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Mars2501 [29]
3 years ago
9

McGlone Corporation had a 1/1/17 balance in the Allowance for Doubtful Accounts of $40,000. During 2017, it wrote off $28,000 of

accounts and collected $8,400 on accounts previously written off. The balance in Accounts Receivable was $800,000 at 1/1 and $960,000 at 12/31. At 12/31/17, McGlone estimates that 5% of accounts receivable will prove to be uncollectible. What should McGlone report as its Allowance for Doubtful Accounts at 12/31/17
Business
1 answer:
Musya8 [376]3 years ago
8 0

Answer:

$48,000

Explanation:

The computation of the amount that should be reported as its allowance for doubtful accounts is shown below

= Ending balance of account receivable × uncollectible percentage

= $960,000 × 0.05

= $48,000

hence, the  amount that should be reported as its allowance for doubtful accounts is $48,000

The above formula should be applied

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Ellen Carson’s sales for 5 months were $26,908, $28,386, $28,730, $27,290, and $29,009. What must be her sales next month if she
hjlf

Answer:

$28,065

Explanation:

The moving averages method uses the means of the previous months as the forecast for the next months.

The formula for the moving average is as below.

Moving Average = (n1 + n2 + n3 + ...) / n

In this case, the Moving average = $26,908 +$28,386 +$28,730, $27,290+  $29,009 / 5

= $140,323 /5

=$28,064.6

=$28,065

7 0
3 years ago
on holiday weekends thousands of people picnic in state parks. some picnic areas become so overcrowded the benefit or value of p
tekilochka [14]

Answer:

a. tragedy of the commons

Explanation:

Based on the scenario being described within the question it can be said that the fee system corrects a problem known as the tragedy of the commons. This term describes a specific situation in a shared-resource system in which individuals go against the common good by depleting the shared resources through their collective actions in order to benefit their own self-interests.

8 0
2 years ago
Read 2 more answers
Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution o
Murrr4er [49]

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

7 0
2 years ago
Gems Corp. is a leading jewelry brand that finds it hard to make as much profit as its competitors. In order to overcome this, t
Leni [432]

Answer: B - Internal Analysis

Explanation: Internal Analysis involves a company looking inwards to determine it's competencies, strength, weakness and advantages. Internal anaylsis usually incorporates a SWOT analysis.

A SWOT analysis is the analysis of the strength, weakness, opportunities and threats of the organisation.

An external analysis involves analysing the market place and economy to identify trends and put measures in place to take advantage of current trends to ensure profit maximization.

Competitior anaylsis involves analysising the competitions of an organisation to identify threats and opportunities so as to maximaise profit

Client advantage can arise from building a loyal customer base that always patronise the business or having a company been one of the few producers of a product.

In the case of Gems Corps, they looked inwards and made improvements to how the company is run.

Therefore,Gems Corps made use of Internal Analysis.

I hope my answer helps.

Goodluck

4 0
2 years ago
During the first 11 months of a recent year, a certain charitable organization received an average (arithmetic mean) of $20,600
IgorLugansk [536]

Answer:

$25,400

Explanation:

Average for first 11 months = $20,600

Total amount for first 11 months = 11 x $20,600 = $226,600

Average for 12 months = $21,000

Total amount for 12 months = 12 x $21,,000 = $252,000

Amount received in December =  $252,000 - $226,600 = $25,400

The organization received $25,400 in donations during December

6 0
3 years ago
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