Nash's Trading Post, LLC uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,041. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $918 instead of a credit balance of $3,041, prepare the adjusting journal entry for bad debt expense.
Answers
Answer:
Provision = $439700*3% = $13,191
Bad debts expense = $13,191 - $3,041 = $10150
Journal entries
Particulars Debit Credit
a) Bad debts expenses $10,150
Allowance for doubtful accounts $10,150
(To record Bad debt exp )
b) Bad debts expenses (13191+918) $14,109
Allowance for doubtful accounts $14,109
(To record bad debts expenses)
Related Questions
g Lawson Manufacturing Company has the following account balances at year end: Office supplies $ 4,000 Raw materials 27,000 Work-in-process 59,000 Finished goods 109,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet
Answers
Answer:
Turke beef
Explanation:
A company has the choice of either selling 600 apples or processing them into applesauce. The company could sell the apples as is for $1,200. Alternatively, the apples could be made into applesauce with incremental costs that consist of $360 of direct materials, $600 of direct labor, and $480 of overhead. The applesauce can be sold for $3,000. Required:
What is the amount of incremental revenue from processing the apples into applesauce?
Answers
The amount of incremental revenue from processing the apples into applesauce is $1800.
What is the incremental revenue?
Incremental revenue is the change in revenue when the total income earned from a product changes as a result of modifying the product.
Incremental revenue = revenue from the applesauce - revenue from selling apples
$3000 - $1200 = $1800
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Use the following graph to answer the next question.
Price Level
AD₁
Real Domestic Product, GDP
AD₂
AD₁
Which of the following changes will shift AD₁ to AD₂?
An increase in real interest rates
An increase in the value of the dollar relative to other currencies
OA shrinkage in the value of stocks and other financial assets
O A decrease in personal and business taxes
Answers
The change that will shift AD₁ to AD₂ is D. A decrease in personal and business taxes.
What can lead to an increase in aggregate demand ?If the graph shown, changes from AD₁ to AD₂, then this is an increase in aggregate demand. It can happen for several reasons and one of them is a decrease in personal and business taxes.
A decrease in personal taxes would mean that people have more disposable income on their hands. This would lead to them being able to spend on more goods and services and in so doing, they would increase the level of aggregate demand.
Then there is a decrease in business taxes which would leave companies with more revenue as retained earnings. This money can go to shareholders who would increase their spending thanks to the extra income, or would go to other projects and investments which would also increase aggregate demand.
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If an advertiser wants to enhance the sales of a specific good or service, institutional advertising should be used. Select one: True O False
Answers
Answer: True.
Explanation:
US REFERENCE: SO 9
5. Given an organisation in a different province or country, describe the way in which performance
would be adapted.
Answers
Answer:
Adapting performance in an organization in a different province or country would require an understanding of the local culture, customs, laws, and regulations. The organization would need to take into account the linguistic and communication barriers that may exist, and may need to provide additional training. Performance metrics would also need to be reviewed and adjusted to reflect the unique challenges and opportunities of the specific geographic location. Additionally, the organization would need to build relationships with local stakeholders, such as customers, suppliers, and government officials, to ensure and maintain its success in the new market. A comprehensive market analysis and strategy development would need to be undertaken to ensure that the organization is positioning itself for success and anticipating local challenges. Finally, the organization may need to adjust its policies and procedures to align with local laws and regulations and to refreflect on theect the cultural norms of the new market. Overall, it is important for the organization to remain adaptable and flexible to maintain success in a new market.
Explanation:
the adjusted trial balance for Wildhorse Co is given below. Prepare the closing entries for the temporary accounts at August 31
Answers
The entries to close "Supplies", "Accounts Payable", "Salaries and Wages Payable", "Unearned Rent Revenue", and "Accumulated Depreciation-Equipment" are not required as they are already zeroed out on the adjusted trial balance after adjustment.
What informs the closing entries?The closing entries for the temporary accounts at August 31 would be:
Date: Aug 31
Account Titles and Explanation: Service Revenue
Debit: $34,610
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Rent Revenue
Debit: $13,200
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Salaries and Wages Expense
Debit: $18,210
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Supplies Expense
Debit: $1,620
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Rent Expense
Debit: $17,241
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Insurance Expense
Debit: $1,250
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Depreciation Expense
Debit: $1,200
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Dividends
Debit: Retained Earnings
Credit: $2,760
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The complete question goes thus:
The adjusted trial balance for Wildhorse Co. is given below. Prepare the closing entries for the temporary accounts at August 31. WILDHORSE CO. Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash 10,000 10,000 Accounts Receivable 8,720 9,400 2,850 Supplies Prepaid Insurance 1,230 4,370 3,120 Equipment 15,160 15,160 Accumulated Depreciation-Equipment 3,411 4,611 Accounts Payable 5.190 5,190 Salaries and Wages Payable 0 1,270 Unearned Rent Revenue 1.840 1.070 Common Stock 16.110 16110 Question 2 of 5 < > Accumulated Depreciation Equipment $ $ 3,411 $ 4,611 Accounts Payable 5,190 5,190 Salaries and Wages Payable 0 1,270 Unearned Rent Revenue 1,840 1,070 Common Stock 16,110 16,110 Retained Earnings 5,130 5,130 Dividends 2,760 2,760 Service Revenue 33,930 34,610 Rent Revenue 12.430 13,200 Salaries and Wages Expense 16,940 18,210 Supplies Expense 0 1,620 Rent Expense 17.241 17,241 Insurance Expense 0 1.250 Depreciation Expense 0 1,200 $ 78,041 $ 78,041 $ 81.191 $ 81.191 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry for the acc Question 2 of 5 -/36 E Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) Aug. 31 (To close income/(loss)) Aug. 31 (To dose dividends)
Karrie would like to draw attention to some short statements in her document.
What is the best way to draw the readers deeper into the text?
insert pull quotes
change the text color
use a large font
highlight the text
THE CORRECT ANSWER IS A: INSERT PULL QUOTES
Answers
Karrie wants to call attention to a few brief assertions in her document. The best way to draw the readers deeper into the text is by inserting pull quotes. Hence, Option A is correct.
What are pull quotes?Pull quotes are composed of text that is taken from the original text, reproduced, and presented as a visually arresting feature on the page.
Pull quotes are condensed passages from the text that is being read. They are employed to interrupt the reader's flow and give a text passage a more prominent place in the post or article.
Therefore, Option A is correct.
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Testbank Multiple Choice Question 122 On January 1, 2012, Bramble Corp. purchased for $768000, equipment having a useful life of ten years and an estimated salvage value of $36000. Bramble has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $137500. As a result of this sale, Bramble should recognize a gain of
Answers
Answer: $28,300
Explanation:
The gain that Bramble will recognize will goes thus:
First and foremost, we have to calculate the accumulated depreciation on the equipment and this will be:
= (768,000 - 36,000)/10 x 9
= 658,800
After that, we would find the value of the net Bmbook value on Dec 31, 2020 and this will be:
= 768,000 - 658,800
= 109,200
The gain will then be:
= Sales value - Net book value
= 137,500 - 109,200
= 28,300
Which situation is an example of indirect taxation?
OA. Stores charge sales tax on each purchase and give that money to
the government.
OB. Homeowners must pay a percentage of their home's worth to the
government.
OC. Businesses must send a portion of their income each year to the
government.
OD. Every citizen sends the government money to support the armed
forces.
SUBMIT
Answers
Option A is the correct answer. Indirect taxation is the situation where taxes are imposed on products or services and not directly on individuals. Therefore, the example of indirect taxation in the situation given is when stores charge sales tax on each purchase and give that money to the government.
Stores charge sales tax on each purchase and give that money to the government is an example of indirect taxation.Indirect taxation is a method of taxation in which individuals are not taxed directly, but instead, the tax is paid through an intermediary.
The tax is generally imposed on products or services. This tax, which is passed on to the customer as part of the price of the good or service, is then collected by the seller and forwarded to the government.
Sales tax, excise tax, and customs duty are all examples of indirect taxes.
Therefore, Option A is the correct answer.
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Which feature is a point of differentiation between products and services
Answers
Answer:
Products are tangible, offered by the companies to the customers in exchange for money.
Services are the intangible economic product that is provided by a person on the other person’s demand. It is an activity carried out for someone else.
Explanation:
as the tax assessor for Indian creek county, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $800,000,000. currently, the assessment rate is 35% and the tax rate is 40 mils. The county commission increases the assessment rate to 45% and the tax rate to 45 mils
Answers
Answer:
this didnt make sense but ok
Explanation:
Beech's managers have made the following additional assumptions and estimates:
25
points
eBook
Print
1. Estimated sales for July, August, September, and October will be $210,000, $230,000, $220,000, and $240,000, respectively.
2. All sales are on credit and all credit sales are cofected. Each month's credit sales are collected 35% in the month of sale and 65%
In the month following the sale. All of the accounts receivable at June 30 will be collected in July,
3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 60% of sales. The
company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following
the purchase. All of the accounts payable at June 30 will be paid in July.
4. Monthly selling and administrative expenses are always $60,000. Each month $5,000 of this total amount is depreciation expense
and the remaining $55,000 relates to expenses that are pald in the month they are incurred,
5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company
does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30,
References
Required:
1. Prepare a schedule of expected cash collections for July, August, and September
2-a. Prepare a merchandise purchases budget for July, August, and September
. Also compute total merchandise purchases for the
quarter ended September 30.
2-6. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
Dronare an income statement that comnite nat nerating income for the cuarter andart Sentomhar an
Answers
1. The preparation of the schedule of expected cash collections for July, August, and September for Beech Corporation is as follows:
Cash Collections:July August September
Estimated sales $210,000 $230,000 $220,000
Cash collection:
35% sales month $178,500 $80,500 $77,000
65% month following 140,000 136,500 149,500
Total cash collections $318,500 $217,000 $226,500
2. The preparation of a schedule of merchandise purchases for July, August, and September for Beech Corporation is as follows:
Merchandise Purchases:July August September
Estimated sales $210,000 $230,000 $220,000
Cost of goods sold $126,000 $138,000 $132,000
Ending inventory $69,000 $66,000 $72,000
Goods available $195,000 $204,000 $204,000
Beginning inventory 60,500 69,000 66,000
Purchases $134,500 $135,000 $138,000
The total merchandise purchases for the quarter ended September 30 is $407,500 ($134,500 + $135,000 + $138,000).
2-b. The preparation of a schedule of expected cash disbursements for merchandise purchases for July, August, and September for Beech Corporation is as follows:
Cash Disbursements:July August September
Purchases $134,500 $135,000 $138,000
Cash payment for purchases:
40% month of purchase $53,800 $54,000 $55,300
60% month following 88,000 $80,700 81,000
Total cash payment $141,800 $134,700 $136,300
3. The preparation of an income statement showing the net operating income for the quarter for Beech Corporation is as follows:
Beech's Corporation
Income Statement:July August September Total
Estimated sales $210,000 $230,000 $220,000 $660,000
Cost of goods sold $126,000 $138,000 $132,000 396,000
Gross profit $84,000 $92,000 $88,000 $264,000
Expenses:
Selling and admin. $60,000 $60,000 $60,000 $180,000
Net income $24,000 $32,000 $28,000 $84,000
Data and Calculations:Sales Budget and Cash Collections
July August September October
Estimated sales $210,000 $230,000 $220,000 $240,000
Cash collection:
35% sales month $178,500 $80,500 $77,000 $84,000
65% month following 140,000 136,500 149,500 143,000
Total cash collections $318,500 $217,000 $226,500 $227,000
July August September October
Estimated sales $210,000 $230,000 $220,000 $240,000
Cost of goods sold $126,000 $138,000 $132,000 $144,000
Ending inventory $69,000 $66,000 $72,000
Goods available $195,000 $204,000 $204,000
Beginning inventory 60,500 69,000 66,000
Purchases $134,500 $135,000 $138,000
Cash payment for purchases:
40% month of purchase $53,800 $54,000 $55,300
60% month following 88,000 $80,700 81,000
Total cash payment $141,800 $134,700 $136,300
Beech Corporation
Balance Sheet at June 30:Assets:
Cash $75,000
Accounts receivable 140,000 143,000
Inventory 60,500
Plant and Equipment 227,000
Total assets $508,500
Liabilities:
Accounts Payable $88,000 $82,700
Common Stock 311,000
Retained Earnings 109,500
Total liabilities & equity $508,500
Thus, the net operating income for the quarter ended September 30 for Beech Corporation is $84,000.
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Fabian has written a summary of the Great Depression to prepare for his upcoming history exam, but when he shows the summary to his instructor to see if he's on the right track, he is disappointed to learn that he has missed the mark. His instructor tells him that the focus of his summary should have been less on simply repeating facts from his notes and more on "connecting the dots." Which sentence BEST embodies what his instructor is looking for?
A) "The Great Depression started in 1929."
B) "The Great Depression was hard for people to get through."
C) "The Great Depression was a significant period in American history because it changed American economics in a catastrophic way."
D) "The Great Depression ended in 1939."
Answers
Answer:
C) "The Great Depression was a significant period in American history because it changed American economics in a catastrophic way."
it's C because it sounds like someone that truly understands what they are saying also it's not just basic facts like A and D and B is just a general term of how the time period was for people so that only leaves C
What is Universal Perspective
Answers
Answer:
1 of, relating to, or typical of the whole of mankind or of nature. 2 common to, involving, or proceeding from all in a particular group. 3 applicable to or affecting many individuals, conditions, or cases; general. 4 existing or prevailing everywhere.
define the meaning of an action plan
Answers
Answer:
a action plan is a detailed outlining actions needed to reach one or more goals
Kris Kerpstra is an employee for General Dynamics. Kris would be considered a human resource.
Answers
Answer:
I NEED THIS ANSWERRR TOOO!!
Explanation:
Answer:
Trisha wishes that she and Bo could become better friends. This is an example of an (Non) economic want.
Explanation:
Its not a economic want
Answer the following questions:
a) What is teaching? Write the name of manpower in teaching.
Hlo guys I need answer please
Answers
Answer:
giving a person education or making someone literate is called teaching.
teachers are the manpowers in teaching.
Suppose that consumption decreases. What is the effect on investment and real interest rate? Analyze using graphs. Briefly describe.
Answers
Answer:
Interest rates and investment
If interest rates are increased then it will tend to discourage investment because investment has a higher opportunity cost. With higher rates, it is more expensive to borrow money from a bank. Saving money in a bank gives a higher rate of return.
Question 2
What was the opening price of Dow Jones Industrial Average on Mar 28, 2019 in the format of XXXXX.XX?
Answers
Answer:
21,062.96
I believe
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Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:
1. What is the materials quantity variance for March?
2. If Preble had purchased 171,000 pounds of materials at $7.20 per pound and used 155,000 pounds in production, what would be the materials quantity variance for March?
3. What is the labor rate variance for March?
4. What is the labor efficiency variance for March?
5. What is the labor spending variance for March?
Answers
Labor efficiency variance = (Actual hour * Standard rate) - (Standard hour * Standard rate).
Labor efficiency variance = $404,600 F
What is Labor efficiency variance?By "efficiency of labor," we mean a worker's ability to produce more or better work, or both, over the course of a given amount of time.
1) Labor efficiency variance = (68,000 * $17) - ((30,600 * 3) * $17)
Labor efficiency variance = $1,156,000 - (91,800 * $17)
Labor efficiency variance = $404,600 F
2) Variance in direct labor worked divided by variance in labor efficiency
Variance in labor costs is $404,600 - $68,000.
Variance in labor costs = $336,600 F
3) Planned unit sold minus variable overhead equals variable manufacturing overhead cost.
Manufacturing variable overhead cost = 24,000 * $21
$504,000 is the variable manufacturing overhead cost.
4) Planned unit sold minus variable overhead equals variable manufacturing overhead cost.
Cost of variable overhead in production = 30,600 * $21
$642,600 is the variable manufacturing overhead cost.
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Complete the fish-bone chart by matching each number in the chart with the corresponding reason.
LOADING... Click the icon to view the partially completed fish-bone chart.
Number
Reason
I
▼
II
▼
Traffic jam
Flat tire
Speeding - got stopped
Can't find keys
III
▼
Traffic jam
Can't find keys
Flat tire
Speeding - got stopped
IV
▼
Answers
f Honduras is open to international trade in oranges without any restrictions, it will import
tons of oranges.
Suppose the Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of
$
per ton will achieve this.
A tariff set at this level would raise
$
in revenue for the Honduran government.
Answers
Suppose that Honduras is open to international trade in oranges without any restrictions, it will import an infinite amount of oranges. Therefore, the import of oranges can be limited through a tariff. The Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers.
A tariff of $720 per ton will achieve this. A tariff set at this level would raise $72,000 in revenue for the Honduran government.
Tariff: It is a tax imposed by a government on imported or exported goods. The main purpose of a tariff is to limit imports and protect domestic production and employment.
In this scenario, a tariff is imposed by the Honduran government to limit the import of oranges and help domestic producers. Therefore, if the tariff is set at $720 per ton, then it would reduce the imports of oranges to exactly 100 tons, which is the desired goal of the Honduran government.
Moreover, the tariff rate multiplied by the number of imports gives the amount of revenue raised by the Honduran government, which is $720 × 100 = $72,000. Thus, a tariff set at $720 per ton will raise $72,000 in revenue for the Honduran government.
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PLEASE HELP VRO
When the economy is on the downfall it is called
A) A recession
B) A depression
C) The downfall
Answers
Answer:
A I don't know how to explain it but the answer is A
Slavin Corporation manufactures two products, Alpha and Delta. Each product requires time on a single machine. The machine has a monthly capacity of 500 hours. Total market demand for the two products is limited to 150 units (each) monthly. Slavin is currently producing 110 Alphas and 110 Deltas each month. Cost and machine-usage data for the two products is shown in the following spreadsheet, which Slavin managers use for planning purposes:
Alpha Delta Total
Price $120 $150
Less variable costs per unit
Material 20 35
Labor 26 37
Overhead 14 14
Contribution margin per unit $60 $64
Fixed costs
Manufacturing $8,000
Marketing and administrative 5,000
$13,000
Machine hours per unit 2.0 2.5
Machine hours used 495
Machine hours available 500
Quantity produced 110 110
Maximum demand 150 150
Profit $640
Required:
a. How many Alphas and Deltas should the company produce each month to maximize monthly profit?
b. If the company produces at the level found in requirement (a), how much will monthly profit increase over the current production schedule?
Answers
Answer:
a. How many Alphas and Deltas should the company produce each month to maximize monthly profit?
150 Alphas80 Deltasb. If the company produces at the level found in requirement (a), how much will monthly profit increase over the current production schedule?
$480 increase (or 75% increase)Explanation:
Alpha Delta
Price $120 $150
Variable costs per unit :
Material $20 $35 Labor $26 $37 Overhead $14 $14Contribution margin per unit $60 $64
Fixed costs :
Manufacturing $8,000 Marketing and administrative $5,000 total $13,000Machine hours per unit 2.0 2.5
Machine hours used 495
Machine hours available 500
Quantity produced 110 110
Maximum demand 150 150
Profit $640
Contribution margin per machine hour:
$30 $25.60
this means you should produce as many Alphas as possible = 150. Production of 150 Alphas will consume 300 machine hours and the remaining 200 hours can be used to produce 80 Deltas.
Monthly profit:
[(150 x $60) + (80 x $64)] - 13,000 = $9,000 + $5,120 - $13,000 = $1,120, which represents a $480 increase (or 75% increase)
Nail polish and polish remover are related goods because they are frequently bought together. If nail polish becomes cheaper, what happens to the demand for polish remover?
A) Demand decreases by moving along the current demand curve
B) Demand decreases by shifting the demand curve to the left
C) Demand increases by moving along the current demand curve
D) Demand increases by shifting the demand curve to the right
Why?
Answers
Answer: The correct answer is D
What is the different between capital and revenue expenditure
Answers
Answer:
Typically, the purpose of capital expenditures is to expand a company's ability to generate earnings, whereas revenue expenditures include the operational costs of running a business and the maintenance costs that are necessary to keep the asset in working order.
Explanation:)
how can I draw the circular flow of Income in an open economy?
Answers
The unending flow of goods and services, income, as well as expenditure in an economy is referred to as the circular flow. It depicts the circular redistribution of income between the production unit and households. Land, labour, capital, as well as entrepreneurship are examples of these.
The circular flow of diagram's outer loop depicts the flow of factor services from households to firms, as well as the corresponding flow of payments for factors from firms to households.
The inner loop depicts the flow of goods and services from firms to households, as well as the flow of consumer spending from households to firms. The entire amount of money paid by firms as factor payments is returned to the firms by the factor owners.
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When governments use monetary policies to make sure most citizens can find jobs, they are pursuing the policy goal of:
A. reducing the overall money supply
B. keeping interest rates moderate
C. promoting stable prices
D. maximizing sustainable employment
Answers
Answer:
D. maximizing sustainable employment
Explanation:
Hope this helps!
The correct option is D. When governments use monetary policies to make sure most citizens can find jobs, they are pursuing the policy goal of maximizing sustainable employment.
What do mean by maximizing sustainable employment?Maximum sustainable employment (MSE) is the level of employment at which the economy might continue to operate indefinitely without, on the one hand, leaving workers who wish to work without a job and, on the other, without significantly taxing labor markets.
Maximizing employment, maintaining price stability, and maintaining reasonable long-term interest rates are the objectives of monetary policy. The Fed may foster conditions for long-term economic development and maximum employment by adopting an effective monetary policy, which will keep prices steady.
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14) A firm's internal business environment does NOT include its ________.
A) employees
B) patents
C) products
D) technologies
E) customers
Answers
Answer:
E) Customers
Explanation:
Took the quiz
Which contra asset account will be subtracted to calculate total fixed assets?
Answers
The accumulated depreciation account occurs on the balance sheet and lowers the gross amount of fixed assets.
What is a contra asset account deducted from the related asset account?A contra account exists utilized in a public ledger to decrease the value of a connected account when the two exist netted together. A contra account's natural balance exists as the opposite of the associated account. If a debit exists the natural balance is recorded in the linked account, and the contra account documents a credit.
Contra assets merely detract from the entire value of the asset account, all one contains to do exists to add up all the assets together first. Later, add up all the depreciation. Finally, carry the aggregate depreciation and subtract it from the entire assets.
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