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xxTIMURxx [149]
2 years ago
12

At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivab

le balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $900. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Business
1 answer:
Marina86 [1]2 years ago
7 0

Answer:

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

Explanation:

Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

($31,500+$900)

( To record its estimated bad debts expense)

Estimated Bad debts expense =Account receivables + Debit balance

Estimated Bad debts expense= $31,500 + 900

Estimated Bad debts expense=$32,400

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BI represents a bold new paradigm in which the company's business strategy must be aligned to its business intelligence analysis
nikdorinn [45]

The answer is, False.

  • A collection of tools (technology, applications, etc.) known as business intelligence (BI) is used to enable better business decisions.
  • BI is a tool for achieving goals, not a goal in and of itself.
  • BI is a crucial tool since technology is advancing quickly and steadily.
  • For instance, it took Walmart several decades to overtake Sears as the leading retailer in the United States, but Amazon did so in only a few short years.
  • Our world has radically transformed as a result of new technology, and no organization can afford to fall behind.

<h3>What do you mean by business intelligence?</h3>
  • Business intelligence (BI) is a technology-driven method for data analysis and information delivery that aids managers, employees, and executives in making wise business decisions.

<h3>What is business intelligence give examples?</h3>
  • BI encourages the use of historical data to promote fact-based decision making as opposed to assumptions and intuition.
  • Data analysis is carried out by BI tools, which also produce reports, summaries, dashboards, maps, graphs, and charts to give users a thorough understanding of the nature of the business.

Learn more about  business intelligence here:

brainly.com/question/13339276

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4 0
2 years ago
On January 1, Concord Corporation had 113000 shares of $10 par value common stock outstanding. On March 17 the company declared
Alik [6]

Answer and Explanation:

The Journal entry is shown below:-

March 17

Stock Dividend Dr, $84,750 (113,000 × 5% × $15)

     To Common Stock Dividend Distributable $56,500 (113000 × 5% × $10)

     To Paid in capital in excess of Par - Common Stock $28,250

(Being stock dividend is recorded)

Here we debited the stock dividend and we credited the Common Stock Dividend Distributable and Paid in capital in excess of Par - Common Stock

6 0
3 years ago
Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work i
kicyunya [14]

The question incomplete! The complete question along with answer and explanation is provided below.

Question:

Eagle Life Insurance Company pays its employees $.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus $100 a month for the cost of a pass. Tom, in his Mazda 2-seat Roadster, collected $100 for his automobile mileage, and Mason received $100 as reimbursement for the cost of a bus pass.

a. What are the effects of the $100 reimbursement on Tom's and Mason's gross income?

b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is $0.30 per mile. What are Tom's and Mason's after-tax costs of commuting to and from work?

Explanation:

a.

For Tom:

He is required to include the $100 in gross income therefore, he would have to pay after-tax cost on the reimbursement.

For Mason:

He is not required to include the $100 in gross income due to qualified transportation fringe.

b.

For Tom:

Marginal tax = 24%

The after-tax cost of commuting = 0.24*$100 = $24

The before-tax cost of commuting = $0 (since he was reimbursed)

For Mason:

The after-tax cost of commuting = $0

The before-tax cost of commuting = $0 (since he was reimbursed)

5 0
2 years ago
A machine which cost $400,000 is acquired on January 1, 2017. Its estimated salvage value is $100,000 and its expected life is f
Soloha48 [4]

Answer and Explanation:

The computation of the depreciation expense for 2017 and 2018 under the following methods

a. Straight-line method

= (Purchase cost - residual value) ÷ (estimated life)

= ($400,000 - $100,000) ÷ (5 years)

= $60,000

Since the depreciation expense under this method would remain the same for the remaining useful life

So for 2017 and 2018, the depreciation expense i.e. $60,000 would be charged every year.

b. Under the sum-of-the-year-digits method

For 2017,

= ($400,000 - $100,000) × 5 years ÷ ( 5 + 4 + 3 + 2 + 1)

= $300,000 × 5 years ÷ 15 years

= $100,000

For 2018, the book value is

= $400,000 - $100,000

The $100,000 is the depreciation expense of 2017 year

= $300,000 × 4 ÷ 15

= $80,000

3 0
2 years ago
Diane Bernick opened Bernick's Consulting. Transactions for the month of January and trial balance at January 31 are shown. Jan.
padilas [110]

1. The preparation of the Income Statement for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Income Statement </h3>

For the Month Ended January 31, 20--

Consulting Fees               401                             $1,700

Wages Expense                511               1,400

Rent Expense                   521                 750

Phone Expense               525                   65

Utilities Expense              533                  115

Miscellaneous Expense  549                  40    $2,370

Net income                                                          $670

2. The preparation of the Owner's Equity for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Owner's Equity</h3>

As of January 31, 20--

Diane Bernick, Capital      311            $11,000

Diane Bernick, Drawing   312                (450)

Net loss                                                  (670)

Owner's equity                                 $9,880

3. The preparation of the Balance Sheet for Bernick's Consulting is as follows:

Bernick's Consulting

<h3>Balance Sheet</h3>

As of January 31, 20--

<h3>Assets:</h3>

Cash                                   101             $9,730

Office Supplies                 142                  200

Office Equipment              181                1,300

Total assets                                        $11,230

<h3>Liabilities and equity:</h3>

Accounts Payable           202            $1,350

Owner's equity                                    9,880

Total liabilities and equity                $11,230

<h3>Data: </h3>

Bernick’s Consulting

<h3>Trial Balance</h3>

January 31, 20--

ACCOUNT TITLE    ACCOUNT NO.    DEBIT    CREDIT

Cash                                   101             $9,730

Office Supplies                 142                  200

Office Equipment              181                1,300

Accounts Payable           202                              $1,350

Diane Bernick, Capital      311                              11,000

Diane Bernick, Drawing   312                 450

Consulting Fees               401                               1,700

Wages Expense                511               1,400

Rent Expense                   521                 750

Phone Expense               525                   65

Utilities Expense              533                  115

Miscellaneous Expense  549                  40

Totals                                                 14,050   14,050

Learn more about preparing financial statements at brainly.com/question/22941895

#SPJ1

4 0
1 year ago
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