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Licemer1 [7]
3 years ago
8

Using the aging method of accounts receivable method, $5,000 of the company's Accounts Receivable are estimated to be uncollecti

ble. At the end of the year, the balance of Accounts Receivable is $100,000 and the unadjusted credit balance of the Allowance for Doubtful Accounts is $500. Credit sales during the year totaled $150,000. What is the current year's Bad Debt Expense?
Business
1 answer:
gogolik [260]3 years ago
6 0

Answer:

The correct answer is $4,500.

Explanation:

According to the scenario, the given data are as follows:

Uncollectible Account receivable = $5,000

Account receivable balance = $100,000

Allowance for Doubtful Accounts = $500

Credit sales = $150,000

So, we can calculate the bad debt expense by using following formula:

Bad debt expense = Uncollectible Account receivable - Allowance for Doubtful Accounts

by putting the value, we get

Bad debt expense = $5,000 - $500

= $4,500.

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A ________ is a retail firm owned by its customers. Members contribute money to open their own store, vote on its policies, elec
myrzilka [38]

Answer:

A consumer co-operative

Explanation:

A consumer co-operative is a type of retail business owned by an association of consumers. The consumers who form the venture manage it and share in its profits. The main objective of starting a consumer co-operative is to eliminate intermediaries.

A consumer co-operative has the benefit of economies of scale as it purchases in bulk. It can afford to offer its members more competitive prices. Members of the co-operative share profits in the ratio of capital contribution. Their liability is limited to share contribution. Membership is voluntary, and they usually transact on a cash basis.

3 0
3 years ago
Ethnocentric managers believe that their native country, culture, language, and behavior need to be changed. are equal to all ot
Levart [38]

Answer:

are superior to other cultures.

Explanation:

  • Ethnocentrism is the belief that indigenous culture, customs, and way of life are more important than other cultures. Ethnographers believe that their own culture, country, language and all other characteristics are superior to other cultures.
  • so correct answer are superior to other cultures.
3 0
2 years ago
merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t
love history [14]

The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

Sales tax = 6% of 2600

Sales tax = 6/100 × 2600

Sales tax = 0.06 × 2600

Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

To know more about  sales tax refer:

brainly.com/question/1811849

#SPJ4

8 0
1 year ago
Although, as a manager, Anette may not have the best technical skills, she makes up for it through her excellent communication,
dmitriy555 [2]

Answer:

A. human skills

Explanation:

Human skills -

It refers to the type of skills which a person have , giving the person excellent ability to interact , communicate with the team , in order to complete the project or assignment on time , is referred to as human skills .

The method enables the person to be one of the best manager , as helps , motivate and connect with the employees very efficiently , and hence the employees in turn gives their best result with proper handwork .  

Hence , from the given scenario of the question ,

The correct answer is human skills .

6 0
3 years ago
What does the term rop stand for at u-haul?
pav-90 [236]

The term ROP for U-Haul means Roll Over Protection which is a service that is offered for rental units of trailers.

6 0
3 years ago
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