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
saul85 [17]
3 years ago
13

Net credit sales for the year are $750,000. The end of year accounts receivable balance is $160,000. The allowance for doubtful

accounts is calculated as 5% of the receivables balance. The Allowance for Doubtful Accounts has a credit balance of $5,000 before year-end adjusting entries. What is the Bad Debt Expense for the year?
Business
1 answer:
alexandr402 [8]3 years ago
5 0

Answer: $3000

Explanation: Allowance for doubtful accounts is the contra account to accounts receiveable when all the bad debts need to be accounted for. The bad debts reduces the accounts receivable line but all bad debts are actually deducted from the allowance for doubtful accounts.

The allowance for doubtful accounts for that year is calculated as 5% of the accounts receivable balance. This amounts to $8000 (160000 x 5%) before bad debts have been accounted for. Allowance for doubtful accounts moves in the opposite direction as accounts receivable because it is a contra account to this line item. At the end of the year before year end closing entries are done, and after the bad debts have been accounted for, the balance on the allowance for doubtful accounts is $5000.

This means that bad debts for that year is:

8000 (balance before bad debts have been accounted for)

- 5000 (balance after bad debts have been accounted for)

= $3000.

You might be interested in
Although Scott, an African American, was more qualified than Bernardo, a Hispanic American, Bernardo was hired instead of Scott
goblinko [34]

Answer:

B. Discrimination

Explanation:

Discrimination refers to the act of unfair judgement on a specific group of people based on characteristics such as age, gender, race, religion, country or even sexual orientation. It involves discriminating (treating a person unfairly) against a person because of the characteristics he or she possesses. In this case, Scott was discriminated against because he's an African American and believed by the employer not to be hardworking because of his race.

7 0
3 years ago
the u.s. department of veterans affairs (va) has undertaken three separate electronic health record system upgrade projects, non
Dovator [93]

The u.s. department of veterans affairs used the waterfall software development approach would likely have benefit  because it offers wide variety to accommodate and collect data.

Software upgradation in an organisation is a bit difficult and managing them individually according to the departments and an integrated software can only accommodate and collect data properly.

The development approach here also signifies a good team of people who can actually apply software development techniques that can easily be used by everyone in the firm.

To learn more about development approach here,

brainly.com/question/4326945

#SPJ1

7 0
1 year ago
Listed here are product costs for the production of soccer balls. Identify each cost (a) as either fixed or variable and (b) as
geniusboy [140]

Answer:

Product Cost Variable Or fixed Direct or indirect

1. Rubber core for soccer ball Variable Direct

2. Thread to hold leather together Variable Indirect

3. Taxes on factory Fixed Indirect

4. Wages on Assembly workers Variable Direct

5. Machinery depreciation Fixed Indirect

6. Annual flat fees paid for office security Fixed Indirect

7. Leather cover for soccer balls Variable

3 0
3 years ago
A promissory note
Sloan [31]

Answer: c. may be used to settle an accounts receivable.

Explanation: A promissory note is defined as a financial instrument that contains a written promise by the note issuer or maker to pay the note payee a definite sum of money at a specific future date or on demand and  may be used to settle an accounts receivable (the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers and are listed on the balance sheet as a current asset). They are commonly used in businesses as a form of short term financing as they can be exchanged for cash at a future time when account receivables have been collected.

8 0
3 years ago
On December 31, year 3, Byte Co. had capitalized software costs of $600,000 with an economic life of four years. Sales for year
Ratling [72]

Answer:

net capitalized cost is = $450000

so correct option is b. $450,000

Explanation:

given data

capitalized software costs = $600,000

expected total sales = 10%

sale = 4 year

net realizable value = $480,000

solution

we find out net capitalized cost of computer software that is  

net capitalized cost of computer software is =  Year 1 balance - Year 2 amortization ........................1

here we get first Year 2 amortization that is

Year 2 amortization is = capitalized software costs ÷ total projected sale ..............2

put here value

Year 2 amortization = \frac{600000}{4}  

Year 2 amortization is = $150,000

so here we get net capitalized cost

net capitalized cost is = $600,000 - $150,000

net capitalized cost is = $450000

so correct option is b. $450,000

8 0
3 years ago
Other questions:
  • The most common method for graphing the relationship between two variables is by drawing two __________ lines, where the _______
    5·1 answer
  • During its first year of operations, Forrest Company paid $44,760 for direct materials and $50,600 in wages for production worke
    5·1 answer
  • When a manager assigns someone to work one-on-one with a new employee and show the new employee how the work is done, the traini
    10·1 answer
  • Karen is a judge hearing the case of Local Dispatch Co. v. National Transport Corp. Applying the relevant rule of law to the fac
    13·1 answer
  • The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estima
    6·1 answer
  • On November 1, Year 1 Cove Company borrowed $7,000 cash from Shelter Company. The one-year note carried a 7% rate of interest.
    11·1 answer
  • On September 18, 2019, Rose Company purchased 6,000 shares (9%) of Wozniak, Inc. stock for $28 per share. The market value per s
    5·1 answer
  • A translation adjustment (or translation gain) that is a consequence of translation of a functional currency that is different f
    7·1 answer
  • The entry to record the amortization of a premium on bonds payable on an interest payment date would Group of answer choices a d
    7·1 answer
  • You work at the headquarters of an enterprise known for unethical practices. the company has many remote sites, but most functio
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!