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scZoUnD [109]
3 years ago
6

Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accou

nts has a $2,300 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information:
Age Group Total Percentage considered uncollectiable
Not yet due $56,000 1%
1â30 days past due 30,000 4%
31â60 past due 15,000 6%

Required:
What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31, 2018?
Business
1 answer:
Bezzdna [24]3 years ago
6 0

Answer:

$4,960

Explanation:

The computation of the appropriate balance for  Allowance for Doubtful Accounts but before that first we need to find out the allowance for doubtful debts which are shown below:

= Not yet due × given percentage + past due balance × given percentage + past due balance × given percentage

= $56,000 × 1% + $30,000 × 4% + $15,000 × 6%

= $560 + $1,200 + $900

= $2,660

And, there is a credit balance of $2,300

So, the appropriate balance is

= $2,660 + $2,300

= $4,960

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Karo-lina-s [1.5K]

1. Other things remain the same if the price of a budget line increases then the budget line will tilt inwards from the intercept of the goods whose price is constant.

2. other things remaining the same, if the budget for and, budget line a change in the Income of Consumer.

The budget line will move to the right to the new location as a result of the price of good X declining, the consumer's income being constant, and the price of Y increasing. If the price of good X increases while the price of good Y and income remain unchanged, the budget line will go up.

A budget line is a line that specifies the upper and lower bounds of permissible consumption and is based on the SUPPLY and DEMAND of goods and services from the customer. Budget, Prices, Demand, Prices Budget, Prices, Demand, Prices He has $1.00 to spend each week on coffee and Coke, and he has a total of $12.00 to spend on these items.

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7 0
1 year ago
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
Darya [45]

Answer:

Net operating income= 11,600

Explanation:

Giving the following information:

Selling price $118

Variable costs per unit:

Direct materials $37

Direct labor $23

Variable manufacturing overhead $3

Variable selling and administrative expense $5

Fixed costs:

Fixed manufacturing overhead $73,500

Fixed selling and administrative expense $29,900

The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).

<u>First, we need to calculate the total variable cost per unit:</u>

Total variable cost per unit= 37 + 23 + 3 + 5= $68

<u>Income statement:</u>

Sales= 118*2,300= 271,400

Total variable cost= 68*2,300= (156,400)

Total contribution margin= 115,000

Fixed manufacturing overhead= (73,500)

Fixed selling and administrative expense= (29,900)

Net operating income= 11,600

5 0
3 years ago
Which of the following account should not be entered in the debit side of the Trial balance?
Leya [2.2K]

Answer:

Debtors

Explanation:

Debts can be added but debtors can't

  • Trial list is the list of all balances of an individual
  • Rent is his balance
  • Capital A/c is also his
  • Insurance is also his

Debtots account is not of any use

So option C is correct

6 0
2 years ago
A monopolistically competitive firm willA.have some control over its price because its product is differentiated.B.always produc
aksik [14]

Answer:

A i think not too sure tho.

8 0
3 years ago
According to O*NET, what are some common skills needed by Financial Analysts? Select four options.
Nonamiya [84]

Answer:

1256

Explanation:

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6 0
2 years ago
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