1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Sometimes word of mouth and expert recommendations cause a product to become more popular. However, the firm that produces this
3241004551 [841]

Answer:

Invariably, the cost of the product will rise. A relatively increase in supply parts directly influences the price of a product.

6 0
3 years ago
DYI Construction Co. is considering a new inventory system that will cost $750,000. The system is expected to generate positive
Oksanka [162]

Answer:

Year Cashflow        [email protected]% PV

$                      $

0 (750,000)             1          (750,000)

1        350,000               0.9259    324,065

2       325,000               0.8573     278,623

3        250,000              0.7938      198.450

4        180,000               0.7350      132,300

                                        NPV         184,438

The correct answer is D. The difference in answers is due to rounding error.

Explanation:

Net present value is the diffrence between initial outlay and present value of inflow. We need to discount the cash inflows for year 1 to year 4 at 8% and then calculate the present value of cash inflows by multiplying the cash inflows by the discount factors. Finally, we will calculate NPV by deducting the initial outlay from the present value of cash inflows.

6 0
3 years ago
How is "Value" assigned to assets
konstantin123 [22]
They use The Economic Analysis Method to assign an monetary value, because it is often difficult to assign a value. This approach ( The Economic Analysis Method) states that, the patents value is the replacement cost, or at least the right amount to replace the protection right on the invention.

I hope this answered your question! :^)
3 0
3 years ago
What is the number one reason that it projects fall behind schedule or fail?
daser333 [38]
Poor planning or poor project management is the number one reason why projects fall behind schedule or fail. We all know how important it is to plan before acting, even more in the area of ​​management of the different areas of the project, it is important to define the objectives of the project from day one, defining them will mean success or failure of the project and from this point to advance in the planning of all areas before starting to do any work.
7 0
3 years ago
An oligopolistic market structure is distinguished by several characteristics, one of which is either similar or identical produ
mixas84 [53]

Answer: Option B and C

         

Explanation: In simple words, oligopoly refers to the market structure in which there are few firms operating at a huge level and selling products that are close but not absolute substitutes of each other.

     The high level of investment and too much of legal formalities makes it difficult to entry in such industries. Firms in such industries produce identical goods thus they do not compete in the amaretto with respect to price.

the firms operate their market on the basis of non price factors such as advertisements but still are mutually interdependent on each other as a minor decrease in price of other can deregulate the demand in the whole industry. Automobile sector is one the primary examples of oligopoly.

8 0
3 years ago
Other questions:
  • If income decreases and, at the same time, a new technology is discovered that lowers the cost of producing the good, which of t
    9·1 answer
  • Why is it beneficial for businesses to be stationed in cities?
    8·1 answer
  • When an asset is sold, a gain occurs when the?
    13·1 answer
  • Since its establishment in 1945, the United Nations has...
    8·1 answer
  • Beginning with the first pay of the year, Carson will make $2,700 each week. In which numbered pay of the year will Carson hit t
    7·1 answer
  • In a limited liability partnership (LLP)
    9·1 answer
  • If you were selling a product with an elasticity of 1.6 and you wanted to increase your revenue, what should you do to the price
    8·1 answer
  • At the beginning of the year, Nothing More, Corp., had a long-term debt balance of $36,554. During the year, the company repaid
    7·1 answer
  • Classify each statement about the Federal Reserve System as either true or false.
    14·1 answer
  • Why do i sometimes need to chose between my wants and needs
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!