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kumpel [21]
3 years ago
15

On 1/1/2020, Studebaker Corp. had an Accounts Receivable balance of $500,000 and an Allowance for Doubtful Accounts balance of $

30,000. During 2020, Studebaker made credit sales of $4,000,000 and cash collections of $4,100,000. Also during 2020, Studebaker wrote off uncollectible accounts receivable totaling $28,000. Based on an aging schedule, uncollectible amounts are estimated to total $35,000 as of 12/31/2020. Studebaker uses the Aging Schedule approach to recording bad debt expense. The adjusting journal entry to record Bad Debt Expense for 2020 includes a debit to Bad Debt Expense of
Business
1 answer:
matrenka [14]3 years ago
4 0

Answer:

Bad Debt expense $28,000.

Explanation:

Bad debts are the noncollectable amount of receivables which are not recovered. Companies usually maintain an allowance for uncollected receivables as doubtful debts or bad debts. The expense is recorded when there is no hope left for collection of these debts. Studebaker has estimated its bad debts to be 38,000 but it wrote off $28,000 which is the actual expense.

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Which of the following would be considered an appraisal cost of quality?
mars1129 [50]
Purchasing better tools for workers to perform their jobs
4 0
3 years ago
What should you plan for first when creating a budget
alexira [117]

Answer:

CALCULATE EXPENSES

Your first order of business is finding out exactly how much you’re spending each month. Do this by consulting your bank statements, receipts and financial files. Because some expenses are intermittent, such as insurance payments, you’ll get the most accurate financial picture if you calculate an average for six months to a year. Add up everything you spent for the last six to 12 months and then divide by the amount of months, which will give you your average monthly expenses.

Remember that being thorough when you add up expenses is important in creating a realistic budget. A forgotten bill really throws a wrench into your savings plan. When calculating your expenses, also factor in unexpected bills, such as unplanned car repairs. A good rule of thumb is to add an extra 10 percent to 15 percent. So if you’ve determined that you spend $1,500 a month, add $150 to $225.

4 0
3 years ago
During 2021, Bramble Corp. had the following activities related to its financial operations: Carrying value of convertible prefe
BigorU [14]

Answer:

the net cash used in financing activities is -$3,803,000

Explanation:

The computation of the net cash used in financing activities is shown below:

= Payment of cash dividend - payment for early retirement + proceeds from the sale of treasury stock

= -$280,000 -$3,974,000 +  $451,000

= -$3,803,000

hence, the net cash used in financing activities is -$3,803,000

WE simply applied the above formula

3 0
3 years ago
A cement manufacturer has supplied the following data: Tons of cement produced and sold 275,000 Sales revenue$979,000 Variable m
tresset_1 [31]

Answer:

65%

Explanation:

Given that

Sales = $979,000

Variable manufacturing expense = $232,000

Variable selling and administrative expense = $110,650

The computation of contribution margin ratio is shown below:-

Contribution margin ratio = (Sales - Variable manufacturing expense - Variable selling and administrative expense) × 100 ÷ Sales

= ($979,000 - $232,000 - $110,650) × 100 ÷ $979,000

= ($979,000 - $342,650) × 100 ÷ $979,000

= $636,350 × 100 ÷ $979,000

= 65%

3 0
3 years ago
Entrepreneurs work well under pressure because:
Darya [45]

Answer:

Letter d is correct. <u>They have a lot of energy.</u>

Explanation:

Entrepreneurs need to be high-energy people because they are naturally leaders in an organization and motivate employees.

The attitude that an entrepreneur adopts will usually be copied and transmitted in the organizational culture, but the ideal is that entrepreneurs prove to be high performance and energetic people, prepared to deal with the challenges and uncertainty that may occur in the organizational process, people who follow the line. the set of organizational ethics and policies.

The business posture is essential to cope with the daily pressures of running work systems.

5 0
3 years ago
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