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
faltersainse [42]
3 years ago
6

Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $2

00,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?
Business
1 answer:
lora16 [44]3 years ago
3 0

Answer:

bad debt expense 6,000 debit

allowance for uncollectible amounts 6,000 credit

Explanation:

expected allowance balance:

account receivable x expected uncollectible amount

200,000 x 4% = 8,000

currently the allowance balance is 2,000

so the amount of the adjustment will be to move the balance to 8,000 from 2,000:  adjusting entry for 6,000

You might be interested in
g Bob makes his first $ 800 deposit into an IRA earning 7.4 % compounded annually on his 24th birthday and his last $ 800 deposi
Gala2k [10]

Answer:

FV= $137,440.62

Explanation:

Giving the following information:

Bob makes his first $ 800 deposit into an IRA earning 7.4 % compounded annually on his 24th birthday and his last $ 800 deposit on his 39th birthday ​(16 equal deposits in​ all). With no additional​ deposits, the money in the IRA continues to earn 7.4 % interest compounded annually until Iob retirees on his 65th birthday.

First, 16 years:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV= {800*[(1.074^16)-1]}/0,074= $23,067.90

Next 25 years.

FV= PV*(1+i)^n

FV= 23,067.90*(1.074)^25= $137,440.62

6 0
3 years ago
What is one of the core concepts in IT
gregori [183]
Like it the clown movie?
5 0
3 years ago
Read 2 more answers
What are the resources og microeconomics?
VikaD [51]

Answer:

resources like land, tools, money, time, labor and enterprise

5 0
3 years ago
Read 2 more answers
The Project Evaluation and Review Technique (PERT) was developed as a means of scheduling and controlling projects with constant
astra-53 [7]

Answer: False

Explanation:

The Program Evaluation and Review Technique (PERT) is used to know the schedule tasks and also know the critical path variation. It is useful to know the length of time that'll be needed for the completion of every task and how it relates to others in order to know the entire time needed to complete the particular project.

The Project Evaluation and Review Technique (PERT) is not a means of scheduling and controlling projects with constant activity times. The activity time normally varies.

3 0
3 years ago
Write any two things that girls do earlier.​
olya-2409 [2.1K]
Wait what do you mean? do you mean like things girls can do earlier than boys? well i would say girls become more mature before boys do. Also, i would say girls can learn how to do hair earlier than boys. i’m sorry if that wasn’t your question but i’m just trying to help :)
7 0
3 years ago
Read 2 more answers
Other questions:
  • The decentralized commercial and office districts that have emerged on the fringes of metropolitan areas near such features as f
    11·1 answer
  • Vivian, as a vice-president of marketing, is far removed from the research and development department. However, she keeps a clos
    12·1 answer
  • Damian works at the Container Store. While he is placing inventory on the shelves, a customer comes up to him. The customer ment
    15·1 answer
  • Peter's Audio Shop has a cost of debt of 7%, a cost of equity of 11%, and a cost of preferred stock of 8%. The firm has 104,000
    12·1 answer
  • Factory overhead includes:_________.a. direct materials unansweredb. direct laborun answeredc. indirect labor unansweredd. depre
    12·1 answer
  • In which category do commodities belong?
    7·2 answers
  • The Coffee Collective is seeking to identify customers who want a unique coffee-drinking experience and are open to a loyalty re
    14·1 answer
  • Sharon knew that her established customers liked her product much better than the competitors. She was planning to expand into n
    9·2 answers
  • If 20,000 units in ending inventory are 75% complete with respect to direct materials and 60% complete as to conversion costs, t
    6·1 answer
  • M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with i
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!