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
laila [671]
3 years ago
6

On December 31, 2016 before adjusting entries, Accounts Receivable for Nickolas Company had a debit balance of $200,000, and the

Allowance for Doubtful Accounts had a credit balance of $6,000. Credit sales for the year were $1,600,000.
If credit losses are estimated at 1% of credit sales:

a. The balance of the Allowance for Doubtful Accounts will be $10,000 after adjustment.
b. The balance of the Allowance for Doubtful Accounts will be $22,000 after adjustment.
c. The balance of the Allowance for Doubtful Accounts will be $16,000 after adjustment.
d. Bad Debts Expense for the year will be $22,000.
Business
1 answer:
Karo-lina-s [1.5K]3 years ago
4 0

Answer:

b. The balance of the Allowance for Doubtful Accounts will be $22,000 after adjustment.

Explanation:

If credit losses are estimated at 1% of credit sales than balance of allowance for doubtful account after adjustment will be = $6,000 + $1,600,000 * 1%

= $6,000 + $16,000

= $22,000

You might be interested in
There is no doubt that the product development stages are very important in creating a successful product.
skelet666 [1.2K]

Answer:

i think its important because working through these creates the plan for the product, creation of sed product how to use it sell it and have a successful product.

3 0
3 years ago
Presented below is information for Marin Company.
hram777 [196]

Answer:

Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.

Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.

Explanation:

The (summary) journal entries to record the items noted will look as follows:

<u>Particulars                                   Debit ($)             Credit ($)        </u>

Accounts Receivable                  104,700

Sales Revenue                                                         104,700

<u><em>(To record net sales (all on account) for the year.)                        </em></u>

Cash                                             85,400

Accounts Receivable                                               85,400

<u>(Collections on accounts receivable during the year.)                 </u>

3 0
2 years ago
Mary purchased a home in year 1 for $200,000. She made a 20-percent down payment and financed the rest with a 15 year loan at si
Serjik [45]

Answer:

If Mary decides to itemize her deductions, she can deduct $11,000 from her gross income (= $9,600 + $1,400).

Explanation:

For 2019, Mary can deduct mortgage interests from her first loan and the interests from her home equity loan as itemized deductions. Deductions are available for mortgage debt and other home equity loans up to $500,000 for single filers and $1,000,000 for married joint filers.

8 0
3 years ago
Health/career exploration, need help
OverLord2011 [107]
The answer to your questin is THE 4TH ONE Please mark as brainlest if helps
8 0
3 years ago
The ________ stage of the new-product process assesses the total "business fit" of the proposed new product with the company's m
xeze [42]

Answer:

The answer is market strategy development stage.

Explanation:

During the market strategy development phase, it is analyzed if your product fits into your business strategic plans. A probable demand, the costs and the margins are estimated. Questions like what is the target market and which market share is expected need to be answered.

8 0
3 years ago
Other questions:
  • Gordon Corporation produces 1,000 units of a part per year which are used in the assembly of one of its products. The unit cost
    9·1 answer
  • Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on Decemb
    13·1 answer
  • The application of marketing strategies and practices not for profit but rather to change or create behaviors that have a benefi
    8·1 answer
  • A mother wants to invest ​$9 comma 000.00 for her​ son's future education. She invests a portion of the money in a bank certific
    8·1 answer
  • Statement of Cost of Goods Manufactured for a Manufacturing Company
    9·1 answer
  • Assume that beer is an inferior good. If the price of beer​ falls, then the substitution effect results in the person buying​ __
    8·1 answer
  • At the end of World War II, Group of answer choices most nations began to apply tariffs uniformly across all industries. tariffs
    11·1 answer
  • Suppose the economy is at a point below its physical production possibilities frontier but above its institutional production po
    12·1 answer
  • The unemployment rate in a town in which 65,400 persons are in the labor force and 11,000 are unemployed equals:_____.
    10·1 answer
  • Employees who are part of the chain of command that is responsible for achieving organizational goals.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!