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Rudik [331]
2 years ago
10

As of January 1, 2021, Barley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experie

nce, 2% of Farley's gross accounts receivable have been uncollectible. During 2021, Farley wrote off $650,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,000,000. How much bad debt expense should Barley record for 2021?
Business
1 answer:
Vaselesa [24]2 years ago
7 0

Answer:

$490,000

Explanation:

The computation of the bad debt expense is shown below:

= Account receivable + (Gross Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= $650,000 +  ($18,000,000 × 2%) -  ($520,000)

= $650,000 + $360,000 - $520,000

= $490,000

We simply added the estimated amount and deduct the credit balance to the account receivable so that the accurate amount can come

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Which of the following personnel policies is not relevant to recruitment
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<span>Lead-the-market pay strategies. An employer may choose to establish an internal compensation strategy that is in excess of the pay rates in the prevailing marketplace. This compensation strategy may increase the supply of candidates, increase selection rates of qualified applicants, decrease employee turnover, increase morale and productivity, or prevent unionization efforts. However, prior to implementing a lead compensation strategy, an organization should carefully consider what benefits it expects to realize from such a strategy, keeping in mind that this type of structure has the greatest propensity of increasing overall labor costs.</span>
4 0
3 years ago
Read 2 more answers
Pepe, Incorporated acquired 60% of Devin Company on January 1, 2017. On that date Devin sold equipment to Pepe for $45,000. The
krek1111 [17]

Answer:

The loss on equipment recognized by Devin on its internal accounting records for 2017 is $9,000

Explanation:

By using the given information which is mentioned in the question, first we have to calculate the book value of equipment.

So, the book value of the equipment is equals to

= Cost price - accumulated depreciation

= $120,000 - $66,000

= $54,000

Now we can calculate the loss or gain on sale of equipment which is equals to

= Sale price - book value

= $45,000 - $54,000

= - $9,000

Since, the amount shows negative which means the company has suffered a loss of $9,000 on equipment

The other things like net income of 2017 and 2018 is irrelevant because it tells the net income of overall company not for equipment. So, it is not being considered while computation

Hence,  the loss on equipment recognized by Devin on its internal accounting records for 2017 is $9,000

7 0
3 years ago
A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incur
Radda [10]

Answer:

$3.2 million

Explanation:

The revenue and gross profit or loss which the company identify in the first and second year if it recognizes revenue upon contract completion is calculated below.

Total costs = Incurred costs + estimated costs to complete = $8 million + $12 million = $20 million

Revenue to recognize = $8m/$20m*$28m = $11.2 million

Gross Profit = Revenue recognized less costs incurred

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4 0
3 years ago
The primary policy tool used by the fed to meet its monetary policy goals is.
Makovka662 [10]

The primary tool used by the Fed to achieve monetary policy goals is <u>Open Market Operations.</u>

<h3>What are Open Market Operations (OMO)?</h3>
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  • Securities traded include bills, notes, and bonds.

When the fed wants to increase the money supply, they will buy these securities from the public. If it is a decrease they they seek, they will sell securities to the public.

In conclusion, this is Open Market Operations.

Find out more about Open Market Operations at brainly.com/question/14256204.

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2 years ago
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A. Independence

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