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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 an interest rate usually shown as?
SCORPION-xisa [38]
Percentage, hope that helps
7 0
3 years ago
Explain how a manager at a Subway or any fast food restaurant restaurant can use feedforward control to get the best customer sa
egoroff_w [7]

Customer satisfaction is increased as a result of quality management, which also enables businesses to meet customer expectations. One of the key areas where businesses need to be knowledgeable enough is in the service quality.

<h3>What is Subway or any fast food restaurant?</h3>

One of the top brands on the global market is Subway, which places a high priority on maintaining the quality of its products and providing excellent customer service.

Some key features regarding the subway are-

  • It consistently emphasizes the quality of the ingredients as well as the eventual deliverables in its marketing methods.
  • The business is committed to providing natural food products that are healthful and free of artificial additives and calories.
  • The customers' health is directly correlated with the meal quality.
  • To remain competitive in the marketplace and achieve its goal of being the healthiest alternative in the fast food sector, the company must maintain the quality of the items.

To know more about the subway, here

brainly.com/question/27207234

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8 0
1 year ago
Sarjit Systems sold software to a customer for $176,000. As part of the contract, Sarjit promises to provide "free" technical su
My name is Ann [436]

Answer:

DR Cash ..............................................................$ 176,000

CR Sales Revenue................................................................$149,600

CR Deferred Revenue..........................................................$26,400

Explanation:

Revenue should only be recorded when earned and as the 6 month technical support can be sold separately, it is revenue that has not be earned yet as the 6 months have not elapsed. This will therefore need to be recorded as Deferred revenue.

Sold alone, the revenue is more than when they are sold together so use the standalone price to find out the revenue when sold together by proportionality.

Sales revenue = 153,000/180,000 * 176,000

= $149,600

Deferred Revenue = 27,000/180,000 * 176,000

= $26,400

7 0
3 years ago
A company issues $100,000 face value, zero-coupon, 4-year U.S. corporate bonds on January 1, 20XO, when the market rate for simi
aivan3 [116]

Answer:

Amount = Maturity/(1+risk rate)⁴

Amount = $100,000/(1+0.12)⁴

Amount = $63,552 (Approx)

Interest payable = $63,552 x 0.12

Interest payable = $7,626 (Approx)

Interest payable (2nd period) = ($63,552+$7,626) x 0.12

Interest payable (2nd period) = $8,541 (Approx)

Explanation:

                           JOURNAL ENTRY

                                BOOKS OF (.....)

Date          Account title         Debit   Credit

       Cash a/c                   Dr    $63,552  

                  To Bonds payable a/c    $63,552

1st-period    

             Bond Interest a/c       Dr   $7,626

         To Bonds payable a/c                  $7,626

2nd-period  

             Bond Interest a/c       Dr   $8,541

         To Bonds payable a/c                  $8,541

6 0
2 years ago
Why is it important for organizations and their managers to pay close attention to fair employment practices?
klio [65]

Answer:

Organizations and managers should pay close attention to fair employment practice so as to reduce the level of incompetent staffs at work.

Explanation:

4 0
3 years ago
Read 2 more answers
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