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
Sati [7]
3 years ago
5

Which one of the following is the correct presentation of Accounts Receivable and its contra account on the balance sheet? Accou

nts Receivable $642,000 Less: Bad Debt Expense (17,000) Less: Allowance for Doubtful Accounts (2,000) $623,000 Accounts Receivable $642,000 Plus: Allowance for Doubtful Accounts 2,000 $644,000 Accounts Receivable $642,000 Less: Allowance for Doubtful Accounts (2,000) $640,000 Accounts Receivable $642,000 Less: Bad Debt Expense (17,000) $625,000
Business
1 answer:
Andreas93 [3]3 years ago
5 0

Answer:

Accounts Receivable $642,000 Less: Allowance for Doubtful Accounts (2,000) $640,000

Explanation:

The contra asset account will be deducted from Accounts Receivable resulting in the net cash realizable value of $640,000.

=$642,000 - $2,000 = $640,000

You might be interested in
At a price of $60 per bathing suit, what is the quantity demanded of bathing suits?
timofeeve [1]

Answer:

Explanation:

I think your question is missed of key information, allow me to attach the photo question below.

The quantity demanded is 30 units when the price is 60, we use the reconciliation method on the demand line.

3 0
3 years ago
Carmine Inc. is a software firm that caters to the requirements of its clients. At Carmine, work teams have access to all vital
gladu [14]

Answer:

b. employee job satisfaction

Explanation:

Based on the information provided within the question it can be said that the employee-friendly workplace culture is most likely to increase job satisfaction. This term refers to the level at which an individual is happy or content with the job that they are doing as well as what it represents to them. Therefore the information made available helps motivate the employees which increases their mood and contentedness with their job.

6 0
3 years ago
Jada converted her personal residence to rental property in 2018. She purchased the property in 2014 for $110,000, of which $10,
creativ13 [48]

Answer:

a)Jada's basis for depreciation in the property is NIL.

b) Personal property that has no intrinsic value is called 'INTANGIBLE PROPERTY'.

Explanation:

Due to a decline in the property values over the past few years Jada has converted her personal residence to rental property and/or investment property which is a subject dealt within IAS 40 (Investment property).

According to IAS 40 an investment property is land or building held to earn rentals or for capital appreciation or both rather than use in the entity. IAS 40 requires to initially measure investment property at cost and subsequently may either measure at cost or fair value model. Fair value is normally established by prevailing market prices.

IAS 40 also mentions that if an asset is revalued to fair value the gain and loss should be recorded in statement of profit and loss and 'NO DEPRECIATION IS CHARGED ON THE ASSET AFTER THE FAIR VALUE MEASUREMENT'.

Therefore, following the instructions laid out by IAS 40 Jada's basis for depreciation in the property is NIL.

2) Personal property with no intrinsic value:

Personal property that has no intrinsic value is called 'INTANGIBLE PROPERTY'.

Lets first understand what intrinsic value is. Intrinsic value of an asset refers to the market led and/or market-driven price of that asset. This means those assets which don't have an active market for sale and purchase will have no intrinsic value. This is absolutely the case with intangible assets, because most intangible assets are unique and uncommon, such as, GOODWILL, PATENTS, COPYRIGHTS, therefore due to the uniqueness and exclusivity of such assets an active market place doesn't exist therefore it's hard to determine an intrinsic value for such kind of assets/ properties.

5 0
3 years ago
Business writing must be clear and specific instead of vague, pretentious, or
iren2701 [21]
D unfamiliar c c c c cc’s
6 0
3 years ago
The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production
madam [21]

Answer:

Equivalent units of production= 746,000 units

Explanation:

Giving the following information:

Units completed 620,000 100%

Ending Work in Process 180,000 70%

<u>The weighted average method blends the costs and units of the previous period with the costs and units of the current period.</u>

<u></u>

Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production

Equivalent units of production= 620,000 + (180,000*0.7)

Equivalent units of production= 746,000 units

7 0
3 years ago
Other questions:
  • E25-18 Making outsourcing decisions Cool Systems manufactures an optical switch that it uses in its final product. The switch ha
    9·1 answer
  • An implementation of which security principle ensures that secrets stay secret?
    5·1 answer
  • What First things comes in your mind when you heard name china ? ​
    7·1 answer
  • What is a mortgage?
    12·2 answers
  • Discuss the conditions and developments that affected the cattle industry during the last half of the nineteenth century.
    13·1 answer
  • You are torn between two saving accounts where to put your $1,500 in scholarship money for a year until you need it for next yea
    5·1 answer
  • Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $61 in cash along with receipts for th
    5·1 answer
  • Bricktan Inc. makes three products, basic, classic, and deluxe. The maximum Bricktan can sell is 75,000 units of basic, 420,000
    15·1 answer
  • A job was budgeted to require 3 hours of labor per unit at $8.00 per hour. The job consisted of 8,000 units and was completed in
    13·1 answer
  • A rise in wages could be due to:
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!