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Naya [18.7K]
3 years ago
6

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600

and $1,100, respectively. During Year 2, Kincaid reported $148,000 of credit sales, wrote off $1,150 of receivables as uncollectible, and collected cash from receivables amounting to $154,500. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.
The amount of uncollectible accounts expense recognized in the Year 2 income statement will be:__________
Business
1 answer:
VikaD [51]3 years ago
6 0

Answer:

$2,630

Explanation:

First we calculate the estimated amount that would not be collected. This is 1% of Credit Sales.

148,000 x 1% = $1,480

Then we add the estimated amount with the amount written off as receivables uncollected for the Year 2. As shown below:

1,480 + 1,150 = $2,630

Hence, the amount of uncollectible accounts expense recognized in the Year 2 income statement will be $2,630.

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Canadian company Yummy Snacks exports a number of products to consumers in Peru, Chile, and Argentina. According to this informa
bija089 [108]

Answer:

International Trade

Explanation:

Based on the information provided within the question it can be said that in this scenario Yummy Snacks is most likely involved in International Trade. This refers to exchanging goods or services across international borders throughout various countries, either exporting or importing. Which is what Yummy Snacks is doing by exporting their product to consumers in various Latin American Countries in exchange for money.

5 0
3 years ago
Helio Company has two products: A and B. The annual production and sales of Product A is 1,850 units and of Product B is 1,250 u
iren2701 [21]

Answer:

Estimated manufacturing overhead rate= $77 per direct labor hour

Explanation:

Giving the following information:

Production:

Product A: 1,850 units

Product B: 1,250

Hours required:

Product A: requires 0.3 direct labor-hours per unit

Product B: requires 0.6 direct labor-hours per unit.

The total estimated overhead for the next period is $100,485.

First, we need to calculate the total amount of direct labor hours required:

Total direct labor hours= 0.3*1,850 + 0.6*1,250= 1,305 hour

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 100,485/1,305= $77 per direct labor hour

4 0
3 years ago
Because gdp does not fully account for improvements in the quality of goods the gdp calculation
tekilochka [14]

GDP = C + I + G + (X – M)

3 0
3 years ago
Coronado Company's record of transactions concerning part X for the month of April was as follows.
Olin [163]

Answer:

1.FIFO 5,631.4

2.LIFO 7,685

3.8.8542 per unit

Explanation:

Coronado Company's

1)First-in, first-out (FIFO)

(520×8.47+ 150×8.18)

= 4,404.4+1,227

= 5,631.4

2)Last-in, first-out (LIFO)

(420×7.30+ 620×7.45)

= 3,066+4,619

= 7,685

3.Cost of goods available for sale

Date Transactions Units ×Rate =Total

Apr-01 Beginning inventory 420 ×$7.30 =$3,066

Apr-04 Purchase 720×$7.45 =$5,363

11-Apr Purchase 620 ×$7.74 =$4,798.8

18-Apr Purchase 520×$7.81 =$4,061.2

26-Apr Purchase 920 ×$8.18= $7,525.6

30-Apr Purchase 520 ×$8.47 $4,404.4

Total: 3,300 $29,219

720+620+520+920+520=3,300

$3,066+5,363+4,798.8+4,061.2+7,525.6+4,404.4 =29,219

Average cost per unit =

Total cost of goods available for sale / Units available for sale

Hence:

$29,219 / 3,300

=8.8542 per unit

8 0
3 years ago
The military is a formal workplace in which workers _____. a. choose what they want to do each day b. have to follow a set sched
ExtremeBDS [4]
I do believe its B)have to follow a set schedule.

5 0
2 years ago
Read 2 more answers
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