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Colt1911 [192]
3 years ago
8

Exercise 7-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the com

pany uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,300 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,300 debit.
Business
1 answer:
igor_vitrenko [27]3 years ago
3 0

Question Completion:

Assume that the Accounts Receivable balance is $570,000.

Answer:

a. The balance of the Allowance for Doubtful Accounts = $34,200.

b. Adjusting Entry to record Bad Debts Expense:

Debit Bad Debts Expense $21,900

Credit Allowance for Doubtful Accounts $21,900

To record bad debts expense and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $34,200 ($21,900 +$12,300).

c. Adjusting Entry to record Bad Debts Expense:

Debit Bad Debts Expense $35,500

Credit Allowance for Doubtful Accounts $35,500

To record bad debts expense and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $34,200 ($35,500 - $1,300).

Explanation:

a) Data and Calculations:

Accounts receivable balance = $570,000

Allowance for Doubtful Accounts = $34,200 ($570,000 * 6%)

Unadjusted balance in the Allowance for Doubtful Accounts = $12,300 credit

Bad Debts Expense = $21,900 ($34,200 - $12,300)

Unadjusted balance in the Allowance for Doubtful Accounts = $1,200 debit

Bad Debts Expense = $35,500 ($34,200 + $1,300)

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One of the most useful ways to break the glass ceiling in organizations is to _____. Select one: a. eliminate status-blind emplo
kobusy [5.1K]

(A) Eliminate status-blind employment practice.

What is a glass ceiling?

  • A glass ceiling is a metaphor used to represent an invisible barrier that prevents a given demographic from rising beyond a certain level in a hierarchy.
  • The metaphor was first coined by feminists in reference to barriers in the careers of high-achieving women.
  • In the United States, the term is sometimes extended to include barriers to minority women's and minority men's advancement.
  • Minority women in white-majority countries frequently face the greatest challenges in "breaking the glass ceiling," because they are at the convergence of two historically marginalized groups: women and people of color.
  • The phrase "bamboo ceiling" was coined by East Asian and East Asian American news outlets to describe the barriers that all East Asian Americans encounter in furthering their careers.

After reading all the questions option (A) is the most useful way to break the glass ceiling.

Therefore, the correct option is (A) Eliminate status-blind employment practice.

Know more about organizations here:

brainly.com/question/19334871

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3 0
2 years ago
If a company owns multiple lines of business in different areas such as cable TV, film entertainment, networks, and publishing,
Zepler [3.9K]

Answer: The answer is Discontinued Operation.

Explanation: Discontinued Operation in financial accounting is a term that is used to refer to part(s) of a company’s line of businesses or products that have been sold or shut down.

Discontinued operations are reported on the income statement, but separately from continuing operations.

The decision to list discontinued operations separately on the income statement is useful because it shows investors where the profits are coming from and which operations have ceased to function, especially useful when companies are about to merge.

8 0
3 years ago
Rocky River Company is a pricetaker and uses target pricing. Refer to the following information:Production volume 602,000​ units
ladessa [460]

Answer:

$30.07

Explanation:

Rocky river company uses target pricing

The production volume is 602,000 units

The market price is $34 per unit

The total assets is $13,900,000

The desired operating income is 17% of the total assets

= 17/100 × 13,900,000

= 0.17×13,900,000

= 2,363,000

The first step is to calculate the sales value

= 602,000 ×34

= 20,468,000

The total cost can be calculated as follows

= Sales value-desired operating income

= 20,468,000-2,363,000

= 18,105,000

Therefore the target full product cost per unit can be calculated as follows

= Total cost/production volume

= 18,105,000/602,000

= $30.07

Hence the full target product cost per unit is $30.07

7 0
3 years ago
4.
JulsSmile [24]

Answer:

Managing your money behavior

Explanation:

Personal finance is the management of individual financial activities of generating income and expenditure. It involves the process of setting personal financial goals and making plans on how to achieve them. Personal finance entails developing personal budgets, savings and investment plans to achieve short term and long term financial goals.

Individuals may need to hire personal finance managers to help them manage their finances. The role of the personal-finance manager is to advise and help in the making and implementation of financial goals. Personal finance involves managing money behavior to achieve the desired results.

4 0
3 years ago
Maria is going to take out a loan with a principal of $19,700. She has narrowed down her options to two banks. Bank M charges an
Vadim26 [7]

Answer:

Loan principal amount = $19,700

Bank M:

Interest rate charges = 7.1% compounded monthly

Loan will be paid off in = Five years

Bank N:

Interest rate charges = 7.8% compounded monthly

Loan will be paid off in = Four years

From the above information, we would recommend that Maria choose her loan from Bank M if she wants a lower monthly payments and Maria choose her loan from Bank N if she wants a lower lifetime cost.

3 0
3 years ago
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