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Salsk061 [2.6K]
3 years ago
5

During the year,Liptom Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balanc

e in accounts receivable was $60,000 and the balance in the allowance account was $4500 (normal balance ). What is the net realizable value of accounts receivable after the write-off entry
Business
1 answer:
Andru [333]3 years ago
7 0

Answer:

$55,500

Explanation:

The computation of the net realizable value after the write off entry is show below:

The credit balance in allowance with terms to bad debts is

= $4,500 - $4,000

= $500

Now the net realizable value is

= ($60,000 - $4,000) - ($4,500 - $4,000)

= $56,000 - $500

= $55,500

Hence, the same is to be considered

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Akimi4 [234]

Answer:

D

Explanation:

7 0
3 years ago
Which of the following represents the correct formula for calculating cost of goods manufactured?
denis23 [38]

Answer:

B) Direct materials used + direct labor + factory overhead + beginning work in process - ending work in process.

Explanation:

The formula to compute the  cost of goods manufactured is shown below:

= Direct material used + Direct labor + Manufacturing Overhead

where,

Manufacturing Overhead equal to

= Factory overhead + Beginning work-in-process - Ending work-in-process

Or we can say that

Direct material used + direct labor + factory overhead + beginning work in process - ending work in process

6 0
3 years ago
Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams est
exis [7]

Answer:

$364,980

Explanation:

Computation for the amount of under- or overapplied overhead for the year.

First step is to calculate the

Predetermined Overhead using this formula

Predetermined Overhead rate = Estimated overhead/direct labor estimated

Let plug in the formula

Predetermined Overhead rate= 358,900/227,000

Predetermined Overhead rate= 158% of direct labor cost

Now let determine the Overhead applied

Overhead applied = $231,000*158%

Overhead applied= $364,980

Therefore the amount of under- or overapplied overhead for the year is $364,980

4 0
3 years ago
Why does an oligopoly only work if there are high barriers to entry in a market?
erastovalidia [21]
An oligopoly is the limitation of competition. If you can keep competitors out of the marketplace, you have more of a chance to make a profit. If you are in a business with a very high capital outlay or you have an extremely well trained labor force that your competitors can't match then you have effectively created or have created for you a very high barrier. Hence an oligopoly.
4 0
3 years ago
Why labor and management might be at odds and why?
NikAS [45]
The most frequently employed technique of workers was the STRIKE. Withholding labor from management would, in theory, force the company to suffer great enough financial losses that they would agree to worker terms. Strikes have been known in America since the colonial age, but their numbers grew larger in the Gilded Age.
7 0
3 years ago
Read 2 more answers
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