answer.
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
SIZIF [17.4K]
2 years ago
10

Milford Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $

140 ,000​, and management estimates 2​% will be uncollectible. The amount of expense to report on the income statement was $ 2,800. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $ 3,000. The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be
Business
1 answer:
andrew-mc [135]2 years ago
3 0

Answer:

The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be $5,800

Explanation:

The computation of the balance of Allowance for Uncollectible​ Accounts is shown below:

= Estimated uncollectible amount + credit balance of Allowance for Uncollectible Accounts

= $2,800 + $3,000

= $5,800

The estimated uncollectible amount is shown below:

= Net credit sales × uncollectible percentage

= $140,000 × 2%

= $2,800

Both the items would be considered for computing the balance of the  Allowance for Uncollectible​ Accounts.

You might be interested in
A 180-day $3 million CD has a 4.25 percent annual rate quote. If you buy the CD, how much will you collect in 180 days?
Katarina [22]

Answer:

$3,063,750

Explanation:

A 180 day $3,000,000 CD

Annual rate = 4.25%

Collection in 180 days = ?

$3,000,000 * 4.25% * 180/360

= $3,000,000 *  0.02125

= $63,750

Total amount to collect after 180 days = $3,000,000 + $63,750

Total amount to collect after 180 days = $3,063,750

8 0
1 year ago
The Acmeville Metropolitan Bus Service currently charges $0.88 for an all-day ticket and is used by an average of 513 riders a d
ki77a [65]

Answer:

Price elasticity of demand = Change in Quantity/ Change in Price

Using midpoint formula;

Change in Quantity ;

= \frac{Q2 - Q1}{\frac{Q1 + Q2}{2} } \\\\= \frac{363 - 513}{\frac{513 + 363}{2} }\\\\= -0.342

Change in Price;

= \frac{P2 - P1}{\frac{P1 + P2}{2} } \\\\= \frac{0.99 - 0.88}{\frac{0.99 + 0.88}{2} }\\\\= 0.118

Price elasticity of demand = -0.342/0.118

= -2.90

Demand is elastic, so decreasing ticket prices will increase revenue.

When the elasticity is larger than 1 it means that a 1% change in price will change demand by more than 1%. In this case, a a decrease of price by 1% will bring 2.9% increase in customers.

6 0
1 year ago
Will using name brand microwave popcorn result in a greater percentage of pooped kernals than using store branf
goblinko [34]
No. The percentage of pooped kernels depends on the quality of the kernel and the accuracy of the temperature indicated in the cooking instruction on the popcorn package.
3 0
2 years ago
BBB Company has been a successful manufacturer of quality electronics products for the past 20 years. It is a publicly traded co
OverLord2011 [107]

Answer:

Answer 1.

Beneath referenced pointers show that organization arranged the liquidation for recent years or something like that.  

  • The way that there had been no interest in R&D for recent years which more likely than not brought about noteworthy cost putting something aside for the organization.  
  • BBB bought expanded size of stock on layaway from providers in recent years which is a warning.  
  • Indeed, even without bringing about any R&D cost for recent years, CFO of BBB moved toward the bank to expand the credit line of the organization and utilized all credit line without legitimate desk work.  
  • CFO erroneously guaranteed the brokers about new product offering so as to look for advances/increment credit line.  
  • Indeed, even with diminished deals, organization was indicating lower supply of stock. They more likely than not been offering the stock at cost to outsider or shrouded it at an undisclosed area to dupe the providers.  
  • With no interest in R&D and declining business possibilities, organization couldn't have given new offers for subsidizing  

Answer 2.

Yes, even if it is a fraudulent filing for bankruptcy, BBB organization despite everything can select to petition for financial protection or BBB can close the business through and through and escape with the reserve funds and continues from the offer of the stock. Indeed, even leasers and providers reserve the option to petition for automatic insolvency against the BBB in the event that BBB doesn't seek financial protection.  

It thoroughly relies upon the BBB Company, in the event that it selects to declare financial insolvency under section 7, or 11 of the liquidation code. Be that as it may, it is just under section 11 liquidation procedures of the chapter 11 court it very well may be set up that BBB's aim and untrustworthy strategic policies establishes to insolvency misrepresentation.

3 0
1 year ago
o reduce its stock price, Shriver Food Systems, Inc., declared and issued a 100 percent stock dividend. The company has 800,000
Leya [2.2K]

Answer:

General Journal                                          Debit                               Credit

Retained Earning                                       200,000

               Common Stock                                                                   200,000

Explanation:

(200,000 outstanding shares x 100% stock dividend x $1 par value of the stock) = 200,000 Common Stock.

4 0
1 year ago
Other questions:
  • Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise):A building wi
    14·1 answer
  • Mikhail Corporation has the following sales forecasts for the first three months of 2018: Month Sales January $36,000 February 2
    6·1 answer
  • Which accounting principle states that a company should "report expenses in the same period as the revenue they help generate"?
    7·1 answer
  • A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards as a
    14·1 answer
  • On January 1, 2018, Ameen Company purchased major pieces of manufacturing equipment for a total of $36 million. Ameen uses strai
    8·1 answer
  • In developing a measure of "need for cognition" (the degree to which people like thinking and problem-solving), Dr. Jonason asks
    5·1 answer
  • Crain Company has a manufacturing subsidiary in Singapore that produces high-end exercise equipment for U.S. consumers. The manu
    7·1 answer
  • When you purchased a car, you borrowed $20,000 from the bank and agreed to make monthly payments of $423.17 for 5 years. What ra
    9·1 answer
  • Delta Insurers typically affirms or denies claims within 120 days after it receives proof of loss statements. Which statement is
    15·1 answer
  • Simone and Ana are debating the pricing strategy of several airlines. Simone argues, "When airlines restrict discounted tickets
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!