Answer:
$49,690 credit balance
Explanation:
total credit sales = $590,000
past due up to 180 days = $110,000
past due for more than 180 days = $79,000
Crimson expects to not collect:
- 3% of credit sales not due yet = $590,000 x 3% = $17,700
- 14% of credit sales past due up to 180 days = $110,000 x 14% = $15,400
- 21% of credit sales past due for more than 180 days = $79,000 x 21% = $16,590
- total = $49,690
Allowance for uncollectible amounts has $3,500 debit balance
the adjusting entry should be:
Dr Bad debt expense 53,190
Cr Allowance for uncollectible accounts 53,190
The ending balance = $53,190 - $3,500 = $49,690
The owner's equity division should contain a) 31 P. Woodsley Capital.
The statement of owner's equity includes the capital and the changes that affects the capital like additional contribution, net income, withdrawals, and expenses.
Additional contribution and net income increases the value of the owner's equity.
Withdrawal and expenses decreases the value of the owner's equity.
$995.00 she will have in her account in 11 years
Future Value = Present Value + Present Value * Interest Rate * Time Period
Future Value = $500 + $500 * 0.09 * 11
Future Value = $995.00
Simple interest is a quick and easy way to calculate interest on a loan. Simple interest is calculated by multiplying the daily interest rate by the principal and multiplying by the number of days elapsed between payments.
Simple Interest (SI) is a method of calculating the amount of interest on a particular principal at a particular interest rate. For example, when a person takes out an Rs loan. At a rate of 5000, 10 p.a. for 2 years, the interest for a person for 2 years is SI. To the borrowed money.
Learn more about simple interest here:brainly.com/question/25793394
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<span>The top ten arms exporting countries in 2016 were, in order: USA; Russia; Germany; France; China; UK; Israel; Italy; South Korea; Ukraine. These ten countries account for around 90% of the total arms trade, which amounts to some $31 billion. The amounts involved obviously give millions upon millions of dollars to international arms dealers, both legitimate and perhaps less so.</span>
Answer:
d. All of the answers are correct.
Explanation:
The following accounts are effected
1. Revenue account
2. Account receivable account
3. Asset account
4. No impact on liabilities
Let us take an example. If sales are made on Ram account for $100,000
So, the journal entry would be
Account receivable - Ram A/c Dr $100,000
To Sales revenue A/c $100,000
(Being the credit sales is recorded)
It increases both above accounts plus there is no impact on liability which increase the asset account
