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lakkis [162]
3 years ago
5

Monty Corp. has been in business for several years. At the end of the current year, the ledger shows: Accounts Receivable $ 326,

200 Dr. Sales Revenue 2,761,700 Cr. Allowance for Doubtful Accounts 6,100 Cr. Uncollectible accounts are estimated to be 6% of accounts receivable. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Aliun [14]3 years ago
4 0

Answer and Explanation:

The journal entry is shown below:

Bad debt expense Dr  $13,472

    To allowance for doubtful debts  $13,472

(Being the bad debt expense is recorded)

The bad debt expense is

= 6% of $326,200 - $6,100

= $13,472

Here the bad debt expense is debited as it increased the assets and credited the allowance for doubtful debts

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Industrial ecology (select THREE): Group of answer choices
Pavlova-9 [17]

Answer:

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Explanation:

5 0
3 years ago
Petter Jansen purchased 100 shares each in Sygnette and Joey Stores a year ago. He paid $62.85 and $121.15 per share respectivel
yawa3891 [41]

Answer:

2.58%

Explanation:

holding period return (HPR) = [(ending value - initial value) + dividends received] / initial value

  • initial value of Petter's portfolio = (100 x $62.85) + (100 x $121.15) = $18,400
  • ending value = (100 x $59.80) + (100 x $127.35) = $18,715
  • dividends received = 100 x $1.60 = $160

HPR = [($18,715 - $18,400) + $160] / $18,400 = $475 / $18,400 = 0.0258 = 2.58%

7 0
3 years ago
73) A company releases a five-year bond with a face value of $1000 and coupons paid semiannually. If market interest rates imply
IRINA_888 [86]

Answer:

The answer is D. 10%

Explanation:

The coupon rate that must cause the bond to be issued at a premium must be greater than the Yield-to-maturity (YTM).

If it is issued at a coupon rate equals to the Yield-to-maturity (YTM), it is said to be issued at par.

And If it is issued at a coupon rate lower to the Yield-to-maturity (YTM), it is said to be at discounts

6 0
3 years ago
The forecasted sales pertain to Arrow Corporation: Month Sales September $400,000 October 320,000 Finished Goods Inventory (Augu
Andreas93 [3]

Answer:

68,000 units

Explanation:

The computation of the number of units that produced in september is given below;

The sales units at September is

= $400,000 ÷ 5

= 80,000 units

And, the october sales units is

= $320,000 ÷ 5

= 64,000 units

So, the production should be

= Ending finished units + sales units - beginning finished units

= (25% of 64,000 units)  + 80,000 units - 28,000 units

= 16,000 units + 80,000 units - 28,000 units

= 68,000 units

7 0
3 years ago
If interest rates are rising:
AleksandrR [38]

Answer:

c. planned investment spending is most likely to decrease.

Explanation:

High interests rates reduce the levels of investment in an economy.  Investments are capital intensive ventures and will require borrowing to finance them. When interest rates are high, loans become expensive. For a project to be viable in times of high-interest rates, it will need to have a very high rate of return.

When interest rates are high, banks will offer a higher rate of return on savings. Using savings to finance investments become more costly. Investors would prefer to put their money in a deposit account for higher interest payments than to invest.

High-interest rate thus slows down investments expenditures.  The cost of borrowing goes up while the incentives to save increase.

3 0
4 years ago
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