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3 years ago

How is a provision for bad debt recognized in the income statement and balance sheet

1 answer:

6 0

Answer: The provision for doubtful debts is an accounts receivable contra account, so it should always have a credit balance, and is listed in the balance sheet directly below the accounts receivable line item. The two line items can be combined for reporting purposes to arrive at a net receivables figure

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You put aside $300 a month in an account that returns 9% a year, compounded monthly. How long do you need to contribute to save

Anettt [7]

Answer:

36 years 4 months and 2 days

Explanation:

Data provided in the question:

Monthly payment = $300

Rate of return, i = 9% = 0.09

Future value = $1,000,000

Now,

we know

Future value = Monthly payments × $\left[ \frac{(1+i)^{n}-1}{i} \right]$

1000000 = $300 × $\left[ \frac{(1+0.0075)^{ }-1}{ 0.0075 }$

$\frac{ 1000000}{ 300} &= \frac{ 1.0075^{n} - 1}{ 0.0075}$

$3333.33333 &= \frac{ 1.0075^{n} - 1}{ 0.0075}$

$1.0075^{n} - 1 &= 3333.33333 \times0.0075$

1.0075ⁿ - 1 = 25

1.0075ⁿ = 26

ln( 1.0075ⁿ) = ln(26)

n × ln( 1.0075 ) = ln(26)

n = [tex]\frac{ \ln (26) }{ \ln( 1.0075 ) }[tex]

n = 436.04 months

n = 36 years 4 months and 2 days

5 0

3 years ago

Read 2 more answers

Sheffield Company purchases $50,300 of raw materials on account, and it incurs $63,900 of factory labor costs. Supporting record

Yakvenalex [24]

Answer:

Work-in-process - Assembly Department $64,160 (debit)

Work-in-process - Finishing Department $38,080 (debit)

Overhead $102,240 (credit)

Explanation:

Assembly Department Costs Assignments

J1 : Raw Materials

Work -in-process $27,100 (debit)

Raw Materials (credit)

J2 : Labor

Work -in-process $40,100 (debit)

Salaries and Wages Payable $40,100 (credit)

J3 : Overheads

Work-in-process $64,160 (debit)

Overhead $64,160 (credit)

Finishing Department Costs Assignments

J1 : Raw Materials

Work -in-process $23,200 (debit)

Raw Materials $23,200 (credit)

J2 : Labor

Work -in-process $23,800 (debit)

Salaries and Wages Payable $23,800 (credit)

J3 : Overheads

Work-in-process $38,080 (debit)

Overhead $38,080 (credit)

Summary of assignment of overhead

Work-in-process - Assembly Department $64,160 (debit)

Work-in-process - Finishing Department $38,080 (debit)

Overhead $102,240 (credit)

3 0

3 years ago

The term ______ describes circumstances where a country's exports exceed it imports.

Misha Larkins [42]

Trade surplus or positive trade balance.

Both of these terms refer to the situation of higher exports than imports.

8 0

3 years ago

David is a police officer with the New York Police Department (NYPD).NYPD asks David to retire when he turns 65.It also informs

romanna [79]

Answer:

B) David will most likely lose the case as it is legal for police officers to be subjected to mandatory retirement.

Explanation:

According to relevant laws, an officer must retire upon attaining the age of 62 of after 20 years of uniformed service (if it is an Early Retirement) or 22 years of uniformed service (if it is a Normal Retirement).

Regardless of whether it is a Normal or Early retirement, the officer must disengage at the age of 62.

The relevant laws which govern the administration of the NYPD retirement process as wells pensions are:

the Administrative Code of the City of New York (NYCAC);
the New York State Retirement and Social Security Law (RSSL), and
the Rules of New York City Police Pension Fund (NYCPPF)

Cheers!

3 0

3 years ago

The ________ is a form of business organization that is rapidly gaining popularity in the United States. The concept originated

zvonat [6]

Answer:

Limited liability company

Explanation:

A limited liability company (LLC) is an hybrid entity United States in which the characteristics of corporations and partnerships are combines. In this strategy owners are not personally liable for the firm's debts.

I hope you find this information useful and interesting! Good luck!

6 0

3 years ago