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ASHA 777 [7]
3 years ago
8

The company estimates future uncollectible accounts. The company determines $4,400 of accounts receivable on January 31 are past

due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts.
Business
1 answer:
Salsk061 [2.6K]3 years ago
4 0

Answer:

Journal entry

Explanation:

Before passing the journal entry we need to do the following calculations

Uncollected amount is

= $4,400 × 50%

= $2,200

Uncollected amount is

= ($4,400 - $2,200) × 0.03

= $2,200 × 0.03

= $66

So, the total amount is

= $2,200 + $66

= $2,266

Now the journal entry is

Bad debt expense $2,266

        To Allowance for uncollectible accounts $2,266

(Being the uncollectible account is recorded)

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Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each con
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Answer:

As attached.

Explanation:

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3 years ago
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each dropdown that f
marysya [2.9K]

Answer and Explanation:

As per the data given in the question,

a)

1.  FIFO inventory        >     LIFO inventory

(Because in case of LIFO recent purchases are considered in production first or sold first so the remaining inventory are old inventory which is less costlier.)

2. FIFO cost of goods sold     <    LIFO cost of goods sold

(Because in case of LIFO recent purchases are considered in production first which are expensive so the cost of production is greater than FIFO.)

3. FIFO net income        >    LIFO net income

(Because cost of production is less under FIFO and the value of closing inventory is high, therefore the net income is also high.)

4.  FIFO income taxes   >   LIFO income taxes

(Since, income is high in FIFO, therefore the tax under FIFO will be higher.)

b) Management would like prefer to use LIFO over FIFO in periods of rising prices because Income shown in the company's Tax return will be higher if we use FIFO rather than using LIFO.

5 0
3 years ago
Respas Corporation has provided the following data concerning an investment project that it is considering:
Ber [7]

Answer:

$462

Explanation:

The computation of the net present value is shown below:

= Present value of all year cash inflows by considering the salvage value - initial investment

where,

Present value of all year cash inflows by considering the salvage value is

= Annual cash flows × PVIFA factor for 4 years at 15% + Salvage value × discount rate at 4 year on 15%

= $54,000 × 2.855 + $11,000 × 0.572

= $154,170 + $6,292

= $160,462

And, the initial investment is $160,000

So, the net present value is

= $160,462 - $160,000

= $462

We simply applied the above formula to determine the net present value

Refer to the PVIFA table and discount factor table

This is the answer but the same is provided in the given option

4 0
3 years ago
Discuss how purchasing function can lead to competitive strategy in procurement management environment and with hypothetical org
matrenka [14]

The purchasing function helps to gain competitive advantages by reducing costs associated with the value chain, increasing efficiency and total quality.

<h3 /><h3>What is a Strategic Sourcing Plan?</h3>

It corresponds to an approach of aligning the organizational purchasing strategy to the objectives stipulated by the planning, helping in the management of the supply chain for greater effectiveness in the use of information associated with purchases.

Therefore, a sourcing plan will help to reduce purchasing costs, speed up deliveries and choose the ideal suppliers for the business.

Find out more about supply chain here:

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6 0
2 years ago
The quality control officer at a mattress manufacturing plant needed to determine what percentage of the mattresses were defecti
mrs_skeptik [129]

Answer:

Convenience Sampling

Explanation:

Since in the given case items are not selected randomly for sampling, neither any groups or clusters are created, this form of sampling is not random sampling or clustered sampling.

Sampling refers to the technique of arriving at a conclusion by selecting n number of items and the results obtained from observation of those selected n number of items shall be representative of the entire population.

There are two forms of sampling namely probability and non probability forms of sampling.

The quality control officer in this case applied convenience sampling wherein observations are chosen as per the availability and convenience. Likewise in the present case, first 100 mattresses which were manufactured were taken up for sampling.

This is a non probability form of sampling.

4 0
3 years ago
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