Answer:
If the company used the percentage of sale method and estimates bad debts to be 2% of sales what is the amount of bad debt expense:
If the company uses the percentage of accounts receivable method and estimates 4% of accounts receivable will be uncollectible
Explanation:
- The percentage of sale method
800,000 2% 16,000
Initial Balance
Accounts Receivable $ 120,000
Allowance for Uncollectible Accounts $ 500
Allowance for Uncollectible Accounts $ 15,500
Accounts Receivable $ 15,500
- Accounts Receivable Method 4% 4,800
Bad debt expense $ 4,300
Allowance for Uncollectible Accounts $ 4,300
The answer is credit card balance. A credit card balance is the sum of money payable to the credit card company. A new credit card balance may take up to 24 hours to bring up-to-date after a payment has been administered dependent on the Credit Card Company and technique of compensation engaged. The balance can be negative, positive or zero liable on if money is owed if a compensation more than the balance was made or the balance was compensated in complete.
Answer:
They are exempt from paying tax
Explanation:
Taxable income is the amount of an individual's gross income that the government deems subject to taxes.
However, because they are aged (above 65), and their taxable income -which should be $32000 after deductions - is less than the percentage tax relief,they are exempted from paying tax for that particular year.
