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icang [17]
3 years ago
13

At the beginning of 2017, Yummy Cupcakes, Inc. has the following ledger balances: Accounts Receivable $40,000 (Debit) Allowance

for Bad Debts $5,000 (Credit) During the year, credit sales amounted to $820,000. Cash collected on credit sales amounted to $750,000, and $16,000 has been written off. Yummy Cupcakes uses the aging-of-receivables method to record bad debts expense. The estimate of uncollectible accounts was $29,000. The ending balance in the Allowance for Bad Debts is ________.
Business
1 answer:
snow_lady [41]3 years ago
8 0

Answer:

The ending balance in the Allowance for Bad Debts is $29,000

Explanation:

The computation of the ending balance in the Allowance for Bad debts is shown below:

=  Estimation of the uncollectible accounts

= $29,000

As for calculating the bad debts expense, the business organization has to do an estimate based on this, the company could create the allowance for bad debts.  

The other information which is given in the question is not relevant. Hence, ignored it

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Explanation:

Labelling a statement as an opinion generally protects the person who said it from defamation suits however this is not always the case.

If the opinion is based on disclosed and well known facts, the action is free of defamatory or libel charges.

This seems to be the case in this scenario as his column seems to be based on the performances for the year.

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2 years ago
Which of the following types of accounts do NOT require an adjusting entry?
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A sole proprietorship:
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Answer:

D. has its profits taxed as personal income.

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Characteristics of a sole proprietorship :

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Increasingly exact impression of the inconstancy of the sources for example on the off chance that there are five factors, it is more precise than one.  

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2 years ago
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