1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Galina-37 [17]
3 years ago
7

Accounts Randall Company estimates its bad debts expense by aging its accounts receivable and applying percentages to various ag

e groups of the accounts. Randall calculated a total of $3,000 in possible credit losses as of December 31. Accounts Receivable has a balance of $128,000, and the Allowance for Doubtful Accounts has a credit balance of $500 before adjustment at December 31. What is the December 31 adjusting entry to provide for credit losses
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Answer:

Explanation:

The journal entry will be:

Debit: Bad debt expense $2500

Credit: Allowance for doubtful $2500

Then, we will calculate the net amount of account receivable that should be included in current assets which will be:

Account receivable = $128000

Less: Allowance for doubtful = $500 + $2500 = $3000

Net amount of account receivable = $125000

You might be interested in
Interest of the building on the principal and interest already gained is what
Furkat [3]

Answer:There u go

Explanation:

Perhaps you have heard of the miracle of compounding. Innumerable investors have used it to their advantage to make their money grow faster than would be the case with simple interest. The great thing about compounding is that it doesn't require additional work on your part: you just sit back and watch your money grow. How's that for an investment strategy?

There are two basic types of interest: simple and compound. Simple interest is the amount of interest earned on the original amount of money invested. Simple interest is paid out as it is earned and does not become part of an account's interest-bearing balance. The invested amount is called principal. Let's say you invest $100 (the principal) at a yearly interest rate of 5 percent. Multiplying the principal by the interest rate gives you an interest payment of $5. This is your simple interest. The next year and each year thereafter, you will be paid $5 of interest on the principal of $100.

Compound interest is interest paid on interest. At 5 percent interest compounded annually, you will have $105 after the first year. If you keep this investment for another year, you will be paid interest on your original $100 and on the $5 you made in interest the first year. The longer you invest your money, the higher your interest payments will grow, not only on your original amount but on the additional interest you earn each year. This is what makes compounding interest so powerful.

When credit unions speak of compounding, they refer to dividends rather than interest.

The longer an investment is allowed to compound interest, the faster your balance will grow and the higher your returns will be. In the case of compounding interest, time really is money. Let's say you invest $1,000 for five years, with an annual interest rate of 5 percent. The difference in your investment earnings from simple and compounded interest will look like this:

Comparison of Simple and Compound Interest

6 0
2 years ago
What does the Judge usually say when things get crazy in the court room?
lubasha [3.4K]
" Order, order." would be your answer.
5 0
3 years ago
Read 2 more answers
Dave’s Dogs is a firm that originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Dave purchase
irakobra [83]

Answer:

The answer to this question is Option A. Dave's production function change

Explanation:

production function refers to the functional relationship between the quantity of a good produced (output) and factors of production (inputs).

The expansion of Dave's Dogs will cause its production function to change as a result of increase in the quantity of goods produced and an increase in the factors of production employed.  

Hence the answer is A. Dave's production function change

5 0
3 years ago
Read 2 more answers
Does anyone know how to poison a teacher?​
fgiga [73]

Answer:

when she asks you to pour her water pee in it and add dirts also put some ink in it

BRAINLIEST if worked

3 0
2 years ago
At Haddon, Inc., the office workers are employed for a 40-hour workweek and are paid on either an annual, monthly, or hourly bas
levacccp [35]

Answer:

Employee        Salary          Hrs. Worked        Cumulative Taxable

                                                                         Wages as of Last Pay Period

King, M.      $135,200 (year)     40                  $132,600.00

Manera, E.     $6,500 (month)  40                  $76,500.00

Tate, S.          $3,900 (month)  48                  $45,900.00

Yee, L.            $12.50 (hour)     44.5               $27,675.13

Diaz, R.           $12.50 (hour)     48                  $14,778.96

Zagst, J.          $14.50 (hour)     52                  $24,703.02

(a) regular earnings,  

King, M. $135,200 / 52 weeks = $2,600    

Manera, E. $1,500 weekly salary    

Tate, S. $900      

Yee, L. $12.50 x 40 = $500        

Diaz, R. $12.50 x 40 = $500        

Zagst, J. $14.50 x 40 = $580

(b) overtime earnings,

King, M. $0    

Manera, E. $0  

Tate, S. [($900 / 40) x 8 x 1.5] = $270      

Yee, L. $12.50 x 4.5 x 1.5 = $84.38        

Diaz, R. $12.50 x 8 x 1.5 = $150                  

Zagst, J. $14.50 x 12 x 1.5 = $261

(c) total regular and overtime earnings,

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(d) FICA taxable wages (the FICA taxes limit for 2020 is $137,700, so everyone will be taxed)

King, M. $2,600    

Manera, E. $1,500  

Tate, S. $1,170      

Yee, L. $584.38        

Diaz, R. $650                  

Zagst, J. $841

(e) FICA taxes to be withheld

King, M. $2,600 x 7.65% = $198.90    

Manera, E. $1,500 x 7.65% = $114.75      

Tate, S. $1,170 x 7.65% = $89.51          

Yee, L. $584.38 x 7.65% = $44.71            

Diaz, R. $650 x 7.65% = $49.73                      

Zagst, J. $841 x 7.65% = $64.34    

(f) net pay for the week ended

King, M. $2,600 - $198.90 = $2,401.10    

Manera, E. $1,500 - $114.75 = $1,385.25      

Tate, S. $1,170 - $89.51 = $1,080.49          

Yee, L. $584.38 - $44.71 = $539.67            

Diaz, R. $650 - $49.73 = $600.27                      

Zagst, J. $841 - $64.34 = $776.66    

3 0
3 years ago
Other questions:
  • A sporting goods store is having a large sale event. baseball bats are marked down by 42%, and hockey sticks are marked down by
    7·2 answers
  • _____ are financial intermediaries that obtain funds by accepting checking and savings deposits from individuals, businesses, an
    9·1 answer
  • Use the following scenario to answer the following questions: Babak owns a sports practice facility called Boston Batting Cages
    11·1 answer
  • Quantitative Problem: You need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortiz
    12·1 answer
  • On October 12, 2006, Lowell Corporation invested $600,000 in short-term available-for-sale marketable securities. The market val
    13·1 answer
  • BCD Partnership plans to distribute cash of $20,000 to partner Brad at the end of the taxyear. BCD reported a loss for the year,
    15·1 answer
  • England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweate
    14·1 answer
  • An example of a type II error in quality control would be:counting a student s True/False response as incorrect when it is actua
    7·2 answers
  • Suppose Nationwide increases the insurance premium they charge for their auto policies by 6 percent. In response, the demand for
    9·1 answer
  • What increases your total loan balance interest accrual or interest capitalization?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!