1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Elenna [48]
3 years ago
8

M Company uses the percentage of sales method to account for its uncollectible accounts. On December 31, 2018, M has $1,800,000

in sales and 60% of these sales were in cash. M has a $2,000 credit balance in its allowance for doubtful account. Past experience suggested that 0.5% of credit sales are uncollectible. Requirements [You must show your work/steps of how you arrive at your answers] Question 1: What is the amount that M should report as its estimated bad debt expenses for year 2018
Business
1 answer:
Hitman42 [59]3 years ago
3 0

Answer:

See below

Explanation:

Estimated uncollectible based on past experience

= [($1,800,000 × 60%) × 0.5%]

= $1,080,000 × 0.5%

= $5,400

Credit balance in allowance for doubtful account = $2,000

Therefore, the total amount M should report as its estimated bad debts expense for the year 2018

= $5,400 - $2,000

= $3,400

You might be interested in
I have a business. I have 20 workers and 100 dollars!!! How do I split it??????
Andreyy89
You have 20 workers and $100.00

100.00/20workers = $5.00/ worker.

Just hand each one $5.00 and say Thanks Good Job!

Check: $5.00 x 20 = $ 100.00

8 0
3 years ago
What factors under the control of owners and managers make a firm successful and allow it to earn economic​ profits?
mafiozo [28]

Answer: E. The firm's ability to differentiate its product

Explanation:

The factor under the control of owners and managers that make a firm successful and allow it to earn economic​ profits is the firm's ability to differentiate its product.

Product Differentiation has to do with making a product unique from that of its rivals so that it'll be attractive to the customers and the target market. This will slow be vital for the company to produce at a average cost that is lower than that of its competing firms. This will help the company to have a competitive edge over others.

8 0
3 years ago
How do you prepare a balance sheet
Romashka [77]

Answer:

1.

Determine the reporting Date and period. 2. Identify your assets. 3. Identify your liabilities.

4. Calculate shareholders' equity.

Add total liabilities to total shareholders' equity and compare to the assets.

5 0
3 years ago
Read 2 more answers
Most of us have similar values, but we might put them in vastly different orders of importance.
Alekssandra [29.7K]
True because we do put other things above each other and
4 0
3 years ago
All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust
sdas [7]

All transactional documentation for listings, purchase and sale agreements, property management activities, exchanges, and trust account records must be retained for a period of three years.

Management is the management of an organization, such as a corporation, non-profit organization, or government agency. This is the art and science of managing company resources.

Management is the dynamic process of getting things done by others with the goal of achieving a common goal effectively and efficiently. All functions, from planning to organization, personnel allocation, management, and generalization, are essential for the smooth execution of management in an organization.

Management is a self-contained process of planning, organizing, managing and controlling.

Learn more about management here:brainly.com/question/1276995

#SPJ4

3 0
2 years ago
Other questions:
  • If you cannot make a tax payment in full, what is the BEST next step to take?
    8·1 answer
  • (a) how much more output does the $18 trillion u.s. economy produce when gdp increases by 1.0 percent? instructions: enter your
    15·1 answer
  • N article published in the washington post claims that 45 percent of all americans have brown eyes. a random sample of n=78 coll
    15·1 answer
  • Consider Pacific Energy Company and U.S. Bluechips, Inc., both of which reported earnings of $961,000. Without new projects, bot
    13·1 answer
  • Sarah has created a presentation to convince the executives at Sit Happens dog care, a regional chain of full service dog boutiq
    9·2 answers
  • Which of the following statements is most consistent with efficient inventory management? The firm has a:
    14·1 answer
  • 1. The level of prices and the value of money Suppose the price level reflects the number of dollars needed to buy a basket of g
    11·1 answer
  • Sal’s satellite company broadcasts TV to subscribers in Los Angeles and New York. The demand functions for each of these two gro
    9·1 answer
  • ohn, 68, is currently enrolled in a Medicare Supplement Plan with a stand-alone Prescription Drug Plan. Newly diagnosed with a c
    8·1 answer
  • An enhancing qualitative characteristic of accounting information that allows users to better understand similarities and differ
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!