1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sati [7]
3 years ago
10

Jumpin Corporation uses the percentminusofminussales method to estimate uncollectibles. Net credit sales for the current year am

ount to $ 2 comma 100 comma 000​, and management estimates 3​% will be uncollectible. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 1 comma 800. The amount of UncollectibleminusAccount Expense reported on the income statement will​ be:
Business
1 answer:
Fudgin [204]3 years ago
5 0

Answer:

The amount of Uncollectible Account Expense reported on the income statement will​ be: $ 64,800

Explanation:

Jumpin Corporation

Percent of Sales method

Net credit sales  $ 2 100  000​,

Un collectible estimated 3​%

Un collectibles Accounts = 3% of  $ 2 100,000​, = $ 63,000

Unadjusted Allowance for Un collectible Accounts  $ 1, 800 Dr.

Required Adjustment =                                 $ 64,800

The amount of Un collectible Account Expense reported on the income statement will​ be: $ 64,800

In the percent of sales method emphasis is laid on the matching principle in the income statement and amount of bad debts expense is subtracted from the accounts receivables.

You might be interested in
Complete the following table of basic calculations. For Percent Contribution Margin, use MC. Round to table standard.
matrenka [14]

The table shows that price of J will be $12, the quantity demanded of A will be 700, and the marginal revenue of E is 7.

<h3>How to calculate the values?</h3>

The price of J will be:

= Total revenue / Quantity demanded

= 14400/1200

= 12

The quantity demanded of A will be:

= Total revenue/Price

= 11900/17

= 700

The marginal revenue of E will be:

= (13500 - 12800)/(900 - 800)

= 700/100

= 7

The variable cost of B will be:

= 6140 - 500

= 5640

The total cost of C will be:

= 6135 + 500

= 6635

Learn more about demand on:

brainly.com/question/1245771

#SPJ1

6 0
2 years ago
Young people need about
Doss [256]
D. Nine to eleven, a quick google search solves that
7 0
3 years ago
Read 2 more answers
Your broker requires an initial margin of $878 per futures contract on wheat and a maintenance margin of $650 per contract. Whea
Shkiper50 [21]

Answer:

b. Call for $1,500

Explanation:

According to the scenario, computation of the given data are as follow:-

We can calculate the amount of margin call by using following formula:-

Loss of today = future contracts based total bushels × total contract × (settlement cost per bushels - future contract price per bushels)

= 5,000 cents × 6 × (390 cents  - 385 cents)

= 5,000 cents × 6 × 5 cents

= 150,000 cents

And we know that

100 cents = 1 dollar

so,

150,000 cents ÷ 100 =$1,500

Initial margin $878 per future contract and maintenance margin $650 per contract, Margins of both are less than loss .So we have to pay $1,500 in initial margin.

According to the analysis, we will receive $1,500 margin call.

Therefore option (B) call for $1,500 is correct.  

8 0
2 years ago
In Chile, one worker can harvest 4 pounds of peppers or 4 pounds of coffee beans. In Argentina, one worker can harvest 2 pounds
Monica [59]

Chile- 4 pounds of coffee beans, Argentina - 16 pounds of coffee beans, is the correct solution of the question.

<h3>Explanation of the question?</h3>

It loses 4 pounds of coffee beans if one worker produces 4 pounds of peppers. As a result, if the worker produces 4 pounds extra peppers, 4 pounds of coffee beans will be lost. As a result, the opportunity cost of generating an additional 4 pounds of peppers for Chile is equal to 4 pounds of coffee beans.

Argentina's case:

It loses 8 pounds of coffee beans if one worker produces 2 pounds of peppers.

As a result, if the worker produces 1 pound of pepper, it loses = 8/2 = 4 pounds of coffee beans.

The worker will lose = 4 * 4 = 16 pounds of coffee beans if he produces 4 pounds of peppers.

As a result, the potential cost of producing an additional 4 pounds of peppers for Argentina is 16 pounds of coffee beans.

Thus, it is 4 pounds of coffee beans, Argentina - 16 pounds of coffee beans.

For more details about about the question, click here:

brainly.com/question/15304707

#SPJ1

8 0
1 year ago
Suppose you deposit​ $2000 in currency into your checking account at a branch of Bank of​ America, which we will assume has no r
Finger [1]

Answer: Please see answer in the explanation column

Explanation:  A T- account resembles a tshape that shows a representation for financial records using  double-entry bookkeeping, when it involves  different accounts like asserts and liabilities, debits to liabilities decrease the account while credits increase the account. The contrary is true for assets

first T-account

.a) <u>Assets              |         Liabilities</u>

Reserve: +$2000        Deposit: +$2000

b)

<u>Assets                |        Liabilities</u>

Reserve $400        Deposit=+$2000

Loans: .+$1600         

Where required reserve ratio is 20% ie 0.02 x 2000= $400

The bank will keep $400 as reserve and can only loan out $1600

Deposited in another bank as

<u>Assets                |        Liabilities</u>

Reserve $1600        Deposit=$1600

4 0
3 years ago
Other questions:
  • When banks borrow and lend reserves in the federal funds market,
    13·1 answer
  • Following are financial statement numbers and ratios for CVS Health Corporation for the year ended December 31, 2016. Total reve
    8·1 answer
  • The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of Sep
    13·1 answer
  • As a person consumes more of a good or service, the person's _____ will increase. At the same time, this person's _____ will dec
    12·1 answer
  • Please help???/
    15·1 answer
  • Suppose the U.S. dollar is defined by law as being equal to 0.1 ounce of gold. Further suppose the British pound is defined as b
    13·1 answer
  • The builder of a new arena is sued after a section of the roof collapses during a football game, injuring hundreds of people and
    14·1 answer
  • You are meeting to discuss the proper categorization of marketing strategy costs in the monthly department budget performance re
    11·1 answer
  • During the current year, OutlyTech Corp. expected to sell 22,500 telephone switches. Fixed costs for the year were expected to b
    12·1 answer
  • How do i buy a ring for my super hot fine dad non-existent future novio?
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!