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Diano4ka-milaya [45]
3 years ago
8

Net credit sales for the month are $4,000,000 for Marx Clothiers. Its accounts receivable balance is $160,000. The allowance is

calculated as 7.5% of the receivables balance using the percentage of receivables basis. The Allowance for Doubtful Accounts has a credit balance of $5,000 before adjustment. How much is the balance of the allowance account after adjustment?
Business
1 answer:
AnnyKZ [126]3 years ago
4 0

Answer:

Credit balance of $12,000

Explanation:

To calculate the balance of the allowance for doubtful accounts we need to multiply the total accounts receivable times the percentage of estimated bad debts:

$160,000 x 7.5% = $12,000

Since allowance for doubtful accounts is a contra asset account, when it increases it should be credited.

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A country with a very low per capita GDP can have a very high growth rate because mathematically, when the________ is________, e
lana66690 [7]

Answer:

Denominator

Lower

Numerator

Explanation:

The reason is that the statement is talking about the low per capita GDP which we can see in the picture attached with this answer.

We can see that if the denominator is lower which means that either population decreases or remains constant when the GDP has increased then the the growth in the per capita GDP will be higher because minute increases in the GDP will increase the answer with significant percentages.

4 0
3 years ago
Read 2 more answers
A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill i forms Where would
Juliette [100K]

Answer: A. Go to the Gear icon and select All Lists

Explanation:

QuickBooks online is an accounting software that is used by businesses to make business payments, to pay bills, and can also be utilized to perform payroll functions.

A great feature of QuickBooks Online is that there are other lists that one can use to make it easier to fill i forms and these list can be found in the gear icon where one would then select all lists.

7 0
3 years ago
1-Elmer invested, P250,000- cash in his new business.<br> analysis <br> debit is - <br> credit is -
castortr0y [4]

Answer:

debit is P250,000

credit is 0

Explanation:

hope it helps:)

4 0
2 years ago
The Muffin House produces and sells a variety of muffins. The selling price per dozen is $ 18​, variable costs are $ 5 per​ doze
Vlad1618 [11]

Answer:

$7,222

Explanation:

Given that,

Selling price per dozen = $18​

Variable costs = $5 per​ dozen

Total fixed costs = $ 5,200

Contribution margin per dozen:

= Selling price per dozen - Variable costs per dozen

= $18​ - $5

= $13

Contribution margin ratio:

= (Contribution margin ÷ Selling price per dozen) × 100

= ($13 ÷ $18) × 100

= 0.72 × 100

= 72%

Break-even sales in​ dollars:

= Total fixed costs ÷ Contribution margin ratio

= $5,200 ÷ 0.72

= $7,222

6 0
3 years ago
A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured
Lemur [1.5K]

Answer:

It is more profitable to continue processing.

Explanation:

Giving the following information:

A company has inventory that cost $50,000. Its scrap value is $65,000. The inventory could be sold for $150,000 if manufactured further at an additional cost of $80,000.

Sell for scrap= 65,000 - 50,000= 15,000

Continue processing= 150,000 - 80,000 - 50,000= 20,000

7 0
3 years ago
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