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Vadim26 [7]
2 years ago
12

Assume that Simple Co. had credit sales of $258,000 and cost of goods sold of $158,000 for the period. Simple uses the aging met

hod and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,800. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $330. What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
Business
1 answer:
Sphinxa [80]2 years ago
3 0

Answer: The amount of bad debt expense the company would record would be $3,470.

Explanation: Bad debt expense is an estimate of accounts receivable that is deemed as uncollectible while allowance for doubtful accounts is a balance sheet allowance account that warehouses the total balance of accounts receivable that is deemed irrecoverable.

In this scenario, Simple Co. estimated, using the aging method, that the allowance for doubtful accounts is $3,800. However, it had a credit balance of $330 in the same account. The reinstate the allowance account to $3,800, $3,470 has to be adjusted for by debiting bad debt expense and crediting allowance for doubtful account.

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What is the present value of 4360 to be received at the beginning of each of 30 periods discounted at 5% compound interest
Sloan [31]

Answer:

The right solution is "70375.08".

Explanation:

Given that,

Present value,

= 4360

Interest rate,

= 5%

Time period,

= 30

Now,

The present value of inflows will be:

= (1+rate)\times \frac{Present \ value[1-(1+Interest \ rate)^{-time \ period}]}{rate}

= 1.05\times 4360\times \frac{[1-(1.05)^{-30}]}{0.05}

= 4360\times 16.1410736

= 70375.08

5 0
2 years ago
Plz, help ASAP!!!!!!
Cerrena [4.2K]
<h2>Grants are typically needs-based while scholarships are typically merit-based. </h2>

Explanation:

Option 1:

This is invalid because grands are usually need based and scholarships are usually merit-based.

Option 2:

This is the right answer.

Grants are often given considering the family background in terms of financial situation.

Merit-based are often based on GPA that the student secure

Option 3:

This stands invalid because you need not write any essay.

Option 4:

This is also invalid because both Federal and state governments offer both Grants and merit-based scholarships.

5 0
3 years ago
17. The calculation of property tax is based on the
tekilochka [14]
A. assessed value of the home

I hope this helps
3 0
3 years ago
Read 2 more answers
What is a Benefit of using good human relations
nadezda [96]

Answer:

One of the benefits of using good human relations is that it will help you with your social skills and you will adjust better to different situations.

Explanation:

You can be good at social situations.

4 0
2 years ago
Pigot Corporation uses job costing and has two production departments, M and A. Budgeted manufacturing costs for the year are as
zlopas [31]

Answer:

Correct option is D.

<u> $200,500 </u>

Explanation:

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Total cost associated with Job. No. 432 = $57,000 + $54,000 + $89,500 = $200,500

7 0
3 years ago
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