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Ksju [112]
3 years ago
8

Mills Corporation's balance sheet included the following information: Accounts Receivable $ 560,000 Less: Allowance for Doubtful

Accounts 71,000 Accounts Receivable, Net of Allowance $ 489,000 If the Allowance account had a credit balance of $30,500 immediately before the year-end adjustment for bad debts and no accounts were written-off or allowed for during the year, what was the amount of Bad Debt Expense recognized during the year?
Business
1 answer:
pashok25 [27]3 years ago
3 0

Answer:

$40,500

Explanation:

The computation of the amount of  Bad Debt Expense recognized during the year is shown below:

Bad debt expense = Accounts Receivable - Net of Allowance - credit balance in allowance for doubtful accounts before adjustment

= $560,000 - $489,000 - $30,500

= $40,500

All other information i.e given in the question is not relevant. Hence, ignored it

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Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transaction
valentinak56 [21]

Answer:

Total Stockholders' Equity = $2,334,370

Explanation:

Note: See the attached excel file for the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2018 with all the formulae used.

In the attached excel file, the retained earnings is calculated as follows:

Retained earnings = Net income – Common dividends - Preferred dividends = $149,000 - $94,000 - $1,330) = $53,670

From the attached excel file, we have:

Total Stockholders' Equity = $2,334,370

Download xlsx
6 0
3 years ago
Cost of direct materials used in production for a manufacturing company
Taya2010 [7]

Answer:

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7 0
3 years ago
The Fabricating Department started the current month with a beginning Work in Process inventory of $11,100. During the month, it
MaRussiya [10]

Answer:

a.$16,370.

Explanation:

beginning WIP cost:      11,100

cost added during the period

materials                       77,100

direct labor                  25,100

overhead 70% of DL = 17,570

total added                  119,770

Total cost to be accounted for: 130,870

Cost assignned to

transferred out       114,500

ending WIP               16.370‬

Total cost assigned to 130,870

As the cost to be accounted and the cost assigned to should match we contruct that and solve for the ending WIP

8 0
3 years ago
1. Which of the following ratios use de-levered net income? (check all that apply)
notka56 [123]

Answer:

The ROA (Return on Assets) and the Return on Sales are the ratios which use the de-levered net income.

Explanation:

The shareholders want to evaluate or measure the return without any effects of the interest expense. De- levered net income is required to alter the net income so that it can be added back it to the interest expense.

The ratio which using De-levered net income are the ROA that is Return on assets and the Return on Sales because it is used to measure the return.

6 0
3 years ago
A taxpayer purchases real estate rental property for $150,000. She pays $25,000 cash and obtains a mortgage for $125,000. She pa
Amiraneli [1.4K]

Answer:

c. $154,000 depreciation, $4,000 amortization

Explanation:

The basis of the rental real estate property = purchase price + closing costs (excluding the cost of mortgage points)  = $150,000 + $4,000 = $154,000

You can amortize the cost of the closing points for a period equal to the length of the mortgage loan (or up to 30 years if the length of the loan is longer).

6 0
3 years ago
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