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Paha777 [63]
2 years ago
13

Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assure

d, and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise is in condition to be re-sold. Therefore, Reliable uses the cost recovery method. Merchandise costing $30,000 was sold for $55,000 in 2020. Collections on this sale were $20,000 in 2020, $15,000 in 2021, and $20,000 in 2022. In its 2020 year-end balance sheet, Reliable would report installment receivables (net) of:
Business
1 answer:
sveta [45]2 years ago
6 0

Answer:

the installment receivables is $10,000

Explanation:

The computation of the installment receivables is shown below:

installment receivable ($55,000 - $20,000) $35,000

LesS: Deferred gross profit ($55,000 - $30,000) $25,000

Installments Receivable $10,000

hence, the installment receivables is $10,000

The same should be considered and relevant

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3 0
3 years ago
The degree to which complete information is available best describes:
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7 0
3 years ago
What might you send to people who buy a house with no water?
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4 0
3 years ago
Nonuniform Inputs, Equivalent Units Terry Linens Inc. manufactures bed and bath linens. The bath linens department sews terry cl
anyanavicka [17]

Answer:

For Material 80,000

For Conversion 72,000

Explanation:

The computation of equivalent units of production for the bath linens department for August is shown below:-

                                     <u>Materials</u>               <u>Conversion</u>  

Units completed and

transferred out              60,000                   60,000

Units in process,

August 31                      20,000                   12,000

                                                               (20,000 × 60%)

Equivalent units of

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Therefore to reach out the equivalent units of production we simply added the units completed and transferred out with Units in process Aug 31 of material and conversion.

4 0
3 years ago
Type the correct answer in the box. Spell all words correctly.
notka56 [123]

Answer:

Doubtful

Explanation:

The company will record the uncollectible $5,670 of its accounts receivable as a debit to uncollectible accounts expense and a credit to the DOUBTFUL account.

This is evident in the fact that the bad debt allowance method has three main principles which are:

1. Calculate uncollectible receivables

2. Debit bad debt expense and credit allowance for doubtful accounts in the journal entry

3. Debit allowance for doubtful accounts and credit the corresponding receivables account when it is time to write off the account.

8 0
3 years ago
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