Cant take big d but i suck on it....

At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible. Yates uses the allowance m

erastova [34]

Answer:

debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts

Explanation:

Based on the information provided for this scenario it can be said that the entry to record this adjusting entry would include a debit to Bad Debts Expense and credit to Allowance for Doubtful Accounts. Meaning that the bad debts expense is increasing while the same amount is being taken from the allowance for doubtful accounts. This is what the allowance method is used for, it provides an advance for uncollectible accounts, by setting aside money in a reserve account.

4 0

3 years ago

Based on the following data, what is the amount of current assets? Accounts payable……………………………………………………….. $62,000 Accounts rece

Vlad1618 [11]

Answer:

The amount of current assets are $252,000

Explanation:

Current assets: The current assets are those assets who are converted into cash within one year. Like - accounts receivable, cash, inventory, prepaid insurance, etc.

The total amount of the current assets are shown below:

= Accounts receivable + Cash + Inventory + Short-term investments + Prepaid insurance

= $100,000 + $70,000 + $80,000 + $2,000

= $252,000

The other items represent current liabilities, long term liabilities, intangible assets, and the fixed assets so, we do not consider them in the computation part.

4 0

3 years ago

"Jen operates Jen's Fruits & Vegetables, a small market stocked entirely with produce grown on her adjacent farm. Under what

GarryVolchara [31]

Answer:

The federal government can regulate Jen's activity citing the supreme court rule of the government ability to regulate any activity interstate or intrastate that affects interstate commerce.

In the line of this argument it means that a farmer growing and of goods affects interstate commerce.

The farmers best argument concerning the federal government regulating their activities due to interstate commerce is that his activities are purely local and although I don't believe any court will hear him out.

Explanation:

6 0

3 years ago

How can you best uncover challenges and constraints that employees deal with in their daily work.

Westkost [7]

Answer:

Assumptions and expectations are the root causes of workplace constraints.

Explanation:

To avoid workplace conflicts one needs detailed information and clarity. If we train ourselves to think in a positive way and act without anger will do wonders. Our conduct in a situation is going to be really different if we take some time to look at good intentions instead of immediately reacting. It's much more productive to turn a bunch of assumptions into a shared understanding of the information.

8 0

3 years ago

Board Company has a foreign subsidiary that began operations at the start of 2017 with assets of 155,000 kites (the local curren

vovikov84 [41]

Answer:

a. The Board would report translation adjustment of -$3,138.

b. See the journal entries and explanation below.

c. Net translation adjustment is -$1,138.

Explanation:

a. Assume that the kite is this subsidiary's functional currency. What translation adjustment would Board report for the year 2017?

Note: See the attached file for the calculation of translation adjustment.

The board would report a negative (debit) translation adjustment of $3,138. That is,

Translation adjustment = -$3,138

b. Assume that on October 1,2017, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 200,000 kites in three months at a forward exchange rate of $0.76/1 kite. Prepare the journal entries required by this forward contract.

Board Company

Journal Entries

Date Account titles and Explanation Debit ($) Credit ($)

01 Oct 17 (No entry)

12 Dec 17 Forward contract 2,000

Translation adjustment (positive) (w.1) 2,000

(To record forward contract change in the value to adjust translation adjustment.)

12 Dec 17 Foreign currency (kites) (w.2) 152,000

Cash 152,000

(To record 200,000 kites purchased at the spot rate of $0.76)

12 Dec 17 Cash 154,000

Foreign Currency (kites) 152,000

Forward contract 2,000

(To record 200,000 kites delivered, $154,000 received, and close the forward contract account.)

Workings:

w.1: Translation adjustment = Number of kites agreed to sell in three months * (Agreed exchange rate on October 1, 2017 per kite - Exchange rate on December 1, 2017) = 200,000 * (0.76 - 0.75) = $2,000

w.2: Foreign Currency (kites) = Number of kites agreed to sell in three months * Agreed exchange rate on October 1, 2017 per kite = 200,000 * 0.76 = $152,000

c. Compute the net translation adjustment for Board to report in Accumulated Other Comprehensive Income for the year 2017 under this second set of circumstances.

This can be calculated as follows:

Net translation adjustment = Negative translation adjustment in part a + Positive translation adjustment in part b (i.e. w.1) = -$3,138 + 2,000 = -$1,138

Therefore, net translation adjustment is -$1,138.

Download xlsx

8 0

3 years ago