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katovenus [111]
3 years ago
9

A company has $104,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts

. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $940 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
Business
1 answer:
SpyIntel [72]3 years ago
6 0

Answer:

$4,260

Explanation:

The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense is given below:

Estimated Uncollectible Accounts is

= $104,000 × 5%

= $5,200

Now  

Bad debt expense is

= Estimated Uncollectible accounts - credit balance in Allowance account

= $5,200 - $940

= $4,260

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While Steve is cleaning out his garage, he finds an old surfboard that he no longer needs. As he walks to the dumpster to throw
ki77a [65]

Answer:

$10

Explanation:

Steve achieved a producer surplus of $10, which is commensurate with the value of the 6-pack of beer he received from his neighbor. This means he practically sold the old surfboard for $10.

6 0
3 years ago
in 1998 fischer corp issued bonds with an 8 percent coupon rate and a 1000 face value. the bonds mature on marc 1, 2023. if an i
ArbitrLikvidat [17]

Answer:

approximate YTM = 7.48%

Explanation:

the approximate yield to maturity = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]

approximate YTM = {$80 + [($1,000 - $1,050)/15]} / [($1,000 + $1,050)/2]

approximate YTM = ($80 - $3.33) / $1,025

approximate YTM = $76.67 / $1,025

approximate YTM = 0.0748 ≈ 7.48%

5 0
3 years ago
Human Resource Management (HRM) takes a strategic approach in developing and maintaining a qualified workforce to gain a competi
madreJ [45]

Answer:

The statement is: True.

Explanation:

Human Resources (<em>HR</em>) is the department of an organization in charge of recruiting, selecting, and training employees so they can easily adapt to their work environment. Human Resource Management (<em>HRM</em>) is dedicated to allocating the potential of those employees in a way that they can be more productive to the point of creating a competitive advantage for the firm.

4 0
3 years ago
Rebecca gladlyn budgeted $1050 for housing and utilities in july. she actually spent $962. what is her budget variance?
gavmur [86]
Rebecca's budget variance is $88
6 0
3 years ago
A candy manufacturer uses 8,280 pounds of sugar in 30 working days. The lead time for sugar is 10 days. Safety stock is 3 days'
Dimas [21]

Answer :

Stock reorder point is 3588 pounds

Step-by-step explanation :

Stock Reorder Point = ( Lead time × Average daily sales ) + Safety stock

We are given, lead time = 10 days , total sugar consumption is 8280 pounds in 30 days

\implies Average\thinspace daily\thinspace sales=\frac{Total\thinspace sugar\thinspace consumed}{No.\thinspace of\thinspace days}\\\\\implies Average\thinspace daily\thinspace sales=\frac{8280}{30}=276\thinspace pounds

Safety stock = 3 days per usage

\implies Exact\thinspace amount\thinspace of\thinspace safety\thinspace stock=3\cdot Average\thinspace daily\thinspace sales = 3\cdot 276 = 828\thinspace pounds

Now, Reorder point is given by :

Stock\thinspace Reorder\thinspace Point = ( Lead\thinspace time \cdot Average\thinspace daily\thinspace sales ) + Safety\thinspace stock\\\implies Stock\thinspace Reorder\thinspace Point = 10\cdot 276\thinspace +\thinspace 828 = 3588\thinspace pounds

Hence, Stock Reorder Point = 3588 pounds


8 0
4 years ago
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