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Anarel [89]
2 years ago
6

Warner Company's year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600

(credit), and sales of $280,000. Uncollectibles are estimated to be 0.5% of sales.
Prepare the December 31 year-end adjusting entry for uncollectibles.
Business
1 answer:
dsp732 years ago
5 0

Explanation:

The journal entry to record the uncollectible is shown below:

On December 31

Bad debt expense $800

        To Allowance for doubtful debts $800

(Being the bad debt expense is recorded)

The computation is shown below:

= Sales × estimated percentage - credit balance of doubtful accounts

= $280,000 × 0.5% - $600

= $1,400 - $600

= $800

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Neue Inc reports net income of $500,000; during the year, the company declared $100,000 in preferred stock dividends and had an
Nataly [62]

Answer:

1.60

Explanation:

($500,000 - $100,000)/250,000

3 0
2 years ago
The tax liability of a corporation with ordinary income of $105,000 is ________. Range of taxable income - Marginal rate $0 to $
zhannawk [14.2K]

Answer:

$24,199.02

Explanation:

corporation's ordinary income = $105,000

tax brackets              taxable income       tax rate          taxed due

$0 - $50,000                 $50,000                 15%           $7,500.00

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$75,001 - $100,000       $24,999                 34%           $8,499.66

$100,001 - $105,000        $4,999                 39%           $1,949.61

total taxes due                                                                $24,199.02

6 0
2 years ago
Neil and John both need $20,000 to clear off a mortgage payment after 10 years. Neil invests $15,000 at 3 percent per annum of s
Dafna1 [17]

Answer:

John

Explanation:

Neil will have the following amount after ten years.

Simple interest is calculated using the formula,

I= p x r x t

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for Neil interest will be= $15,000 x 3/100 x 10

=$15,000 x 0.03 x 10

=$4500

Neil will have principal + interest amount

=$4,500 + $15,000

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John invested in a compound interest account.

The amount after ten years will be

The formula for compound interest is

FV = PV × (1+r)^n

where FV = Future Value

PV = Present Value

r = annual interest rate

n = number of periods

After ten years, John will have

Fv= $15,000 x (1 + 3/100)^10

Fv= $15,000 x (1.03)^10

FV =$15,000 x 1.34391

Fv = $15,158.75

John will be able to clear his mortgage.

6 0
2 years ago
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Answer:

What is the best way to get his service to his target customers?

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The wages of a timekeeper in the factory would be classified as
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