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hoa [83]
3 years ago
8

As of January 1, 2021, Chelsea Co. had a balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2

% of Chelsea's credit sales have been uncollectible. During 2021, Chelsea wrote off $650,000 of accounts receivable. Credit sales for 2021 were $18,000,000. In its December 31, 2021 balance sheet, what amount should Chelsea report as allowance for uncollectible accounts?
Business
1 answer:
VARVARA [1.3K]3 years ago
7 0

Answer:

Chelsea should report $230,000 as allowance for noncollectable accounts

Explanation:

Allowance in beginning = $520,000

Allowance needed for 2021 sales = $18,000,000 x 2% = $360,000

Total allowance balance before write off = $880,000

Less: write off = $ 650,000

Allowance balance at year end = $520,000 + $360,000 - $650,000

                                                    = $230,000

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Cosmetic Profits. Sally is the executive vice president of Big Name Cosmetics Company. Through important and material, nonpublic
maksim [4K]

Answer:

Sally is guilty of insider trading violation which she has done by tipping the information to Alice.

Explanation:

Sally has committed an unlawful practice by giving away inside information to a friend named Alice.  The inside (confidential) information is used to get tipped off, or it can be used to tip off someone else which leads to further unlawful practices which in this case is ‘Check Kitting’, and it is a type of theft and larceny which is used to get the advantage of non-existing funds.

5 0
4 years ago
On January 1, 2019, Cullumber Company had $1,000,000 of common stock outstanding that was issued at par. It also had retained ea
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Answer:

<em>a. Par value is $10, and market price is $19. b. Par value is $5, and market price is $20.</em>

Explanation:

4 0
3 years ago
During the year, Belyk Paving Co. had sales of $2,384,000. Cost of goods sold, administrative and selling expenses, and deprecia
Zina [86]

Answer:

(a) Income Statement

                                  Belyk Paving Co.

                    Income statement for the year xxxx

Sales                                                      $2,384,000

Cost of goods sold                               $1,441,000

Gross Profit                                            $943,000

Administrative and selling expenses   $436,600

Depreciation expense                           $491,600

Operating Income                                  14,800

Interest expense                                    $216,600

Income before Tax                                ($201,8000)

Tax rate 35%                                          <u> $0             </u>

Net Loss                                                  <u>($201,800)</u>

(b) operating Cash flow

Net Loss                                                       ($201,800)

Add: Non cash Expenses (Depreciation)   <u> $491,600</u>

Cash flow from operating activities            <u> $289,800 </u>

6 0
3 years ago
What is the cheif reason why a person would become a supervisor?
sesenic [268]
The right answer for the question that is being asked and shown above is that: "C. work-related knowledge." the chief reason why a person would become a supervison is that of <span>work-related knowledge .</span>
7 0
3 years ago
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Before starting a business, an entrepreneur should consider the following sacrifices: a. Professional b. Financial c. Personal d
andrey2020 [161]

Answer:

D. All of these are correct

Explanation:

Because truly before starting a business, an entrepreneur should consider the professional sacrifices as competence and expertise is a key factor in building an excellent business. Entrepreneurs need to have the know-how of their business or better still get able hands to handle it for them.

Setting up a Business would require some financial commitment. One which many atimes might not be convenient especially at the kick-off of the business. It's would a season of continuous investment not necessarily a season for profit making.

Personal sacrifice would be heavily needed and hence must be considered. Before starting a business, you must consider the sleepless nights, forgone comfort, play time and certain discipline you must imbibe if growing the business is indeed what is desire.

8 0
3 years ago
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