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LekaFEV [45]
3 years ago
12

On December 31 of the current year, Jerome Company has an accounts receivable balance of $329,000 before any year-end adjustment

s. The Allowance for Doubtful Accounts has a $1,100 credit balance. The company prepares the following aging schedule for accounts receivable:
Total Balance

1-30 days

31-60 days

61-90 days

over 90 days

$329,000

$160,000

$90,000

$51,000

$28,000

Percent uncollectible

1%

2%

3%

20%

What is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments?

A) $1,100

B) $9,430

C) $10,530

D) $11,630
Business
1 answer:
lina2011 [118]3 years ago
4 0

Answer:

Option C is correct answer.

Explanation:

Allowance for Uncollectible Accounts at December 31 = 160000 x 1% + 90000 x 2% + 51000 x 3% + 28000 x 20%

= $10,530

Option C is correct answer.

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The amount of loss that should be recognized is the <u>minimum amount </u><u>of the </u><u>range. </u>

<u />

<h3>Recording a Contingent liability </h3>
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US GAAP rules state however that if the loss is probable and the amount is in a range, the amount to be recorded as a contingent liability should be the minimum of the range.

In conclusion, they should recognize the minimum amount.

Find out more on contingent liabilities at brainly.com/question/17371330.

3 0
2 years ago
The combination of debt financing and equity financing that maximizes a firm's value is known as its:
ohaa [14]

Answer:

optimal capital structure

Explanation:

optimal capital structure can be regarded as a combination of

of debt and equity financing which brings about maximization of amarket value in a firm. It should be noted that optimal capital structure is the combination of debt financing and equity financing that maximizes a firm's value.

5 0
2 years ago
Hillary can invest her family savings in two assets: riskless treasury bills or a risky vacation home real estate project on an
galina1969 [7]

Answer:

The expected return on her portfolio is B) 11.8%

Explanation:

Hi, the expected return of a portfolio can be found by multiplying the weight of each of the assets times each of its expected return, that is:

E(portfolio)=E(Tbills)*Weight(Tbills)+E(other)*Weight(other)

So everything should look like this

E(portfolio)=0.04*0.70+0.3*0.3=0.118

The expected return of the portfolio is 11.8%, that is option B)

Best of luck.

7 0
3 years ago
Lattimer Company had the following results of operations for the past year: Sales (15,000 units at $12.15) $ 182,250 Variable ma
Gnesinka [82]

Answer:

Profit (loss) 4611

Explanation:

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Sales (5300 * 7.80) = 41.340  

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8 0
3 years ago
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Old Man Smith died owning a property with an estimated value of $500,000. He never married and died without leaving a will. Smit
vazorg [7]

Answer:

The property would be given to the next available direct relation of his who happens to be his sister. This is because, most property are shared among siblings. Since Smith's sister is one of his sibling, she is entitled to receive the property.

Explanation:

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