Ask question

Ask question

All categories

3 years ago

11

Green Valley Steel had sales of $1,000,000 and collections of $760,000, leaving a balance of $240,000 in accounts receivable as

of December 31, 2021. Analysis indicates it expects to collect $200,000 of its accounts receivable. How would it set up an allowance for uncollectible accounts

2 answers:

Phantasy [73]3 years ago

8 0

Answer:

This is set up by debiting the bad debt expense $40,000 and crediting an allowance for uncollectible receivables $40,000.

Explanation:

When sales are made and cash is yet to be collected, credit sales and debit accounts receivable.

Where an assessment is carried out and part or all of the amounts expected to be received ( as recorded in the accounts receivable) become doubtful, an allowance is created by crediting allowance for doubtful debts and debiting bad debts expense.

Allowance for uncollectible accounts amounts to

= $240,000 - $200,000

= $40,000

enyata [817]3 years ago

3 0

Answer and Explanation:

Debit bad debt expense for $40,000 and credit allowance for uncollectible accounts for $40,000

You might be interested in

"When the dollar appreciates, U.S." exports increase, while imports decrease. b. exports and imports increase. c. exports decrea

Zina [86]

Answer:

C) Exports decrease, imports increase

Explanation:

If the US dollar appreciates, the US dollar has now more value per unit of foreign currency than before. For example, suppose that today 1 US dollar buys 0.8 Euro, and tomorrow, Europe is hit by a financial crisis, and the US dollar appreciates, and buys 1.2 Euro. The US dollar has appreciated, has become more expensive, becomes now more euros are needed to buy 1 US dollar.

When the US dollar gains value, domestic goods become more expensive compared to foreign goods, and this promotes imports, and reduces exports.

This is the reason why China keeps a depreciated currency: China is an export economy and the cheap Chinese currency makes exports cheaper, and imports more expensive.

5 0

4 years ago

Using the data set below, what would be the forecast for period 5 using the exponential smoothing method? Assume the forecast fo

elena55 [62]

Answer:

The answer is C: 14300

Note: The actual answer is 14296, <em>and </em>the closest to that was option C.

Explanation:

Formula to calculate forecast using Exponential smoothing:

$F_{t} = F_{t-1} + \alpha ( A_{t-1} - F_{t-1} )$

Where,

$F_{t}$ = New Forecast
$F_{t-1}$ = Previous period's forecast.
$\alpha$ = Smoothing Constant
$A_{t-1}$ = Previous period's Actual Demand.

Calculating the forecast for period 5:

Data:

$F_{5} = ?$
$F_{t-1} = 14000$
$\alpha = 0.4$
$A_{t-1} = 14750$

Putting <em>values in the formula:</em>

$F_{5} =$ $14000 + 0.4(14750-14000)$

$F_{5} = 14000 + 0.4 (740)$

$F_{5} = 14000 + 296$

$F_{5} = 14296$

4 0

3 years ago

Min applies for a job as a receptionist at an accounting firm. If she is denied a job because she is of Asian origin, she may be

Likurg_2 [28]

Answer:

Option C is the correct answer.

Explanation:

What do we understand by disparate-treatment discrimination?

It simply refers to an act of unequal behavior towards someone because of some existing prejudices in the mind of those that commit the act. These prejudices could include false believes about the person coming in. For example a stereotype about being Asian or probably, one about being a female. So what this means is that this act is committed when an unequal behavior is shown to a person because of some characteristics possessed by the person for example gender-based or demographic considerations.

Important to note is that this act is illegal. Since it is illegal, a person feeling he had been a victim could get a court to preside over his/her issues with the said person

6 0

3 years ago

Read 2 more answers

Break-Even Point

11111nata11111 [884]

Answer:

The right answer is:

(a) 5916 units

(b) 5046 units

Explanation:

Given:

Sales,

= $59

Variable cost,

= $30

Fixed cost,

= $171,564

Increased sale,

= $64

Now,

(a)

Contribution margin will be:

= $Sales - Variable \ cost$

= $59-30$

= $29 \ per \ unit$ ($)

hence,

Breakeven will be:

= $\frac{Fixed \ cost}{Contribution \ margin}$

= $\frac{171564}{29}$

= $5916 \ units$

(b)

Contribution margin will be:

= $Sales-Variable \ cost$

= $64-30$

= $34 \ per \ unit$ ($)

hence,

Breakeven will be:

= $\frac{Fixed \ cost}{Contribution \ margin}$

= $\frac{171564}{34}$

= $5046 \ units$

5 0

3 years ago

Millions of West Africans who migrated to Nigeria during the 1970's, when the country's economy expanded, were expelled during t

lorasvet [3.4K]

Answer:

Pull factor becoming a push factor

Explanation:

Nigeria is the most populous black nation on earth and attracts a lot of tourist as well as investors at every point in time. During the 1970's, there was migration of people from other west African countries due to the economic stabilty and increasing economic expansion, thus making Nigeria a place to search for greener pasture within the continent. In the 1980's, there was an economic downturn that hit the country so hard that Nigerians started calling for the exit of fellow african nationals in the country. Most affected country then was Ghana and there was a slogan with tthe phrase 'Ghana-must-go'.

The phrase went on to become the name of the bags with which Ghanians left tthe country with.

N.B: look up Ghana-must-go bags on google.

Cheers.

8 0

4 years ago