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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.

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Answer:

Throughout the clarification segment elsewhere here, the definition including its issue is mentioned.

Explanation:

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5 0
2 years ago
Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During
hammer [34]

Answer= The entry to record this transaction would include:

A debit to Organization Expenses for $5,000.

A credit to common stock for $4,000 and Paid in capital in excess of par-Common Stock of $1,000

Explanation:

Common stock = 400 x $10= $4000

Accounts                             Debit                  Credit

Organisation expense      $5,000

Common stock                                              $4,000

Paid in capital in excess of par value

of common stock                                            $1,000

( $5000 - $4000)

7 0
1 year ago
Martina advises her tax client, Breslin Baked Goods, to disclose a matter by attaching a special form to its corporate tax retur
harina [27]

Answer: Martina should draft a memo for the files indicating that Breslin is a difficult client.

Explanation: The tax professional ethics standard states that one has to be under the rules and regulations that abides the profession, most especially the AICPA (American Institute of Certified Public Accountants). This means that for one to be ethical, the person's practice must be professional and in accordance to rules.

Because Martina has to be ethical, and also secure her client, she has to disclose the matter the way her clients wants it, but she also has to indicate that Breslin is a difficult person, so that her disclosure won't appear unprofessional, and for her license to be secured.

It will be unprofessional if Martina cannot handle a difficult clients. It is also unprofessional if Martina option becomes quiting or being sacked for not delivering a job.

7 0
2 years ago
Jake considers himself to be a follower of Thomas Malthus. Which of the following statements would Jake be most likely to make?
Ber [7]

Answer:

D

Explanation:

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3 0
2 years ago
All reports required to can be found online at sec.gov.
earnstyle [38]

Answer:

Twitter's amended S-1 filing

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The implication is that Twitter added to (or increased) its property and equipment by $98,450,000, which represent new capital expenditures in 2013.

Twitter filed SEC Form 1-A (S-1) with the Securities and Exchange Commission (SEC) when it was seeking exemption for registration requirements for its public offerings as an "emerging growth company,"  as  it is "allowed by the federal securities laws to elect to comply with certain reduced public company reporting requirements for future filings."

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