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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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Which of the following is an estimating pitfall? Select one: a. Misinterpretation of the statement of work b. Inaccurate work br
alex41 [277]

Answer: Option D

Explanation: In simple words, estimating pitfall refers to the potential errors that may or may not occur in the future. These are human errors that are caused due to omissions, double recording or no recording etc. Such errors can result in the failure of the project.

Hence from the above we can conclude that the correct option is D.

3 0
3 years ago
1. Harley Davidson has its engine plant in Milwaukee and its motorcycle assembly plant in Pennsylvania. Engines are transported
Serggg [28]

Answer:

Company should load 1,479.9 motorcycles on each truck.

Explanation:

Cost per trip = $1,000

Demand for motorcycles = 300 per day

Cost per engine = $500

Holding cost =  20% of $500

                     = $100

Assuming that company plant works for 365 days in a year,

Annual demand = 300 motorcycles × 365 days

                           = 109,500 motorcycles

Economic\ order\ quantity\ for\ each\ truck=\sqrt{\frac{2DS}{H}}

where,

D = Annual demand in units

S = Set up cost per order

H = Handling cost per order

Economic\ order\ quantity\ for\ each\ truck=\sqrt{\frac{2\times109,500\times1,000}{100}}

=\sqrt{\frac{219,000,000}{100} }

\sqrt{2,190,000}

= 1,479.9

Thus, the company should load 1,479.9 motorcycles on each truck.

5 0
3 years ago
"A high-ranking officer of ABC Corporation owns 10,000 shares of ABC Corporation control stock that she wishes to sell under the
LuckyWell [14K]

Answer: $9,000

Explanation:

Rule 144 is a regulation that governs the trading of restricted, unregistered, and control securities and is enforceable by the SEC.

Under the rule, the person, as an officer of the ABC Corporation is limited to selling the higher of 1% of the Outstanding stock the company has or the average weekly trading volume over the preceding 4 weeks.

1% of the outstanding 900,000 shares is;

= 1% * 900,000

= 9,000 shares

This is higher than the average weekly trading volume over the preceding 4 weeks so this is the maximum permitted sales figure.

3 0
3 years ago
Constant cost industries:
adoni [48]

Answer:

The correct answer to the following question will be Option C.

Explanation:

  • Constant cost industries seem to be a sector wherein the proportion of units produced as well as manufacturing costs every unit maintains the very same irrespective including its amount of manufacturing or rise in population. Which doesn't use input data in the appropriate amount to influence the rates of that same components by a shift in industry revenue.
  • This doesn't even use inputs in such amounts that perhaps the costs of that same inputs will be influenced by a change in business production.

The other choices are not linked to an industry of this kind. Therefore the clarification above is correct.

7 0
3 years ago
Dave is a salaried employee who works in a gas station. He only earns from his job and has no other source of income. He gets a
Grace [21]

Answer:

In my opinion the most suitable answer is E. increase his sources of income to show a rise in his income after taxes

Explanation:

The reason is he could lower his expenses too, but for how long? Inflation is going to eat his salary away anyway possibly in 5 to 10 years so what Daventry ustock do is to create another source of income so that he is safe. Possibly through investing in income generating assets, real estate and possibly a side hustle! (A small time business)

6 0
3 years ago
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