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andrew11 [14]
2 years ago
10

Wheeling Inc. uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging a

nalysis equals $7,100. At the end of the year, the balance of Accounts Receivable is $121,000 and the unadjusted debit balance of the Allowance for Doubtful Accounts is $920. Credit sales during the year totaled $192,000. What is the estimated Bad Debt Expense for the current year
Business
1 answer:
Nookie1986 [14]2 years ago
4 0

Answer:

$8,020

Explanation:

estimated uncollectible receivables = $7,100

accounts receivables = $121,000

unadjusted debit balance of allowance for uncollectible accounts = $920

credit sales during the year = $192,000

bad debt expense = unadjusted debit balance + estimated uncollectible receivables = $7,100 + $920 = $8,020

the adjusting journal entry:

Dr Bad debt expense 8,020

    Cr Allowance for uncollectible accounts 8,020

The allowance for uncollectible accounts account is a contra asset account that has a normal credit balance.

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Alfonzo's Italian House has 25,000 shares of stock outstanding with a par value of $1 per share and a market price of $36 a shar
Liono4ka [1.6K]

Answer:

$18

Explanation:

6 0
2 years ago
Westsyde Tool Company is expected to pay a dividend of $1.50 in the upcoming year. The risk-free rate of return is 6%, and the e
lawyer [7]

Answer:

Return on company's stock = 15.6%

Explanation:

<u><em>The capital asset pricing model (CAPM)</em></u><em> relates the price of a share to the market risk or systematic risk. The systematic risk is that which affects all the all the economic agents, e.g inflation, interest rate e.t.c</em>

Using the CAPM , the expected return on a asset is given as follows:

E(r)= Rf +β(Rm-Rf)

E(r) =? , Rf- 6%, Rm- 14%, β- 1.2

E(r)  = 6% + 1.2× (14- 6)%

        = 6%  + 9.6%

         = 15.6%

Return on company's stock = 15.6%

7 0
3 years ago
Campbell Co. has net sales revenue of $1,320,000, cost of goods sold of $760,700, and all other expenses of $297,000. The beginn
olasank [31]

Answer:

3.46

Explanation:

Calculation for Campbell Co. fixed asset turnover ratio

First step is to find the Average net fixed assets

Using this formula

Average Fixed assets= Fixed assets Beginning balance +Fixed assets ending balance /2

Let plug in the formula

Average Fixed assets= $368,000 + $396,000/ 2

Average Fixed assets=$764,000/2

Average Fixed assets=$382,000

Second step is to calculate for the Fixed asset turnover

Using this formula

Fixed asset turnover = Net revenue ÷ Average net fixed assets

Let plug in the formula

Fixed asset turnover= $1,320,000 ÷ $382,000

Fixed asset turnover= 3.46

Therefore Campbell Co. fixed asset turnover ratio will be 3.46

7 0
3 years ago
Which of the following is an example of a market segment?
Hatshy [7]

Answer: The answer is "b. A group of individuals with different product requirements".

Explanation: The definition of a market segment refers to a homogeneous and large group of consumers that can be recognized within a market, who have similar desires, buying habits, and who will react similarly to the power of marketing.

4 0
3 years ago
Drag the tiles to the correct understand the different types of life insurances
VashaNatasha [74]

1.plan that earns tax-deferred interest income and has high risk

d. guarantee universal life

2.plan that builds wealth and pays a death benefit

a. term life

3.plan that covers a family while the person is employed

b. index universal life

4.plan that covers someone for his or her life

c. whole life

3 0
3 years ago
Read 2 more answers
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