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mojhsa [17]
2 years ago
9

Morrow Inc. uses the percentage of credit sales method of estimating doubtful accounts. The Allowance for Doubtful Accounts has

an unadjusted credit balance of $3,700 and the company had $190,000 of net credit sales during the period. Morrow has experienced bad debt losses of 3% of credit sales in prior periods. After making the adjusting entry for estimated bad debts, what is the ending balance in the Allowance for Doubtful Accounts account
Business
1 answer:
Black_prince [1.1K]2 years ago
7 0

Answer:

$9,400

Explanation:

The computation of ending balance in the Allowance for Doubtful Accounts account is shown below:-

The ending balance in the Allowance for Doubtful Accounts account = Net credit sales × Bad debt losses + Unadjusted credit balance

= $190,000 × 3% + $3,700

= $5,700 +$3,700

= $9,400

Therefore for computing the ending balance in the Allowance for Doubtful Accounts account we simply applied the above formula.

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Answer:

The correct answer is (C)

Explanation:

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3 years ago
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Answer:

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3 years ago
Return on assets is equal to:________
Sunny_sXe [5.5K]

Return on assets is equal to<u> </u><u>a.</u><u> profit margin times asset turnover.</u>

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Despite all that in mind, an automobile is an asset due to the fact you may speedy advertise and convert it to coins, albeit for less than what you paid. That alone makes it an asset via definition. It is those added expenses and the steady decline in cost that make a car a depreciating asset.

Suitable properties are gadgets you could spend money on a good way to produce earnings for you like stocks, rental homes, actual property crowdfunding initiatives, and a web enterprise. these also can respect in cost overtime except producing money for you.

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6 0
2 years ago
A customer buys $10,000 of 30 year corporate bonds with 10 years left to maturity at 92. The customer elects not to accrete the
natta225 [31]

Answer:

no capital gain or loss

Explanation:

A customer buys $10,000 of 30 year corporate bonds with 10 years left to maturity at 92. The customer elects not to accrete the discount annually. At maturity, the customer will have no capital gain or loss.

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