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bezimeni [28]
3 years ago
12

A large account previously written off in a prior year was unexpectedly collected in the current year. as a result, the current

credit balance of allowance for uncollectible accounts is $17,460.00. the december 31 estimate of uncollectible accounts is only $15,450.00. your manager has discussed this transaction with you. you have been instructed not to credit uncollectible accounts expense for this transaction, as this would distort that expense for the current year. you need to determine an appropriate account to credit.
Business
1 answer:
spin [16.1K]3 years ago
6 0

In the given case the accounts were previously written off by debiting the Allowance for doubtful debts accounts now in order to revive these accounts receivable, we should Debit the Accounts Receivable and credit the Allowance for doubtful debts accounts. Hence the account to be credited is Allowance for doubtful debts accounts.

Hence the answer shall be Allowance for doubtful debts accounts


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Which of the following is not an example of how you can reduce the full
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To reduce the cost of higher education, what should not be done is to get low grades, because they can sanction you and you will have to repeat some subjects.

<h3>What is higher education?</h3>

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7 0
2 years ago
Imari brown is attending community college. she has 1000 of educational expenses. she claims herself on her tax return. she is t
wlad13 [49]
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5 0
3 years ago
MV Corporation has debt with market value of ​million, common equity with a book value of ​million, and preferred stock worth mi
kirza4 [7]

Answer:

The Weighted Average cost of capital measures the cost to the company of its current capital structure by using the weights of the various capital measures. WACC usually uses market values so;

Total amount = Debt + Preferred stock + common equity

= 100 million + 20 million + ( 50 * 6 million)

= $420 million

<u>Proportions.</u>

Debt

= 100/420

= 24%

Preferred Stock<u> </u>

= 20/420

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Common Equity

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6 0
3 years ago
Russell Preston delivers parts for several local auto parts stores. He charges clients $1.30 per mile driven. Russell has determ
Lapatulllka [165]

Answer:

A. Determine how many miles Russell needs to drive to break even?

break even formula = total fixed costs / contribution margin

  • total fixed costs = $1,220
  • contribution margin = $1.30 - $0.29 = $1.01

break even formula = $1,220 / $1.01 = 1,207.9 ≈ 1,208 miles

B. Assume Russell drove 2,500 miles last month. Without making any additional calculations, determine whether he earned a profit or a loss last month.

if he drove 2,500 he made a profit because it is more than the break even point.

C. Determine how many miles Russell must drive to earn $2,135.00 in profit.

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D. Prepare a contribution margin income statement assuming Russell drove 2,500 miles last month.

total revenue                         $3,250

<u>- variable costs                       ($725)</u>

contribution margin              $2,525

<u>- fixed costs                         ($1,220)</u>

net income                            $1,305

E. Use the above information to calculate Russell’s degree of operating leverage.

Degree of operating leverage = contribution margin / operating income = $2,525 / $3,250 = 0.7769 or 77.69%

8 0
3 years ago
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