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Artyom0805 [142]
2 years ago
8

On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. On Febr

uary 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received.
Business
1 answer:
Phantasy [73]2 years ago
6 0

Answer:

1.

Date                    Account Title                                          Debit           Credit

February 1           Allowance for Doubtful accounts        $9,400

                            Oakley Co. - Accounts Receivable                        $2,200

                            Brookes Co. - Accounts Receivable                      $7,200

2.

Date                    Account Title                                          Debit           Credit

June 5                Oakley Co. - Accounts Receivable       $2,200

                          Allowance for Doubtful Accounts                           $2,200

June 5              Cash                                                          $2,200

                          Oakley Co. - Accounts Receivable                           $2,200

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Answer:

$33,091.95

Explanation:

The net present value is the present value of after tax cash flows from an investment less the amount invested.

NPV can be found using a financial calculator:

Cash flow in year 0 = $400,000

Cash flow each year from year 1 to 5 =$80,000

Cash flow in year 6 = $80,000 + $150,000 = $230,000

I = 10%

NPV = $33,091.95

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

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You have a soft spot in your heart for children and especially for those who are mistreated. You sincerely want to support CASA and its good work. But times are tough, and you can't be as generous as you have been in the past. Ms. Larios wrote a special letter to you asking you to become a Key contributor, with a pledge of $2,000

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