Which career cluster does nursing belong to?

Exercise 9-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 1% of i

Mama L [17]

Answer:

Explanation:

The journal entries are shown below:

On December 31:

Bad debt expense A/c Dr $4,875 ($487,500 × 1%)

To Allowance for Doubtful debts A/c $4,875

(Being bad debt expense is recorded)

On February 1:

Allowance for doubtful accounts A/c $580

To Accounts receivable A/c Dr $580

(Being the uncollectible amount is recorded)

On June 5:

Accounts receivable A/c Dr $580

To Allowance for doubtful accounts A/c $580

(Being allowance for doubtful accounts is recorded)

On June 5:

Cash A/c Dr $580

To Accounts receivable A/c Dr $580

(Being the amount received)

We assume the first entry is recorded on December 31

3 0

2 years ago

A company made a profit of $25,000 over a period of 5 years on an initial investment of $10,000. What is its annualized ROI? . A

gayaneshka [121]

A company made a profit of $25,000 over a period of 5 years on an initial investment of $10,000. What is its annualized ROI?

Answer: Out of all the options shown above the one that best represents the annualized ROI is answer choice C) 30%. To solve this you first need to determine the data that will be needed to solve it. In this case the initial investment which is 10,000, the total profit: 25,000, and finally the total number of years: 5. Then we simply use the following formula: Return on Investment = (Gain from Investment - Cost of Investment)/ cost of investment. You then multiply the result by 100% and finally divide by the number of years which in this case is 5.

I hope it helps, Regards.

7 0

2 years ago

Read 2 more answers

A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, they purchased 10 units at $22 each. On N

VashaNatasha [74]

Answer:

Cost of goods sold= $410

Explanation:

Giving the following information:

November 1: 5 units for $20 each.

On November 2, they purchased 10 units at $22 each.

On November 6, they purchased 6 units at $25 each.

On November 8, they sold 18 units for $54 each.

The company uses LIFO (last in, first out) as an inventory method.

Cost of goods sold= 6units*25 + 10units* 22 + 2units* 20= $410

5 0

1 year ago

Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December, she received

muminat

Answer:

a. What is the after-tax cost if she pays the $39,000 bill in December?

= $23,000 x (1 - 32%) = $15,640

b. What is the after-tax cost if she pays the $39,000 bill in January? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)

total after tax cost (including investment revenue):

= $23,000 x (1 - 37%) = $14,490

= -$23,000 x 7% x 1/12 x (1 - 37%) = -$84.53

= $14,405.47

c. Should Reese pay the $23,000 bill'in December or January?

January , since the after tax cost is lower

d. What is the after-tax cost if she expects her marginal tax rate to be 24 percent next year and pays the $23,000 bill in January?

= $23,000 x (1 - 24%) = $17,480

= -$23,000 x 7% x 1/12 x (1 - 24%) = -$101.97

= $17,378.03

e. Should Reese pay the $23,000 bill in December or January if she expects her marginal tax rate to be 32 percent this year and 24 percent next year?

December, since the after tax cost is lower