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nydimaria [60]
3 years ago
11

Calistoga Produce estimates bad debt expense at 0.50% of credit sales. The company reported accounts receivable and allowance fo

r uncollectible accounts of $476,000 and $1,650 respectively, at December 31, 2020. During 2021, Calistoga's credit sales and collections were $315,000 and $307,000, respectively, and $1,880 in accounts receivable were written off. Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is:
Business
1 answer:
AveGali [126]3 years ago
7 0

Answer:

$1,345

Explanation:

Calculation to determine what Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is

First step is to calculate the Expense amount

Expense=Credit sales $315,000* .5%

Expense=$1,575

Second step is to calculate the Allowance

Allowance 12/31/2020 $1,650

Less Write-offs(1,880)

Allowance ($ 230)debit

Now let calculate the final balance in its allowance for uncollectible accounts

December 31, 2021 allowance for uncollectible accounts= ($230) + $1,575

December 31, 2021 allowance for uncollectible accounts=$1,345

Therefore Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is $1,345

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You plan to analyze the value of a potential investment by calculating the sum of the present values of its expected cash flows.
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A.- DECREASE

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D.- INCREASE

E.- INCREASE

Explanation:

a. The discount rate increases

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b. The cash flows are in the form of a deferred annuity, and the total to $100,000. You learn that the annuity lasts for 10 years rather than 5 years, hence that each payment is for $10,000 rather than for $20,000

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c. The discount rate decreases

INCREASE The discount factor are lower. This situation is the opposite as (a)

d. The riskiness of the investment's cash flows <u>decreases</u>

INCREASE a lower risk derivates in lower cost of capital thus, lower iscount rates. This increase the present value of the cashflow.

e. The total amount of cash flows remains the same, but more of the cash flows are received in the earlier years and less are received in the later years.

INCREASE as most of the future cash flows are at the beginning they have less exposure to time value of money.

4 0
3 years ago
Distributive, procedural, and interactional are
Jet001 [13]

Answer:

Organizational justice

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4 0
2 years ago
anita is assigned to appraise a house in an area with very few sales over the past year. one of the comparable properties she ch
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The action that Anita would have to take for the result of the foreclosed sale would be to Make a positive adjustment to the sales price of the foreclosed home.

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3 0
1 year ago
A company has net income of $187,000, a profit margin of 8.6 percent, and an accounts receivable balance of $126,370. Assuming 6
NARA [144]

Answer:

35.35  days

Explanation:

For the computation of company’s days’ sales in receivable first we do the following calculations

As we know that

Profit margin = Net income ÷ Sales

0.086 = 187,000 ÷ Sales

Sales = 2,174,418.605

So,

Credit sales = Sales × Sales percentage

= 2,174,418.605 × 0.6

= 1,304,651.163

Receivables turnover ratio = Credit sales ÷ Receivables

= 1,304,651.163 ÷ 126,370

= 10.3241

Now

Days sales in receivables = 365 ÷ Receivables turnover

= 365 ÷ 10.3241

= 35.35 days

4 0
2 years ago
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