All of the following statements regarding leases are true except ______

QS 7-10 (Algo) Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw materials, prepares the foll

goldenfox [79]

Part-1 Computation of Estimated Uncollectible - Dhaliwal

Account Receivable (a% of uncollectible (b)Uncollectible amount (a*b)

Not Due $1,00,000.00 1% $1,000.00

1 to 30 $38,000.00 2% $760.00

31 to 60 $17,000.00 4% $680.00

61 to 90 $14,000.00 6% $840.00

over 90 $16,000.00 10% $1,600.00

Estimated Balance of allowance for uncollectible $1,85,000.00 $4,880.00

Part 2: Journal Entry

Account Titles and Explanation Debit Credit

Bad Debt Expenses

(4880-3000) $1,880.00

Allowance for doubtful accounts $1,880.00

An account may be the document in a gadget of accounting wherein a business records debits and credits as proof of accounting transactions. as a consequence, the bills receivable account shops information approximately billings to customers, as well as reductions of those billings due to payments from clients.

3 specific types of debts in accounting are actual, private, and Nominal Accounts. the real account is then categorized into subcategories – Intangible real account, Tangible actual account. additionally, 3 distinct sub-forms of non-public accounts are natural, representative, and synthetic.

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5 0

11 months ago

Looking again at bank a and bank b, based on the information available, which bank do you think is at the greatest risk of insol

Kazeer [188]

<span>The greatest risk of insolvency</span> can be determined with a variety of factors.

5 0

3 years ago

Desert Company issued $15,000,000 of 8% bonds on May 1, 2020, and received cash totaling $13,308,942. The bonds pay interest sem

balu736 [363]

Answer:

Desert Company

The TOTAL dollar amount of discount that was amortized during the entire first year (5/1/20 through 4/3/21) these bonds were outstanding is:

= $65,447.

Explanation:

a) Data and Calculations:

Face value of bonds = $15,000,000

Issue value (proceeds) 13,308,942

Discount on the bonds $1,691,058

Coupon rate = 8%

Effective interest rate = 10%

Period of bonds = 8 years

November 1, 2020:

Interest expense = $665,447 ($13,308,942 * 5%)

Cash payment = $600,000 ($15,000,000 * 4%)

Discount amortized $65,447

Bond outstanding value = $13,374,389 ($13,308,942 + $65,447)

May 1, 2021:

Interest expense = $668,719 ($13,374,389 * 5%)

Cash payment = $600,000 ($15,000,000 * 4%)

Discount amortized $68,719

Bond outstanding value = $13,443,108 ($13,374,389 + $68,719)

4 0

2 years ago

What is the current value of a zero-coupon bond that pays a face value of $1,000 at maturity in 7 years if the appropriate disco

zvonat [6]

The current value of a zero-coupon bond is $481.658412.

<h3>What is a zero-coupon bond?</h3>

A zero coupon bond (also known as a discount bond or deep discount bond) is one in which the face value is repaid at maturity.
That definition assumes that money has a positive time value.
It does not make periodic interest payments or has so-called coupons, hence the term zero coupon bond.
When the bond matures, the investor receives the par (or face) value.
Zero-coupon bonds include US Treasury bills, US savings bonds, long-term zero-coupon bonds, and any type of coupon bond that has had its coupons removed.
The terms zero coupon and deep discount bonds are used interchangeably.

To find the current value of a zero-coupon bond:

First, divide 11 percent by 100 to get 0.11.

11%/100 = 0.11

Second, add 1 to 0.11 to get 1.11.

1 + 0.11 = 1.11

Third, raise 1.11 to the seventh power to get 2.07616015.

1.11⁷ = 2.07616015

Divide the face value of $1,000 by 1.2653 to find that the price to pay for the zero-coupon bond is $481.658412.

$1,000/1.2653 = $481.658412

Therefore, the current value of a zero-coupon bond is $481.658412.

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5 0

1 year ago

In contrast to folk customs, popular customs diffuse ____________ across the earth=s surface to locations with a wide variety of

N76 [4]

<span>rapidly; physical conditions; economic development; material possessions. This discusses the differences between folk customs and popular customs. The dissemination of information and knowledge about culture can be spread very quickly depending on the above factors, which include total population, proximity, environment, and abilities.</span>

4 0

3 years ago

All of the following statements regarding leases are true except _______.