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
If managers at XYZ, Inc. are utilizing direct supervision and other administrative systems as control mechanisms, they are focus
stepan [7]

Answer:

External Controls

Explanation:

Based on the information provided within the question it can be said that the the managers at XYZ seem to be using External Controls. These are outside party that can affect the way that the business is controlled. Since the managers are utilizing supervision and other administrative systems, then they are using outside help instead of handling it themselves with tools at their disposal, thus using External Controls.

8 0
3 years ago
Over the past 4 years, Cardi, age 28, has contributed a total of $20,000 to a Roth IRA. The current balance is $25,000. She was
Juliette [100K]

Answer:

$0

Explanation:

According to the scenario, computation of the given data are as follow:-

Contributed amount = $20,000

Distribution amount = $15,000

As we know,

Taxable amount = Distribution amount - contribution amount

= $15,000 - $20,000

= - $5,000

The contribution amount is $20,000 more than the distribution amount $15,000. So distribution amount is not taxable.

She included $0 amount in her gross income this year.  

 

4 0
4 years ago
One traditional depiction of Logistics is in terms of the four Rs. The four Rs are characterized as being _____
Vadim26 [7]

Answer: The four crucial Rs of logistics would be: Right Place, Right condition, Right time and Right cost

Explanation: Logistics when referred to in business, is the process that involves how goods are transported from the manufacturer to the end user.

The Rs of logistics imply that in order for logistics to be effective, it has to taken to the Right place, the goods have to be in the Right condition when delivered, the goods should get to the consumer at the Right time and finally the cost of logistics should be reasonably low.

3 0
3 years ago
?The amount you owe in state income tax is based on?
puteri [66]
Probly more than a million becuz of everyone's tacrs
3 0
3 years ago
What is application software used for
antiseptic1488 [7]

To help monitor your Business even you're out of the country doing Business meeting or some family vacation.

3 0
3 years ago
Other questions:
  • The ____ is an email address used to send messages for distribution to list subscribers.
    5·1 answer
  • On February 1, 2021, Strauss-Lombardi issued 8% bonds, dated February 1, with a face amount of $810,000. The bonds sold for $735
    7·1 answer
  • The Clyde Corporation's variable expenses are 35% of sales. Clyde Corporation is contemplating an advertising campaign that will
    15·1 answer
  • Libra Electronics has invented a new technology to make laptops that are extremely lightweight and unbreakable. The company is a
    11·1 answer
  • Costs that are NOT affected by the quantity of a product sold are _______ costs. Examples of these costs include rent, insurance
    5·1 answer
  • Complete problem: Total Net Operating Capital XYZ, Inc. reported $20 million in operating current assets, $25 million in net fix
    9·1 answer
  • which statement was true in the past but is not generally true today? A. the training and education costs for some jobs will pro
    10·1 answer
  • What is global standardization strategy​
    13·1 answer
  • During each stage of a product's life cycle, the types and levels of sales, profits, and competition rise, peak, and eventually
    8·1 answer
  • g The Investment Trust Fund for Watson County had the following transactions and events during the calendar year 2022: 1. The ci
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!