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notka56 [123]
3 years ago
15

Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $58,000 and $2,700, r

espectively. During Year 2, Allegheny wrote off $4,800 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $4,400. What amount will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement
Business
1 answer:
MrRa [10]3 years ago
4 0

Answer:

The amount of the allowance for the year to be reported in income statement is $6,500.

Explanation:

The amount of the allowance for the year to be reported in income statement can be calculated as follows:

Allowance for the year to be reported in income statement = Ending ending Allowance for Doubtful Accounts balance + Uncollectible written off during the year - Opening Allowance for Doubtful Accounts balance = $4,400 + $4,800 - $2,700 = $6,500

Therefore, the amount of the allowance for the year to be reported in income statement is $6,500.

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Answer:

You question is missing some data.so i am adding a sample question matching the above conditions.i hope it will help.

You have just taken out a $15,000 car loan with a 8% APR compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go towards the interest? (Dont round intermediate steps to six decimal places)

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Explanation:

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6 0
3 years ago
What does reliability ensure? A. The system has the ability to operate in many different operating systems B. The system is easy
PolarNik [594]

Answer:

C. The system is functioning correctly and providing accurate information

Explanation:

Reliability refers to the ability of a system or a machine to perform its intended function with minimal or nil breakdown.  Consistency and validity of data from the performance of a system or a piece of equipment indicate its reliability. It is the possibility of failure-free operation of a system.

Reliability will, therefore, ensure a system is performing its function with minimal interruptions resulting from failures. It guarantees consistency in the results from operations. With reliability, production happens when it is needed.

5 0
3 years ago
Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an in
kramer

Answer:

Allison should record the purchase at $5880

Explanation:

The net method for recording purchases implies that the purchases is recorded net of the envisaged cash discount on the transaction since the purchaser believes they would settle their account before the cash discount period expires.

Based on the above, the purchases would be recorded as shown below:

cost of purchase=original purchase value*(100%-discount rate)

original purchase price is $6,000

discount rate is 2%

cost of purchase=$6000*(100%-2%)

                           =$6000*98%

                            =$5880

4 0
3 years ago
Government inputs, especially the 1825 Erie Canal and subsequent projects like the Chesapeake and Ohio Canal, created an economi
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Answer:

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3 years ago
if Lei bikes to and from work everyday in order to train for the Olympics what is important to Lei? hey her A.job outlook B. her
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C. Her Lifestyle , I Think


6 0
3 years ago
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