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KonstantinChe [14]
2 years ago
11

E6-20 (Algo) Inferring Bad Debt Expense and Determining the Impact of Uncollectible Accounts on Income (Including Tax Effects) a

nd Working Capital LO6-2 A recent annual report for RVC contained the following information (dollars in thousands) at the end of its fiscal year: Year 2 Year 1 Accounts receivable $ 9,092,000 $ 8,633,000 Allowance for doubtful accounts (1,020,000 ) (565,000 ) $ 8,072,000 $ 8,068,000 A footnote to the financial statements disclosed that uncollectible accounts amounting to $827,000 and $436,000 were written off as bad debts during year 2 and year 1, respectively. Assume that the tax rate for RVC was 35 percent. Required: 1. Determine the bad debt expense for year 2 based on the preceding facts. (Hint: Use the Allowance for Doubtful Accounts T-account to solve for the missing value.) (Enter your answers in thousands not in dollars.) 2. Working capital is defined as current assets minus current liabilities. Would the working capital be affected by the write-off of an uncollectible account? 3. Would the net income be affected by the $827,000 write-off during year 2?
Business
1 answer:
SVETLANKA909090 [29]2 years ago
8 0
Theres is to much writing sorry hope this helps
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vodka [1.7K]
The correct answer is "People-Oriented Leadership".

People-Oriented leadership refers to the kind of leadership, wherein a leader takes initiative and also believes that communication from one worker to another can be a good cause for effective teamwork. Nevin believes that social interaction can be a good cause for unity and a harmonious workplace to achieve goals easily.
6 0
3 years ago
Read 2 more answers
Which of the following should take place in the completing stage when writing an instant message?a. Creating a content outline b
antoniya [11.8K]

Answer:

C. Proofreading

Explanation:

Option A is wrong. In an instant message, no one is trying to create a content outline as it is not a letter or assignment.

Option B is incorrect. An instant message can be sent to many people at a time. Therefore, maximizing the number of receivers is the main idea while writing an instant message.

Option D is also not correct. Acronyms are hard to understand. Writing acronyms in an instant message will be challenging for the receivers.

Option E cannot be the answer as an instant message can be sent anytime. Therefore, it can be increased.

<em>Option C</em> is correct because while writing an instant message, proofreading is a necessary stage. If anything misspelled or miswritten, the explanation will change.

5 0
3 years ago
The Bretton woods system of exchange rates relied on A. Fixed exchange rates with no mechanism for changing them. B. Fixed or pe
aleksklad [387]

The Bretton woods system of exchange rates relied on <u>"fixed or pegged exchange rates, with occasional orderly adjustments to the rates."</u>



The Bretton Woods arrangement of money related administration built up the rules for business and monetary relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods framework was the principal case of a completely arranged financial request expected to administer money related relations among free states. The central highlights of the Bretton Woods framework were a commitment for every nation to embrace a fiscal approach that kept up its outer trade rates inside 1 percent by binds its money to gold and the capacity of the IMF to connect transitory uneven characters of installments. Likewise, there was a need to address the trouble among different nations and to anticipate focused depreciation of the monetary forms also.


6 0
3 years ago
Swifty Company has identified that the cost of a new computer will be $30000, but with the use of the new computer, net income w
klio [65]

Answer:

10.0 years

Explanation:

The computation of the payback period is shown below

We know that

Payback period = initial cost ÷ increase in net income

= $30,000 ÷ $3,000

= 10 years

As the depreciation expense is a non-cash expense so we dont considered it

Therefore the first option is correct

8 0
2 years ago
Wilson has a 40 percent interest in the assets and income of the CC&amp;W Partnership, and the basis in his partnership interest
laila [671]

Answer:

a. $24,000

b. $9,000

Explanation:

a. The amount of income or loss from the partnership is limited to the share of the loss rather than its partnership interest

In the given case, the partnership interest is $45,000 and the share of his loss is $24,000

So, $24,000 is reported in his individual income tax return

b. The computation of the Wilson's basis in his partnership interest is shown below:

= Basis in his partnership interest - share of the loss -  cash distribution received from the partnership

= $45,000 - $24,000 - $12,000

= $9,000

3 0
3 years ago
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