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zubka84 [21]
4 years ago
11

Gross Accounts Receivable is $10,000. Allowance for Doubtful Accounts has a credit balance of $200. Net sales for the year are $

150,000. In the past, 2% of sales had proved uncollectible. What would be the adjusted balance of the Allowance account under the income statement approach?
$2,800

$1,400

$3,000

$3,200

Which type of account is an Allowance for Doubtful Accounts?
Question 10 options:

Asset

Contra-asset

Contra-revenue

Revenue

Fit City estimates it will collect $2,300 of the $2,425 owed by customers. The difference of $125 represents the
Question 13 options:

Gross Accounts Receivable.

Value of the Current Unpaid Receivables.

Allowance for Doubtful Accounts.

Net Realizable Value.

The beginning Merchandise Inventory account appears in the _______ on the worksheet.
Question 15 options:

adjustment column

All of the above

trial balance and the balance sheet columns

trial balance and adjustment columns
Business
2 answers:
cluponka [151]4 years ago
6 0
1. <span>$3,000

2. </span><span>Contra-revenue

3. </span><span>Value of the Current Unpaid Receivables.

4. T</span><span>rial balance and the balance sheet columns</span>
lukranit [14]4 years ago
4 0

The answer to each section of the question is below:

The Allowance for Doubtful Accounts will have a balance of $3,000. This is determined because net sales are $150,000 and 2% of past sales are uncollectible. 150,000 x .02 = $3,000, which would be the amount of Allowance that the company would want on the books.

The Allowance for Doubtful Accounts is a contra-asset account because it offsets the asset account of Accounts Receivable.

The correct answer is Allowance for Doubtful Accounts.

The beginneing Merchandise Inventory account appears in both the trial balance and balance sheet columns.

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Under the Uniform Commercial Code (UCC), a warranty that arises when the seller is a merchant-dealer of the goods sold, that war
Vesna [10]

Answer:Implied Warranty of Merchantability

Explanation:An implied warranty for merchantability guarantees that a product will work as expected. If your oven can't maintain a stable temperature, it can't be relied upon to work properly and has violated the implied warranty of merchantability. Under the Uniform Commercial Code, adopted in some form in all states but Louisiana, this warranty applies to the goods of any merchant who regularly deals in the type of merchandise sold.

The warranty guarantees that the product sold will:

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6 0
3 years ago
The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calc
grandymaker [24]

Answer:

It is more profitable to upgrade the calculators.

Explanation:

Giving the following information:

The Tolar Corporation has 500 obsolete desk calculators that are carried in inventory at a total cost of $720,000. If these calculators are upgraded at a total cost of $140,000, they can be sold for a total of $200,000. As an alternative, the calculators can be sold in their present condition for $50,000.

We need to determine whether it is more convenient to upgrade the calculators or sell them as they are.

Upgrade:

Effect on income= 200,000 - 720,000 - 140,000= -$660,000

Not upgrade:

Effect on income= 50,000 - 720,000= -$670,000

It is more profitable to upgrade the calculators.

5 0
4 years ago
If you wanted to work in the pharmaceutical industry, the only branch of chemistry that would be applicable is organic chemistry
ryzh [129]
The statement is FALSE.

Not only organic chemistry but also physical, inorganic, analytical, biochemistry and other branches of chemistry is applicable to the pharmaceutical industry.

I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
7 0
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A(n) _______________ leader is one who is focused on developing a long term vision for the company and who uses a charismatic pe
alukav5142 [94]

Answer:

b. transformational

Explanation:

Transformational leadership refers to the kind of leadership wherein a leader uses his appeal or charisma effectively to convey and convince his subordinates with respect to long term vision.

Transformational, as the word suggests refers to those leaders who are capable of transforming the approach of their subordinates owing to their charm and the reputation they have earned for themselves.

Such leaders are good at implementing organizational changes owing to their personality.

3 0
4 years ago
Someone with dollar bills to lend will never agree to make a loan with a nominal interest rate of less than zero because:
saw5 [17]
<span>Having a nominal interest rate less than 0 would mean that a depositor pays a bank to hold its money. If the annual nominal interest rate is negative 1 percent, a deposit of $1000 dollar would come out $10 dollar short the following year which is why someone with dollar bills will never agree to loan with a nominal interest rate that is negative percent.


</span>
7 0
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