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hoa [83]
4 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]4 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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Research that investigated what behaviors were employed by effective leaders suggested that there are two types of leader? behav
hichkok12 [17]

Answer:

​task-focused; employee-focused

Explanation:

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3 years ago
______ can be defined as the general plan of action that describes resource allocation and other activities for dealing with the
Mamont248 [21]
Business can be defined
5 0
3 years ago
Which of the following accounts would not be included in the Acquisition and Payment for Long-Lived Assets Cycle? a. Revenue. b.
velikii [3]

Answer:

The correct answer is A

Explanation:

Acquisition and Payment Cycle, also called as the PPP cycle for which the payments, purchases and payables, is mainly comprise of the two classes of the transaction. This cycle is regarding the payables and to pay off the payables with cash.

Acquisition and payment of the long lived assets, which are those assets, the business retain for at least one year. The revenue will not be included in the cycle because it is related to the payables.

7 0
3 years ago
Three individuals, Mary, Jack and Helen, make up the total demand for donuts per month in a particular market.
Paraphin [41]

The market demand curve would be 1000 - 0.125Q.

<h3>How to calculate the demand curve?</h3>

It should be noted that the market demand curve will be the sum of the individual demand curve.

The market demand curve will be calculated thus. Mary’s demand curve is 5P = 5000 – 1.25QM. Here, p = 1000 - 0.25QM

Jack’s demand curve for donuts is given by P = 1000 – 0.5QJ. Helen’s demand curve is given by QH = 2000 – 2P. This will be P = 1000 - 0.5QH.

The slope will be:

= 0.5 × 0.25

= 0.15

The demand function of Jack and Helen are the same. The demand curve will be 1000 - 0.125Q.

Learn more about demand on:

brainly.com/question/1245771

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5 0
2 years ago
Reserves decrease if the Federal Reserve?a. raises the discount rate or auctions more credit. b. raises the discount rate but no
sweet-ann [11.9K]

Answer:

D. lowers the discount rate but not if it auctions more credit

Explanation:

Discount rate adjustment and Federal Reserve's auction have the following effects on reserves.

Discount rate adjustment: a <em>higher discount rate</em> will encourage investment in the US economy, thus leading to <em>increased reserves</em> as investment inflows increase.

On the other hand, a <em>lower discount rate</em> encourages investment outflow into other jurisdictions with higher yields, <em>thus reducing reserves</em>.

Auction: <em>auctioning more credit</em> will result in the movement of investment flows into the Federal Reserve (<em>an increase in reserves</em>) as investors invest in auctions. Vice versa.

Therefore, a mix of lower discount rate and not auctioning more credit will result in lower reserves.

8 0
3 years ago
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