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faust18 [17]
3 years ago
14

Kirov, Inc. reports credit sales of $200,000 for the year ending December 31, 2015. The year- end unadjusted balance of its Allo

wance for Doubtful Accounts is a debit of $9,000 Experience suggests 6 percent of its net sales will be uncollectible. The amount that should be debited to Bad Debt Expense and credited to Allowance for Doubtful Accounts in its year- end adjusting entry is
A. $3,000
B. $21,000
C. $9,000
D. $12,000
E. $23,000
Business
1 answer:
Korvikt [17]3 years ago
4 0

Answer:

D. $12,000

Explanation:

Allowance for Doubtful accounts = Credit sales * Rate

Allowance for Doubtful accounts = $200,000 * 6%

Allowance for Doubtful accounts = $12,000

                       Allowance for doubtful account

Particulars                                            Particulars

Balance brought forward  $9,000     Bad debts       $12,000

Balance carried forward    $3,000  

Total                                    $12,000    Total               $12,000

Therefore, the amount to be debited to Bad debts and credited to Allowance for Doubtful accounts is $12,000.

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Financing cash flows in the statement of cash flows would include which of the following?
iVinArrow [24]

Answer:

c. Repayment of long-term borrowing to the bank.

Explanation:

The third section of the statement of cash flows shows the cash flows from financing activities. These activities are defined as ‘activities that result in changes in the size and composition  of the contributed equity and borrowings of the entity.’ It measures the flow of cash between a firm  and its owners and creditors. Companies often borrow money to fund their operations, acquire  another company or make other major purchases. Here again for investors, the most important  item is cash dividends paid.

Based on the above discussion, the following item shall be included in the financing cash flows.

c. Repayment of long-term borrowing to the bank.

4 0
3 years ago
Smythe Co. makes furniture. The following data are taken from its production plans for the year.
PtichkaEL [24]

Answer:The hazardous waste disposal cost per unit  for chair and table respectively is $2.83 and $1.54

Explanation:

From the question, If cost are assigned at a rate based on direct labor hours, then the  total disposal cost for chairs is

total disposal cost for chairs =Direct labor hours required for chairs/Total Direct labor hours required for both furniture x Hazardous waste disposal costs

268,000/ 268,000+16,400  x 615,000

= 268,000/ 284,400  x  615,000

===$595,535.865

and for tables for  is

total disposal cost for tables=Direct labor hours required for tables /Total Direct labor hours required for both furniture x Hazardous waste disposal costs

16,400 / 268,000+16,400  x  615,000

= 16,400 / 284,400  x 615,000

===$35,464.135

The hazardous waste disposal cost per unit  for chair and table respectively is

For chair ====total disposal cost for chairs/ Expected production of chairs

$595,535.865/210,000 units= $2.83

For table ====total disposal cost for table/ Expected production oftable

$35,464.135/23,000 units=$1.54

4 0
3 years ago
A major goal of integrated marketing communications is to send a consistent message to _____.
Firlakuza [10]

Answer:

Customers

Explanation:

The goal of integrated marketing communications is to revamp the traditional marketing approach by encouraging cohesion and synchronicity among the various modes of communication used by businesses to reach consumers/customers.

4 0
3 years ago
Dan, a computer programmer, holds a garage sale to sell a lawnmower, some clothes, some CDs and some old clothes. Will, a lawyer
Mama L [17]

Answer:

<em>C. Judy</em>

Explanation:

A merchant underneath the Uniform Commercial Code is an individual who:

  • <em>Trades on items such as those included in the sales agreement. </em>
  • <em>Through profession, it considers itself to have unique skills and knowledge relating to the activities or products involved in the deal. </em>
  • <em>Hires a merchant as a dealer, broker or any other distributor.</em>

An individual is a merchant whenever, working in a professional context, he or she possesses or utilizes skills related specifically to both the products and services being offered.

<em>Judy is an expert in horse training, therefore possess skills, that will offer her an advantage in selling horses.</em>

6 0
3 years ago
Which industry is the source of essential raw materials?
Snezhnost [94]
<span>C.) Agriculture, Forestry, and Fishing
</span>
Those are all a source of raw materials. 
4 0
4 years ago
Read 2 more answers
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