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Anarel [89]
3 years ago
11

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales

will be uncollectible. On January 1, theAllowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000.There were no sales returns or sales discounts during the year. After the adjusting entry, the December 31, balance in the Bad Debt Expense will be:________.
a. $1,200
b. $3,000
c. $3,600
d. $7,200
Business
1 answer:
mixer [17]3 years ago
3 0

Answer:

b. $3,000

Explanation:

According to the above information, the following data are given

Credit sales = $100,000

Uncollectible percentage = 3%

So, after the adjustment by using allowance method, Bad debt expense can be calculated as;

Bad debt expense = Credit sales × Uncollectible percentage

= $100,000 × 3%

= $3,000

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U.S. exports create a:____.
alisha [4.7K]

Answer:

B) Supply of foreign currencies and a supply of dollars in the foreign exchange markets

Explanation: just search it up they don't demand for foreign currencies they supply of foreign currencies

5 0
3 years ago
44) Christopher, a department manager, is attending the monthly budget planning meeting where all the department managers report
andreev551 [17]

When Christopher ask questions and nods his head after their responses. He is exhibiting the active style of listening.

<h3>What is active listening?</h3>

Active listening is a type of listening where the listener give rapt attention to the person <em>speaking</em> including the guestures.

The individual also ask questions to confirm all that his learning.

Therefore, When Christopher ask questions and nods his head after their responses. He is exhibiting the active style of listening

Learn more on active listening here,

brainly.com/question/3185541

5 0
2 years ago
postal express is considering the purchase of a new sorting machine. the sales quote consists of quarterly payments of $37,200 f
Cloud [144]

The five-year sales quote includes quarterly payments of $37,200 at a 7.6% interest rate. The price of the acquisition is $614,184.40.

<h3>Do you mean by PMT payment?</h3>

PMT stands for "payment," therefore the name of the function. A PMT method can estimate your monthly payments, for instance, if you are looking for a $30,000 car loan with a two-year term and an annual interest rate of 7%.

<h3>In the fv formula, what is PMT?</h3>

PV = present value, and FV=PMT(1+i)((1+i)N - 1)/i Future Value (FV) Payment per period (PMT) I = percent per period interest rate N is the number of cycles.

Quarterly Payment = PMT = $37,400

Interest Rates = r = 7.6% per year = 0.076 per year = 0.076 / 4 = 0.019 per quarter

Number of years = 5 years

Number of Payment = n = 5 years x 4 quarters per year = 20 quarters

PV = PMT x (1 - [1 / (1 +r)^n]) / r

PV = $37,200 x (1 - [1 / (1 +0.019)^20]) / 0.019

PV = $614,184.40

Learn more about PMT: brainly.com/question/12890163

#SPJ1

5 0
1 year ago
Carby Hardware has an outstanding issue of perpetual preferred stock with an annual dividend of $7.50 per share. If the required
Ad libitum [116K]

Answer:

The answer is $115.38

Explanation:

Solution

Given that

The annual dividend on preferred stock = $7.50

Required return on preferred stock+= 6.5%

The next step is to find at what price should the preferred stock sell which is given as follows:

The rice of preferred stock = 7.50/6.5%

= $115.38

$115.38 is the price at which the stock preferred was sold.

4 0
3 years ago
Which of the following are examples of automatic stabilizers? Check all that apply. As corporate profits rise during an economic
hoa [83]

Answer:

As people earn higher incomes during an expansion, the progressive tax system requires them to pay higher average tax rates

Explanation:

Automatic stabilizers are stabilizers that adjust the economy automatically without the intervention of external agents . examples include progressive tax and transfer payments

In an expansion, progressive tax increases the tax paid and this reduces disposable income

In a contraction, tax paid is reduced and this increases disposable income

6 0
3 years ago
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