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topjm [15]
3 years ago
11

An aging of a company's accounts receivable indicates that $8400 are estimated to be uncollectible. If Allowance for Doubtful Ac

counts has a $4820 credit balance, the adjustment to record bad debts for the period will require a
Business
1 answer:
Alexxandr [17]3 years ago
8 0

Answer: Debit to bad debt expense for $3580.

Explanation:

Based on the information given, the bad debt expense will be:

= Desired balance - Actual balance before adjustment

= $8400 - $4820

= $3580

Based on the above, the journal entry will be:

Debit Bad debt expense $3580

Credit Allowance for uncollectible $3580

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The syllogism used is conditional, that is, it occurs through deductive reasoning, because if the minor premise is true, the minor premise will also be true.

<h3 /><h3>What is Conditional syllogism?</h3>

It is a type of syllogism widely used in everyday life, but the conclusion is not always true, because despite having two true premises, the conclusion can be false, because the argumentation is not always valid, as it does not directly represent the premises.

Therefore, despite being syllogisms that follow the pattern of "If" and "then" to express a logic, the conclusion will not always be true, as this type of syllogism can also be hypothetical.

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2 years ago
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3 years ago
If c corporations retain their after-tax earnings, when will their individual shareholders be taxed on the retained earnings?
stepan [7]

When will shareholders of C businesses that retain their post-tax profits be subject to individual income tax on those retained profits. When shareholders sell their shares for a profit, they must pay taxes.

C corporations will pay tax at a corporate rate of 21% as of the 2020 tax year (down from 35 percent in 2017). Then, dividends are taxed at the owner's personal marginal tax rate, which is up to 37%. (depending on the tax bracket).

Distributions of money or other assets to shareholders will lower the corporation's earnings and profits (E&P), but they won't affect its taxable income. Taxes are paid by the corporation on its taxable income and by the shareholders on any dividends they receive.

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1 year ago
Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. During 2021, equipment wit
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Answer:

C. New equipment was purchased for $145,000 cash. d. A $29,000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $58,000 face value. f. Common stock ($45,000 par) was sold for $65,000. 9. Net Income was $90,000 and cash dividends of $50,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 (s in thousands) Cash flows from operating activities Cash inflows Cash outflows Net cash flows from operating activities Cash flows from investing activities

Explanation:

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