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
Sphinxa [80]
2 years ago
13

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 4% of credit sales will

be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,100. During the year, Abbott wrote off accounts receivable totaling $2,100 and made credit sales of $94,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be
Business
1 answer:
OverLord2011 [107]2 years ago
8 0

Answer:

$3760

Explanation:

Calculation to determine the December 31 balance in Bad Debt Expense

Using this formula

Bad debt expense = Credit sales × Uncollectible percentage

Let plug in the formula

Bad debt expense= $94,000 × 4%

Bad debt expense= $94,000 × 0.04

Bad debt expense= $3760

Therefore the December 31 balance in Bad Debt Expense will be $3760

You might be interested in
Bismith Company reported: Actual fixed overhead Fixed manufacturing overhead spending variance Fixed manufacturing production-vo
max2010maxim [7]

Answer:

D. Debit fixed manufacturing overhead spending variance for $40,000

Explanation:

Since fixed manufacturing overhead shows the difference between the actual fixed overhead costs and budgeted fixed overhead cost during a period, Bismith would debit fixed manufacturing overhead spending variance of $40,000 inorder to write off the recording of the variances at the end of the accounting period because the value for fixed manufacturing overhead spending variance has already being gotten hence would be applied at the end of the period.

5 0
3 years ago
The government uses the revenue from taxes to pay for goods and services for the community.
tensa zangetsu [6.8K]
Yes it does. Services like education, water, electricity are covered in this way.
4 0
3 years ago
You run a school in Florida. Fixed monthly cost is $5,435.00 for rent and utilities, $6,171.00 is spent in salaries and $1,545.0
umka21 [38]

Answer:

31

Explanation:

The calculation of indifferent between your current mode of operation and the new option is shown below:-

Current Operation

Contribution Margin = Monthly Fees - Variable Cost

= $734.00 - $91.00

= $643.00

Total Fixed Cost = Rent and Utilities + Salaries + Insurance

= $5,435.00 + $6,171.00 + $1,545.00

= $13,151.00

New Operation

Contribution Margin = Monthly Fees - Variable Cost

= $1,054.00 - $158.00

= $896.00

Total Fixed Cost = Rent and Utilities + Salaries + Insurance

= $11,679.00 + $6,974.00 + $2,408.00

= $21,061.00

Here we will assume the indifferent number of students will be X

So,

Income under current option = Income under new option

$643.00 × X - $13,151.00 = $896.00 × X - $21,061.00

$253X = $7,910

X = $7,910 ÷ $253

= 31.26

or

= 31

5 0
3 years ago
Frank is interested in rewriting the vision statement for his antique shops, and he wants his employees and his business to grow
vivado [14]

<u>Answer:</u> Option A True

<u>Explanation:</u>

As an entrepreneur Frank has made the right decision of rewriting the vision statement for his antique shop.  A business can succeed only when it has a strong vision statement. When there is a proper vision statement the entire business works for that purpose.

The vision statement made should be linked with the goals of employees. This will create a positive and inspiring place for the employees to work. Even the small antique shop can expand its business activities and attain growth through proper vision statement.

8 0
2 years ago
There is a 4 percent error rate at a specific point in the production process. If an inspector is placed at this point, all the
Vsevolod [243]

<u>Solution and Explanation:</u>

The given data is as follows:

Error rate = 4%, per hour payment of inspector = $8, inspection of units = at the rate of 49 per hour, cost = $9 per unit

The problem can be solved as considering an opportunity to have an improvement of 4% in the quality.

In case inspector is not hired then it will cost .04 multiply 9= $.3.6 per unit and in case the inspector is hired it will cost $ 0.163 approx.(8 divided by 49).

Therefore, on comparison, it is recommended to hire the inspector.

8 0
2 years ago
Other questions:
  • A small economy increased its capital per hour worked (k/l ) from $40,000 to $50,000. As a result, real GDP per worker (Y/L) gre
    6·1 answer
  • The measure of economic performance that compares how much a system produces versus the resources required to produce​ it, is kn
    10·1 answer
  • What term is used to describe an experiment run by an ad agency where the ad agency will recruit consumers to come watch a tv se
    9·1 answer
  • An employer who fires an, at will employee in a public and humiliating manner may be liable to the employee for intentional infl
    5·1 answer
  • Cole is refinishing an antique china cabinet and has already spent $180 on the restoration. He expects to be able to sell the ca
    5·1 answer
  • Baker Company owns 15% of the common stock of Charlie Corporation and used the fair-value method to account for this investment.
    15·1 answer
  • If you would like to start a company with decentralized decision making regarding day-to-day operations, but a central body of m
    6·1 answer
  • The seeking sustainability box shows us that consumer relationship building can mean many different things. in this case, campbe
    6·1 answer
  • Information related to Kerber Co. is presented below.
    9·1 answer
  • How does the scope of american government compare to the scope of government in other countries?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!