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guajiro [1.7K]
3 years ago
15

Jumpin Corporation uses the percentminusofminussales method to estimate uncollectibles. Net credit sales for the current year am

ount to $ 2 comma 100 comma 000​, and management estimates 4​% will be uncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 1 comma 400. The amount of UncollectibleminusAccount Expense reported on the income statement will​ be:
Business
1 answer:
fgiga [73]3 years ago
6 0

Answer:

Uncollectible-Account Expense = $84,000

Explanation:

First of all, we are told that the percentage of uncollectible sales is 4%. This means that out of the total credit sales, 4% is estimated as not being paid by the debtors, and this is the amount that will be recorded in the income statement. It is calculated as follows:

Percentage of uncollectible sales = 4% = 4/100 = 0.04

Total sales = $2,100,000

∴ Uncollectible-Account Expense = 0.04 × 2,100,000 = $84,000

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CARICOM or the <span>Caribbean Community and Common Market solely reason for existence is to promote the economic integration to guarantee the benefits and shared equitably. The mainly cause for CARICOM in producing limited improvements is because majority of the English speaking  country illustrates the division </span><span>deep linguistic in Caribbean </span>

3 0
3 years ago
AllSpice Incorporated plans to do business with a company located in the Leone Republic, a common law country. The companies hav
Cerrena [4.2K]

The contract must be very detailed and should include all the contingencies spelled out in it.

<u>Explanation:</u>

Contract is a document that is made between two or more than two parties who have come in to an agreement with each other over a particular thing. The contract might be a business contract that the parties make which should have the proportion of profit and liabilities of the business that is to be shared among the partners.

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6 0
3 years ago
Jurisdiction M imposes an individual income tax based on the following schedule.
labwork [276]

Answer:

D) Both A. and B. are true.

  • A) The schedule provides no information as to whether Jurisdiction M's tax is horizontally equitable.
  • B) Jurisdiction M's tax is vertically equitable.

Explanation:

When we are talking about horizontal equity of a tax, we are talking about how the tax base is measured and the ability that taxpayers have to pay the tax. There is nothing here about tax base or taxpayers' ability to pay.

On the other hand, vertical equity deals with the tax rate structure. In this case, the tax rate is progressive, meaning that it increases as the taxpayers' income increases. Progressive taxes are vertically equitable.

8 0
3 years ago
Henri earned a salary of $50,000 in 2001 and $70,000 in 2006. The consumer price index was 177 in 2001 and 265.5 in 2006. Henri'
kvv77 [185]

Answer:

$46,666.67

Explanation:

Henri earned a salary of $50,000 in 2001

He earned $70,000 in 2006

The consumer price index in 2001 was 177 and in 2006 was 265.5

Therefore his salary in 2001 can be calculated as follows

= 70,000/265.5 × 177

= 263.65 × 177

= 46,666.67

3 0
3 years ago
An author can register his or her copyright application with the _____. International Trade Administration (ITA) International T
Semmy [17]

Answer:

United States copyright office

Explanation:

hope this helps!

6 0
2 years ago
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