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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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If the total assets of a business are $107,000 and its liabilities are $75,000, which of the following statements is correct?
Lady bird [3.3K]

Answer:

a. liabilities are $32,000

Explanation:

Note: In question part $75,000 shall represent equity, as there are only 3 parts of balance sheet assets, equity and liabilities, if assets are given liabilities is what we need to calculate the missing is equity.

Thus, $75,000 is treated as equity.

In that case we have,

Assets = Equity + Liabilities

$107,000 = $75,000 + Liabilities

Assets - Equity = Liabilities

$107,000 - $75,000 = Liabilities

$32,000 = Liabilities

Therefore, correct option is

a. liabilities are $32,000

7 0
3 years ago
Dividends received for equity securities in which the investor lacks the ability to participate in the decisions of the investee
erastovalidia [21]

Answer:

False.

Explanation:

When the investor does not have decision- making power in the business, his dividend payment process is not different from any other shareholder.

When profits are declared the company debits Retained Earnings (profits) for the divedend amount, and credited to Dividends Payable.

Dividend Payable is then debitted and Cash will be credited to show money has gone out.

4 0
3 years ago
Will i be rich from business or entrepreneurship
Ber [7]

Answer:

Business

Explanation:

entrepreneurship is just a map in which successful are those just make this web

7 0
3 years ago
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I didn't sign up for this and I'd like my money back and to delete this account
prohojiy [21]

Answer:

Simply ask a lot of innapropiate questions and the moderators will kick u out! Have fun!

Explanation:

6 0
2 years ago
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A small producer of machine tools wants to move to a larger building, and has identified two alternatives. Location A has annual
xenn [34]

Answer:

Location A is superior to up 40 units. From there Location B is better

Explanation:

Giving the following information:

Location A:

Fixed costs of $100,000

Variable costs of $13,000 per unit.

Location B:

Fixed costs of $300,000.

Variable costs of $8,000 per unit.

The finished items sell for $18,000 unit.

Contribution margin Location A= 18000-13000= 5,000

Contribution margin Location B= 18000 - 8000= 10,000

Income formula location A= 5000*Q - 100000

Income formula location B= 10000*Q- 300000

5000*Q - 100000= 10000*Q - 300000

200000= 5000Q

Q= 40 units

Location A is superior to up 40 units. From there Location B is better.

6 0
3 years ago
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