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harina [27]
2 years ago
11

Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Account

s. During 2019, Concord Corporation wrote off accounts totaling $13,500. One of those accounts ($3,500) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,700. Prepare journal entries to record the 2019 transactions of Concord Corporation Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Marina86 [1]2 years ago
8 0

Answer:

Dr Allowance $13,500

Cr Accounts Recivable $13,500

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

Dr Cash $3,500

Cr Accounts Rec $3,500

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

Explanation:

Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company

Dr Allowance $13,500

Cr Accounts Recivable $13,500

(To record amount written off)

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

(To reverse write-off)

Dr Cash $3,500

Cr Accounts Rec $3,500

(To record collection of writeoff)

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

[$30,700-($18,800-$13,500+$3,500)]

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Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting D
blagie [28]

Answer:

e. 225,000 materials; 195,000 conversion.

Explanation:

direct materials

beginning WIP inventory = 0%*50000

                                          = 0

started and completed = 150000*100%

                                       = 150000

ending WIP inventory = 75000*100%

                                    = 75000

equivalent units = 0 + 150000 + 75000

                           = 225000

conversion

beginning WIP inventory = 50000*60%

                                          = 30000

started and completed = 150000*100%

                                       = 150000

ending WIP inventory = 75000*20%

                                    = 15000

equivalent units = 30000 + 150000 + 15000

                           = 195000

Therefore, The equivalent units for direct materials and conversion respectively for May is $225,000 and $195,000 respectively.

7 0
2 years ago
You have $100,000 to invest in either Stock D, Stock F, or a risk-free asset. You must invest all of your money. Your goal is to
sergiy2304 [10]

Answer:

You will invest <u>$18,000</u> in Stock F.

Explanation:

This can be calculated using the portfolio return formula as follows:

PR = (wD * rD) + (wF * rF) + (wR * rR) ............................ (1)

Where;

PR = Portfolio expected return = 10.7%, or 0.107

wD = Weight of the amount invested in Stock D = Amount invested in Stock D / Total amount invested = $50,000 / $100,000 = 0.50

rD = Expected Return from Stock D = 14.2%, or 0.142

wF = Weight of the amount invested in Stock F = Amount invested in Stock F / Total amount invested = ?

rF = Expected Return from StocK F = 10.1%, or 0.101

wR = Weight of the amount invested in risk free = 1 - wD - wF = 1 - 0.50 - wF = 0.50 - wF

rR = Expected Return from Risk free = 5.6%, or 0.056

Substitute all the values into equation (1), we have:

0.107 = (0.50 * 0.142) + (wF * 0.101) + ((0.50 - wF) * 0.056)

0.107 = 0.071 + (wF * 0.101) + ((0.50 * 0.056) - (wF * 0.056))

0.107 - 0.071 = (wF * 0.101) + 0.028 - (wF * 0.056)

0.036 - 0.028 = (wF * 0.101) - (wF * 0.056)

0.008 = wF(0.101 - 0.056)

0.008 = wF0.045

wF = 0.008 / 0.045

wF = 0.18

Since,

wF = Amount invested in Stock F / Total amount invested

We then substitute and solve for Amount invested in Stock F as follows:

0.18 = Amount invested in Stock F / $100,000

Amount invested in Stock F = 0.18 * $100,000 = $18,000

Therefore, you will invest <u>$18,000</u> in Stock F.

8 0
3 years ago
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EleoNora [17]
D inflation duhhh because ik my social studies♥️
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3 years ago
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lisabon 2012 [21]

Answer:

$30

Explanation:

2/10 net 30 means the supplier extends 30 days credit to the purchaser. If the payment is made between 10 days and 30 days, no discount is allowed.

However if the payment is made within 10 days, 2% of net purchase price would be allowed as a discount by the supplier.

Now, Net Purchases = Total invoice price - freight - purchases returns

Net Purchases =  $2150 - $150 - $ 500

Net Purchases= $1500

Rate of discount = 2%

Purchases discount = 2% of 1500= $30 will be allowed if the payment is made within the discount period.

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3 years ago
When noticing a suspicious vehicle on your property?
Ymorist [56]
<span>I'd call the non-emergency police number and ask them to drive by and see what was up when they had a free minute</span>
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