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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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Gareth & Sons are a big group of hospitality companies. They have recently hired Ms. Halworth, a successful Certified Accoun
MrRa [10]

Answer:

pay cash

Explanation:

so if they pay cash there won't be any taxes

4 0
3 years ago
Complete the paragraph to explain why unearned revenues are liabilities instead of revenues. In the​ explanation, use the follow
Leokris [45]

Answer:

(A)

cash 85,000

unearned revenues 85,000

(B)

unearned revenues 40,000

subscroption revenues 40,000

Explanation:

(A)

Unearned revenues are a liability. It increases from the credit, so in this entry, we increased cash by the amount received and also increase unearned revenue for 85,000

WHY ARE LIABILITIES?

The payment made by customer in-advance generates an obligation to the NYT. The journal is forced to deliver their newspaper to these people, it has an obligation, which is certain and quantifiable in dollars, that fits in the definition of liabilities.

(B)

HOW UNEARNED BECOME EARNED?

Once time past AKA newspapers are delivered, the obligation decrease and part of the annual subscription become revenues

4 0
4 years ago
Imagine you want to use conflict in a positive way. You decide to create a sense of competition among your team members. Which o
Lemur [1.5K]

Answer:

a. Acknowledge top performers in the company newsletter.

Explanation:

Conflict among group members could be used for improved results by enhancing the dispute in a constructive manner. This can be achieved by recognizing and rewarding the best performers accordingly.

Therefore according to the given situation, for deciding a sense of competition you need to acknowledge the top performance in the newsletter of the company so that the employees gots motivated that results in their coming better job opportunities

Hence,  the correct option is a

4 0
3 years ago
A Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price-net purcha
nordsb [41]

Answer:

Hence,

1. $2.5

2. 3 pounds

3. $7.5

Explanation:

1. The computation of standard direct material price per gallon is shown below:

=Price-net purchase price + freight-in + receiving and handling

= $2.20 + $0.20 +$0.10

= $2.5

Thus, the standard direct material price per gallon is $2.5

2.  The computation of standard direct material quantity per gallon is shown below:

= Quantity required material + Allowance for waste and spoilage

= 2.6 +0.4

= 3 pounds

3. The computation of total standard material cost per gallon is computed below:

= Standard direct materials price per gallon × Standard direct materials quantity per gallon

= $2.5 × 3

= $7.50

Hence,

1. $2.5

2. 3 pounds

3. $7.5

8 0
3 years ago
Susan spector is in the process of putting together the business model for her startup and is currently working on her core comp
Andreas93 [3]

Susan is working on "strategic resources".

Strategic resources are the building squares of upper hand in business. Three standard organization resources that consolidate to make upper hand are an organization's financial strength, its enterprise knowledge and its workforce. For a business to adequately and effectively seek after its business objectives, its human resourcing ought to be lined up with its strategic planning and by and large business objectives.

8 0
4 years ago
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