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seraphim [82]
3 years ago
9

Melinda kept a record of her spending for the week. She spent $25 to put gas in the car, bought a new shirt for a total of $22.3

8, played putt-putt golf with some friends that cost $6.95 and paid $38.71 for a few groceries. What was the total of Melinda’s expenses for the week?
Business
1 answer:
shtirl [24]3 years ago
4 0
She spent 93.04 doing the week
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Rock bottom purchases its inventory on trade credit with terms of 2/10 net 45. If the firm waits the full 45 days to pay for the
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Answer:

The effective annual rate of interest is 23.45%

Explanation:

Effective annual rate of interest=(1+annual interest)^365/t-1

Annual interest =discount rate/100%-discount rate

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annual interest=2/100-2

                         =2.04%

T is the difference between the discount period of 10 days and credit period of 45 days

45-10=35 days

Effective annual rate of interest=(1+2.04%)^(365/35)-1

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                                                      = 1.2345  -1

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                                                        =23.45%

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3 years ago
Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. T
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Answer:

<em>Incomplete question is "2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?"</em>

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2.     Year   Account Title                              Debit     Credit

       2021  Bad debt expense                   $105,000

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4. Bad debt expense for 2021 (direct write off method) = Amount written off = $80,000

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