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Slav-nsk [51]
3 years ago
14

Age Group Accounts Receivable Estimated Loss % 0-30 days past due $110,000 1% 31-60 days past due 40,000 2 61-120 days past due

27,000 5 121-180 days past due 14,000 10 Over 180 days past due 9,000 25 Total accounts receivable $200,000 The balance of the allowance for uncollectible accounts is $1,100 on December 31, before any adjustments. (a) What amount of bad debts expense will Collins report in its income statement for the year?

Business
2 answers:
icang [17]3 years ago
7 0

Answer:

The answer is attached below

Explanation:

Musya8 [376]3 years ago
6 0

Answer:

Bad debts expense for the year $ 5,800

Explanation:

Calculation of bad debts as at December 31

Ageing of receivable              Amount            %                     Estimated

                                                     $                                          Uncollectible

                                                                                                          $      

0 - 30 days past due               110,000            1 %                            1,100

31 - 60 days past due               40,000           2 %                             800

61 - 120 days past due              27,000           5 %                           1,350

121 - 180 days past due             14,000           10 %                          1,400

Over 180 days past due           <u>  9,000</u>           25 %                         <u>2,250  </u>

Totals                                        200,000                                           6,900

The required balance for allowance for uncollectible accounts is $ 6,900

Existing balance in allowance for uncollectible accounts               <u>$ 1,100</u>

Bad Debts expenses for the year                                                    <u>$ 5,800 </u>

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Answer:

700 units of work done.

Explanation:

Since all the direct materials are added at the beginning, we assume that the 200 beginning inventory was completed 100% in regards to direct materials and as such 600 - 200 = 400 units transferred were completed in respect to direct materials and 300 units in work in progress are also completed as 100% of direct materials.

So total equivalent units in respect to direct materials are 400 + 300 = 700 units of work done.

Hope that helps.

4 0
2 years ago
A. He should utilize lean manufacturing.
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Explanation:

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A recent study shows the benefits of using public transportation. Government officials have hired your consulting firm to increa
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C. 3

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3 0
2 years ago
Marigold Corp. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $12
olga nikolaevna [1]

Answer:

The journal entry for the following is shown below:

Explanation:

The journal entry for the following is as follows:

Bad Debts Expense A/c................................Dr  $3,600

       Allowance for Doubtful Accounts A/c......Cr  $3,600

Being the adjusting entry for bad debt expense

Working Note:

Using the percentage of accounts receivable computing the amount of bad debt expense as:

Allowance for doubtful accounts = Accounts receivable × %

= $120,000 × 4%

= $4,800

Now, computing the bade debt expense as:

Bad debt expense = Allowance for doubtful debts - Credit balance

= $4,800 - $1200

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DochEvi [55]

Answer:

The answer is:

Total loss to the left of the intersection

Total profit to the right of the intersection

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Cost-volume-profit (CVP) analysis is a method that looks into the impact of how varying levels of costs and volume will affect the operating profit of a firm. This gives companies good understanding of the profitability of their products or services.

To answer the question above;

Total loss to the left of the intersection

Total profit to the right of the intersection

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