Answer:Bad debt expenses will be $2000 on the income statement and Allowance for uncollectible Accounts will be ($3000) on the balance sheet.
Explanation:
The bad debt accounts and allowance for uncollectible accounts are stated in the income and balance sheet statement respectively yearly to monitor activities on collectible debts.
A firm based on his experience determined an estimated percentage of debts outstanding for the year that are likely to go bad. If the new estimate is greater than the previous year, the difference is debited to income statement and if the new estimate is less than the previous year estimate the difference is credited to the income statement.
In the above scenario the new year estimate is greater than previous year by $ 2000 and that lead to $2000 to be debited to income statement.
The balance is made to reflect the total of the new estimate to be deducted from collectible debt and this is why ($3000) goes to the balance sheet.
Answer:
The amount of net income (loss) that will be reported after the adjustments are recorded is $77,910
Explanation:
The computation of the adjusted net income is shown below:
= Unadjusted net income balance - salaries unpaid + interest earned - expired prepaid insurance + unearned revenue
= $77,750 - $810 + $770 - $570 + $770
= $77,910
As it includes two expenses and two incomes so we adjust it accordingly as in the income statement, the total revenues and the total expenses are recorded.
I would say workplace but i need more context.
Answer:
they lack appropriate tools
Explanation:
due to lack of money