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
mixer [17]
3 years ago
5

During its first year of operations, Indigo Corporation had credit sales of $3,213,200, of which $361,300 remained uncollected a

t year-end. The credit manager estimates that $16,880 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit LINK TO TEXTLINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Indigo Corporation, assuming that in addition to the receivables it has cash of $91,990, merchandise inventory of $189,180, and supplies of $12,580. (List current assets in order of liquidity)
Business
1 answer:
Kryger [21]3 years ago
5 0

Answer and Explanation:

The journal entry is given below;

Bad debts expense $16,880    

           To Allowance for doubtful accounts $16,880

(Being the bad debt expense is recorded)

The preparation of the current asset section of the balance sheet is presented below:

Cash $91,990    

Accounts receivable $361,300    

less:allowance for doubtful accounts-$16,880 $344,420    

Merchandise inventory $189,180    

Supplies $12,580    

total current assets $638,170

You might be interested in
Why did many Americans fear Vladimir I. Lenin and his followers, the Bolsheviks?
r-ruslan [8.4K]
<span>The answer is  A.  Communism is an ideology where the state is the one who rules.  It is a totalitarian form of government where individuals serve the Communist state and promote its ideology.  It runs counter to American values because in a democratic society, people have the right to be what they want to be as well as express their opinions and ideas even if it means criticizing the government which cannot be done in Communism.  Americans also value the right to accumulate wealth whereas Communism is against any form of capitalism.  Everybody gets the same thing no more and no less.  In a Democratic-capitalist society, you the right pursue your dreams as well as accumulate wealth so long as it is done with the laws.</span>
3 0
3 years ago
Mel, an agent for a dress shop, orders one hundred dresses from SAG Manufacturing for the April Sale. There is no specific agree
olga55 [171]

Answer:

Mel, an agent for a dress shop, orders one hundred dresses from SAG Manufacturing for the April Sale. There is no specific agreement in the sale contract indicating when title will pass to the department store. The title will pass to the department store when

  • c. SAG physically delivers the dresses to the department store.  IF THERE IS NO EXPLICIT AGREEMENT REGARDING WHEN TITLE PASSES, TITLE OF THE GOODS WILL PASS WHEN THE SELLER COMPLETES DELIVERY OF THE GOODS.

 

Frank contracts with Bumper Cars, Inc. to buy five bumper cars. The contract lists the five cars as BC001, BC002, BC003, BC004, BC005. Identification

  •  b. has taken place.  SINCE THE GOODS HAVE ALREADY BEEN MARKED AND DESIGNATED, IDENTIFICATION HAS TAKEN PLACE.

Olga’s Clothing Store contracts to buy forty men’s suits from Louie’s Manufacturing, Inc. Unless the contract states otherwise, it is assumed to be

  • c. a shipment contract.  A SHIPMENT CONTRACT REFERS TO A CONTRACT WHERE THE SELLER IS AUTHORIZED TO DELIVER THE PASS THE GOODS TO THE BUYER BUT A DELIVERY POINT HAS NOT BEEN SPECIFIED, THEREFORE, TITLE PASSES AT THE POINT OF SHIPMENT.

5 0
4 years ago
Manganese Company makes frames. A customer wants to place a special order for 750 frames in green with the company logo painted
Lady_Fox [76]

Answer:

decrease in operating income for $41,250

Explanation:

The computation of the change in the operating income is shown below:

Total order cost is

= 750 frames × $60

= $45,000

And,

Total cost is

= Charging per frame + cost per frame

= $100 + $15

= $115

So, for 750 frames, it is

= $115 × 750 frames

= $86,250

So as we can see that the total order cost is less than the total cost so it would results into decrease in operating income for $41,250 by taking a difference of $86,250 and $45,000

4 0
4 years ago
On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays semiannual interest of $105,000
miv72 [106K]

Answer: PV= 3,350,000

Fv= 3,500,000

PMT= 105,000

N= 10

YTM= 7.03%

7.03*3,500,000*0.5= 123,025

123,025-105,000= 18,025

 

                                            Debit                               Credit

Interest Expense                123,025

Cash                                                                             105,000

Discount Amortized                                                     18,025

Explanation:

6 0
4 years ago
which of following budget would not be prepared by a retailer? Administrative, Sales, cash, production.
alexgriva [62]

Answer:

Production.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year.

Basically, budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The key principle of supply chain management can be best summed up as collaboration between multiple firms. Thus, these multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.

A retailer can be defined as an individual or company that buys finished goods directly from a wholesaler and sells directly to the end users (consumers).

In this context, a retailer would prepare an administrative, sales and cash budget but certainly wouldn't prepare a production budget because retailers aren't saddled with the responsibility of producing goods.

Simply stated, a production budget would be prepared by a manufacturer or producer.

8 0
3 years ago
Other questions:
  • Which sentence in the passage represents a safe work practice? Daisy and Norah are colleagues in a software company. A.Daisy slo
    15·2 answers
  • Suppose nominal GDP in an economy is $11 trillion and real GDP is $10 trillion. What would be the implicit price deflator?
    13·1 answer
  • Which of the following describes why China’s normal trade relation status has been a source of controversy in the United States?
    9·1 answer
  • A company has net income of $925,000; its weighted-average common shares outstanding are 185,000. Its dividend per share is $0.7
    10·1 answer
  • The board of directors of UT Wireless, Inc. is considering two compensation plans for the CEO of the company. The first would pa
    10·1 answer
  • During the current year, Witz Electric, Inc., recorded credit sales of $880,000. Based on prior experience, it estimates a 2 per
    8·1 answer
  • Price in a perfectly competitive industry: Select one:_____
    14·1 answer
  • Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its install
    15·1 answer
  • Fama and French (1992) found that the stocks of firms within the highest decile of book-to-market ratios had an average annual r
    5·1 answer
  • When applying for federal grants, a student must
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!