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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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Under current accounting practice, intangible assets are classified as specifically identifiable or goodwill-type. limited-life
MArishka [77]

Correct Question: Under current accounting practice, intangible assets are classified as

a. amortizable or unamortizable.

b. limited-life or indefinite-life.

c. specifically identifiable or goodwill-type.

d. legally restricted or goodwill-type.

Answer:

B, limited-life or indefinite-life

Explanation:

By defiinition, Intangible assests are assests that cannot be physically felt. it can also be said to be assets that are non physical in nature. This kind of assets include goodwill, image rights,brand recognition, copyrights, etc.

All of the above examples of assets are deemed intangible because they have no exact expiry or end date. It can either last for a long time or a short time. Assets like reputation are classified as intangible because it cant be felt and it doesnt have an exact end date. It is therefore a kind of asset that has limited-life or indefinite-life.

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4 0
3 years ago
Cybernet Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. The company has budgeted
Sophie [7]

Answer:

$10,950 Unfavorable

Explanation:

For computation of flexible budget variance for total costs first we need to find out the standard cost which is shown below:-

Standard cost = (Sold connectors × budgeted variable costs) + Fixed costs per month

= (77 × $150) + $5,500

= $11,550 + $5,500

= $17,050

Flexible budget variance for total costs = Actual cost - Standard cost

= $28,000 - $17,050

= $10,950 Unfavorable

8 0
3 years ago
All of the following are conducive to economic growth except
zysi [14]

Answer:

B. an unfavorable balance of trade and payments

Explanation:

  • The BOP or the balance of trade is defined as the net gains or net exports that make the balance of payments and is said to be favorable when the country export more and imports less and is a positive change.
  • It is said to be negative when the country imports more and exports less thus unfavorable in terms of the trade and payments.
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6 0
3 years ago
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Answer:

Shally will not having any amount of bad debt deduction for the present year.

Explanation:

In the present year, Shally will not having any amount of bad debt deduction because she has a gain or income of $5,000. As, last year she has account receivable of $60,000 but this year she settled the account by receiving the $65,000 amount. So, she has received more amount than the basis in the receivable. Therefore, she will not have any bad debt deduction this year.

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3 years ago
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3 years ago
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