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
jeka57 [31]
3 years ago
5

Assume the following information for Kingbird Corp. Accounts receivable (beginning balance) $139,000 Allowance for doubtful acco

unts (beginning balance) 11,370 Net credit sales 944,000 Collections 908,000 Write-offs of accounts receivable 5,300 Collections of accounts previously written off 1,800
Business
1 answer:
dezoksy [38]3 years ago
7 0

Answer:

Prepare journal entries of sales, collections, write offs of accounts receivable, and reverse entries:

Date        Account details and explanations      Debit          Credit

                 Accounts receivable                          944,000  

                sales revenue                                                        944,000

                 Allowance for doubtful accounts      5300

                Accounts receivable                                                    5300

                Accounts receivable                            1800

                 Allowance for doubtful accounts                                1800

                cash                                                        1800

                 Accounts receivable                                                    1800

Calculating the ending balance of accounts receivable and unadjusted ending balance of allowance for doubtful accounts:

                  particulars                                                             Amount ($)

                 beginning balance of accounts receivable           139,000

                 Add: Net credit sales                                               944,000

                 less :  Collections                                                     908,000

                 Write-offs                                                                       5,300

                  Add: Reinstated amount                                              1800

                 less:  Collections                                                            1800

                  Ending  balance of accounts receivable                169700

                   particulars                                                             Amount ($)

                 beginning balance of doubtful accounts               11,370

                 less :  Write-offs                                                        5300

                 Add: Reinstated amount                                           1800

                 Ending  balance of unadjusted  balance                 7870

                 allowance of  doubtful accounts

Preparing journal entry to record bad debt

Date    Account details and explanations         Debit          Credit

           Bad debt expense ( 169700*8%) - 7870  12789

               allowance of  doubtful accounts                            12789

You might be interested in
________ conflict occurs when an individual perceives incompatible demands from others.
Vikentia [17]
External is the conflict
5 0
3 years ago
Who here plays 7ds grandcross
ololo11 [35]

Answer:

not me

Explanation:

3 0
3 years ago
Consider the following information on three stocks: State of Economy Probability of State of Economy Rate of Return if State Occ
PolarNik [594]

Answer:

market premium = 0,0781 = 7.81%

Explanation:

We have to calculate the market return and then calcualte the premium as the difference between the expected return on the market and the risk-free rate:

We multiply each outcome by the stock weight. and then for the probability of occurence of that state of economy

Calculations for boom:

Change of boom x (weighted outcome A + weighted outcome B + weighted outcome C)

0.25    x    (0.45 x 0.15 + 0.45 0.27 + 0.1 x 0.05) = 0.05

\left[\begin{array}{cccccc}Stock&&B&A&C&Totals\\Weights&&0,45&0,45&0,1&&Boom&0,25&0,15&0,27&0,11&0,05&Normal&0,65&0,11&0,14&0,09&0,078975&bust&0,1&-0,04&-0,19&0,05&-0,00985&&&&&return&0,119125&\end{array}\right]

market expected return 0,1191

Market premium: 0,1191 - 0,041 = 0,0781

5 0
2 years ago
A variable annuity is a(n)
Volgvan

Answer:

The correct answer is B. non-exempt security under the Securities Act of 1933 because the purchaser bears the investment risk

Explanation:

With a variable annuity, the annuity funds are invested in securities such as bond funds or equity funds. In these cases, the performance of the funds will define the performance of the annuity money and how much the annuity owner will receive from it. In this case, in the variable annuities there is a certain investment risk that everyone must determine when investing their money. In summary, the amount of risk that everyone is in a position to adopt will determine the amount of acceptable risk and therefore what type of funds will be selected for the investment.

It is possible to consider using a variable annuity for those who:

  • They feel comfortable with stock market fluctuations and are willing to accept them in exchange for a greater return to inflation for a longer period of time.
  • They are young people who seek to plan for retirement by taking advantage of the long-term stock market.
7 0
3 years ago
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
Read 2 more answers
Other questions:
  • If a tire fails or you have a blowout, you should immediately concentrate your attention on what?
    14·1 answer
  • Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $254,800, and the
    9·1 answer
  • The law of demand applies most directly to which group?
    13·1 answer
  • You have bought a house today at the price of $500,000. In the next two years, you will get a rent of $50,000 each year. In year
    7·1 answer
  • O.K. Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. O.K. expects
    7·1 answer
  • The difference between a merger and an acquisition is________.
    13·2 answers
  • Serge supervises toolmakers who make custom parts for the engineering department before these parts go into production. Deshaun
    15·1 answer
  • What are the factors of production?
    10·1 answer
  • How do owners and workers get income from business​
    13·1 answer
  • Assume Fred faces a potential liability exposure. The standard deviation of the probability distribution for the loss equals $12
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!