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3 years ago

At the end of 2016, Sunland Company has accounts receivable of $653,700 and an allowance for doubtful accounts of $24,200.

Business

1 answer:

Anton [14]3 years ago

4 0

Answer:

allowance for doubtful accounts 4,245 debit

accounts receivables 4,245 credit

--to record write-off of Madonna Inc account--

Explanation:

<em>Prepare the journal entry to record the write-off. </em>

To record the write-off we will decrease both, the allowance and the accounts receivable for the amount we consider uncollectible. Under allowance method the company never uses bad debt expense at write-off it only does at year-end adjustment

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Free_Kalibri [48]

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2 years ago

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aniked [119]

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3 years ago

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ELEN [110]

Answer:

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Explanation:

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3 years ago

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nikdorinn [45]

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Business intelligence (BI) is a technology-driven method for data analysis and information delivery that aids managers, employees, and executives in making wise business decisions.

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BI encourages the use of historical data to promote fact-based decision making as opposed to assumptions and intuition.
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2 years ago

Earned net income of $65,000 after deducting depreciation of $8,000 and all other expenses. Current assets decreased by $7,000,

Drupady [299]

Answer:

Cash provided by operating activities is 89.000

Explanation:

The indirect method involves the adjustment of net income with changes in balance sheet accounts to arrive at the amount of cash generated by operating activities.

It depends on the account if it is added or subtracted to net income. Below you will find the added account with a plus (+) and the subtracted ones with a minus (-)

Notice the amounts of any decreases are in parentheses.

Net income 65.000

Adjustment to reconcile the net income to cash

+ Depreciation expense 8.000

+ Current assets decrease 7.000

+ Current liabilities increase 9.000

Net cash 89.000

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3 years ago