allowance for doubtful accounts is a contra asset account that must have a credit balance since it reduces the value of accounts receivable. In this case, since the account had a debit balance of $198, and the ending balance of the account should be $839, then we must credit = $839 + $198 = $1,037

The adjusting entry should be:

December 31, adjusting entry allowance for doubtful accounts

Dr Bad debt expense 1,037

    Cr Allowance for doubtful accounts 1,037

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Bristo Corporation has sales of 2,080 units at $50 per unit. Variable expenses are 25% of the selling price. If total fixed expe
Mumz [18]

Answer:

Degree of operating leverage = 7.8

Explanation:

given data

sales = 2,080 units

per unit price  = $50

Variable expenses = 25%

total fixed expenses = $68,000

solution

we get here Degree of operating leverage that is express as

Degree of operating leverage = Sales - variable cost ÷ (sales - variable cost - fixed cost)   .......................1

here

Sales = 2080 × 50  = 104000

and

Variable cost = 104000  × 25%  = 26000

so now put value in equation 1 we get

Degree of operating leverage = \frac{104000-26000}{104000-26000-68000}  

Degree of operating leverage = 7.8

3 0
3 years ago
One example of a job benefit is:
Elden [556K]

Answer:

c

explanation:

5 0
3 years ago
Read 2 more answers
on december 1, bright company receives a 6% interest-bearing note from galvalume company to settle a $20,000 account receivable.
andreyandreev [35.5K]

At December 31, bright should record interest revenue of $100. Money gained by lending money or money acquired from depositing or investing can both be referred to as interest revenue.

Is interest revenue a liability or an asset?

If a company anticipates receiving the interest payment within the year, it typically records the interest receivable as a current asset on its balance sheet. Companies that collect interest from loans view this revenue as a significant source of income that belongs at the top of the income statement. It is the price of taking out a loan from a bank, financial institution, bond buyer, or another lender. In order to assist a business finance its operations, such as the acquisition of rival businesses or machinery, plant, and property, interest expense is incurred.

To learn more about interest revenue, refer to:

brainly.com/question/27992328

3 0
1 year ago
Difference between bookkeeping and accounting in table​
Sladkaya [172]

Answer:

Bookkeeping is related to the recording measuring, and finding the financial data of a company and Accounting is the process where in the company's financial data is summarized, and a report is prepared for the same.

Explanation:

hope this will help you

3 0
3 years ago
Lang Warehouses borrowed $196,401 from a bank and signed a note requiring 7 annual payments of $33,942 beginning one year from t
Snezhnost [94]

Answer:

5%

Explanation:

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested

IRR can be calculated with a financial calculator  

The interest rate implicit in the agreement can be determined by finding the internal rate of return.

Cash flow in year 0 =  $-196,401

Cash flow each year from year 1 to 7 = $33,942

IRR = 5%

To find the IRR using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

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3 years ago
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