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atroni [7]
3 years ago
6

During the​ year, credit sales amounted to​ $800,000. Cash collected on credit sales amounted to​ $780,000, and​ $16,000 has bee

n written off. At the end of the​ year, the company adjusted for bad debts expense using the​ percent-of-sales method and applied a​ rate, based on past​ history, of​ 3.5%. The ending balance of Accounts Receivable is​ ________.
Business
1 answer:
Monica [59]3 years ago
7 0

Answer:

Bad debt expense = $28000

Ending balance = $4000

Explanation:

given data

Credit sales= $800000

Cash collection = $780,000

Write off = $16,000

rate = 3.5 %

to find out

ending balance of Accounts Receivable is​

solution

first we get Bad debt expense that is express as

Bad debt expense = 800000 × 3.5%

Bad debt expense = $28000

and

Ending balance is express as

Ending balance = Credit sales - Cash collection - Write off     ..............1

put here value

Ending balance = $800000  - $780,000 - $16,000

Ending balance = $4000

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Accrual accounting requires that the cost associated with the failure of credit customers to pay their bills should be recorded
Pepsi [2]

Answer:

Explanation:

Failure of credit customers to pay their bills is considered a bad debt in Accounting. This is recored as a bad debt expense in journal entries in the <em>period when the credit sale occurred</em>. This ensures that these bad debt expense matches the revenues earned during that period. In a company's financial statements, bad debt expense is recorded in the Income statement as <em>selling expenses.</em>

5 0
3 years ago
Most people across the globe have similar access to technology information. Yes or no? Why?
Digiron [165]
False. A great example would be North Korea compared to the United States. In the United States we have the Freedom to Speech so we also have the the opportunity for news and social media where you can post pretty much anything. North Korea on the other hand lacks informing their own people and their own people lacks a stable and healthy government. We don’t know a lot about North Korea and they don’t know anything at all about us or the rest of the world.
8 0
3 years ago
Explicit and Implicit Costs) Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100
loris [4]

Answer:

No

Amos McCoy is earning an economic loss. His implicit cost ($200) is greater than his accounting profit ($100)

Explanation:

Economic profit it accounting profit less implicit cost.

Accounting profit is total revenue less total cost or explicit cost.

Implicit costs are opportunity costs.

Economic profit = $100 - $200 = $-100

Amos McCoy Is making an economic loss of $-100

I hope my answer helps you.

3 0
3 years ago
An example of opportunity cost:
maria [59]

Answer: b. Is the Chinese food that you gave up when you chose to eat Italian food.

Explanation: Opportunity cost refers to the cost of the next best alternative foregone or sacrificed. When an individual chooses to take a certain action, then his opportunity cost of doing that will be the alternatives that he has foregone.

IT can be expresses as,

Opportunity cost = \frac{Units sacrificed}{Units Gained}

When the individual chooses Chinese food when he could have choose to eat Italian food, his opportunity cost will be the Chinese food that you gave up.

For other options there is no information on what was given up.

8 0
3 years ago
After working as a manager of a small business for several years, Connie has been offered a management position with a local cha
vesna_86 [32]

Answer:

The principles of management are same.

Explanation:

Whatever industry the company is operating in, the way the company is managed is the same regardless the size, industry and motive of the company.

6 0
3 years ago
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