Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $770,000; Allowance for Doubtful Accounts has a credit balance of $7,000; and sales for the year total $3,470,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $32,200. a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.

Answer:

A. $25,200

B. Accounts Receivable $770,000

Allowance for Doubtful Accounts $32,200

Bad Debt Expense $25,200

C. $744,800

Explanation:

a. Calculation to Determine the amount of the adjusting entry for uncollectible accounts using this formula

Uncollectible accounts Adjusting entry= Allowance for Doubtful Accounts - Credit balance on Allowance for doubtful accounts

Let plug in the formula

Uncollectible accounts Adjusting entry=$32,200 - $7,000

Uncollectible accounts Adjusting entry= $25,200

Therefore the amount of the adjusting entry for uncollectible accounts is $25,200

B. Based on the information given the adjusted balances of Accounts Receivable will be $770,000

Based on the information given the adjusted balances of Allowance for Doubtful Accounts will be $32,200

Bad Debt Expense = $32,200 - $7,000

Bad Debt Expense= $25,200

c. Calculation to Determine the net realizable value of accounts receivable

Using this formula

Net realizable value of accounts receivable = Accounts receivables - Bad debt

Let plug in the formula

Net realizable value of accounts receivable= $770,000 - $25,200

Net realizable value of accounts receivable=$744,800

Therefore Net realizable value of accounts receivable is $744,800

Tano Company issues bonds with a par value of $180,000 on January 1, 2019. The bonds' annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of issuance is 10%, and the bonds are sold for $170,862.1. What is the amount of the discount on these bonds at issuance

Wesley, who is single, listed his personal residence with a real estate agent on March 3, 2013, at a price of $390,000. He rejected several offers in the $350,000 range during the summer. Finally, on August 16, 2013, he and the purchaser signed a contract to sell for $363,000. The sale took place on September 7, 2013. The closing statement showed the following disbursements:
Real estate agent's commission $21,780
Appraisal fee 600
Exterminator's certificate 300
Recording fees 800
Mortgage to First Bank 305,000
Cash to seller 34,520
Wesley's adjusted basis for the house is $200,000. He owned and occupied the house for seven years. On October 1, 2013, Wesley purchases another residence for $325,000. If an amount is zero, enter "0".
a. Wesley's recognized gain on the sale is $ 0
b. Wesley's adjusted basis for the new residence is $ 270000
c. Assume instead that the selling price is $800,000.Wesley's recognized gain is $287750 , and his adjusted basis for the new residence is $
270000

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:
Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible.
Mar. 17 Reinstated the account of Shawn McNeely and received $1,000.

Janet and James purchased their personal residence 15 years ago for $300,000. For the current year, they have an $80,000 first mortgage on their home, on which they paid $5,750 in interest. They also have a home equity loan to pay for the children's college tuition secured by their home with a balance throughout the year of $150,000. They paid interest on the home equity loan of $9,000 for the year.

Required:
Calculate the amount of their deduction for interest paid on qualified residence acquisition debt and qualified home equity debt for the current year.

On December 31, 2020, Nash Inc. has a machine with a book value of $958,800. The original cost and related accumulated depreciation at this date are as follows. Machine $1,326,000 Less: Accumulated depreciation 367,200 Book value $958,800 Depreciation is computed at $61,200 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal.

Factory Overhead Cost Variances The following data relate to factory overhead cost for the production of 8,000 computers: Actual: Variable factory overhead $101,750 Fixed factory overhead 180,000 Standard: 8,000 hrs. at $31 248,000 If productive capacity of 100% was 10,000 hours and the factory overhead cost budgeted at the level of 8,000 standard hours was $284,000, determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. The fixed factory overhead rate was $18 per hour. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. Variance Amount Favorable/Unfavorable Controllable $fill in the blank 1 Volume fill in the blank 3 Total factory overhead cost variance $fill in the blank 5

The cafeteria of a prominent university in Carson, California hires students to assist in its three shifts of operations: breakfast, lunch, and dinner. In order to provide good customer service, the cafeteria has a policy that the number of students hired for the lunch shift must exactly equal (no more and no less) to the combined total number of students hired for the other two (that is, breakfast AND dinner) shifts. Based on these information, if Bis the number of students hired for the breakfast shift, L is the number of students hired for the lunch shift, and is the number of students hired for the dinner shift, then the constraint used in a Linear Programming (LP) problem to describe this situation is :________
A. B = L + D
B. L - B + D
C. D - B + L
D. Not enough information given to answer this question
E. None of the above please continue on the next page

Third World Gamer Inc. manufactures components for computer games within a relevant range of 500,000 to 1,000,000 disks per year. Within this range, the following partially completed manufacturing cost schedule has been prepared:

Components produced 500,000 750,000 1,000,000
Total costs:
Total variable costs $600,000 (d) (j)
Total fixed costs 600,000 (e) (k)
Total costs $1,200,000 (f) (l)
Cost per unit:
Variable cost per unit (a) (g) (m)
Fixed cost per unit (b) (h) (n)
Total cost per unit (c) (i) (o)

Complete the cost schedule above. Round costs per unit to the nearest cent.

how much should a charm bracelet be with 1 tassel and mermaid tail.

1. You can distinguish the various types of bonds by their terms of the contract, pledge of collateral, and so on. Identify the type of bond based on each description given in the table that follows:

Description Type of Bond

a. These bonds are collateralized securities with first claims in the event of bankruptcy. ?
b. These bonds are not backed by any physical collateral. They are backed by the reputation and creditworthiness of the issuing company. ?
c. These bonds are considered the riskiest of all corporate bonds and thus offer the highest interest rates. ?

2. Based on your understanding of bond ratings and bond-rating criteria, which of the following statements is true?

a. An indenture is a legal document that details the rights of bondholders. If the indenture includes a sinking funds provision, the bond will have more default risk.

b. An indenture is a legal document that details the rights of bondholders. If the indenture includes a sinking funds provision, the bond will have less default risk.

3. In 2008, the United States began to witness one of the worst recessions since the 1930s. The collapse of the housing bubble in 2006 led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. Severe liquidity shortfalls in the United States, as well as other global markets, led to a serious credit crisis. During the credit crisis of 2008–2009, several banks and other businesses went through a reorganization process or were forced to liquidate. Consider the following example:

In December 2008, Hawaiian Telcom took action to strengthen its balance sheet by reducing debt. Although the company continued to operate, its creditors could not collect their debts or loan payments that were due prior to the legal action that the company took. However, on November 30, 2009, the company had $75 million in cash on hand.

This is an example of:______

a. Reorganization
b. Liquidation

6. Problems and Applications Q6 Suppose the Federal Reserve's policy is to maintain low and stable inflation by keeping unemployment at its natural rate. However, the Fed believes that the natural rate of unemployment is 4 percent when the actual natural rate is 5 percent. If the Fed bases its policy decisions on its belief, there will be a

what does NBT
stand for​

Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works prepared an aging of accounts receivable and estimated that $6,300 of the $99,300 accounts receivable balance would be uncollectible. The allowance for doubtful accounts had a $530 debit balance at year-end prior to adjustment. What is the amount of bad debt expense

The study of how wealth is created and distributed is

Starting with the finished version of the file for Example 9.3, change the fixed cost in cell B5 to $4000. Change the probabilities in cells B9 (make it smaller), B14 (make it larger), and B15 (make it smaller) in some systematic way (you can choose the details) and, for each combination, calculate the EVI. Does EVI change in the way you’d expect? Why?

Using the following information:

a. The bank statement balance is $3,780.
b. The cash account balance is $3,772.
c. Outstanding checks amounted to $729.
d. Deposits in transit are $649.
e. The bank service charge is $63.
f. A check for $39 for supplies was recorded as $30 in the ledger.

Required:
Prepare a bank reconciliation for Miller Co. for August 31.

art of the screening process when choosing which markets to expand to involves gathering information on local markets. One way to gain information is by participating in trade fairs and trade missions. However, companies will often need additional information on markets that require further research. Collecting primary data in foreign markets can present some challenges in researchers especially because of cultural and technical differences between the markets. Identify whether each statement about the research process is most likely associated with cultural differences between markets or technical differences. 1. A number of languages may be spoken in a country and even in countries where only one language is used, a word's meaning can change from one region to the next.

Inside Incorporated was issued a charter on January 15 authorizing the following capital stock:
Common stock, $6 par, 100,000 shares, one vote per share
Preferred stock, 7 percent, par value $10 per share, 5,000 shares, nonvoting.
The following selected transactions were completed during the first year of operations in the order given:
a. Issued 21,000 shares of the $6 par common stock at $19 cash per share.
b. Issued 3,100 shares of preferred stock at $23 cash per share.
c. At the end of the year, the accounts showed net income of $39,000
Prepare the stockholders' equity section of the balance sheet at December 31

If the variable overhead efficiency variance is $500 unfavorable and the variable overhead spending variance is $100 favorable, the journal entry will include a: _________

a. Debit to variable overhead efficiency variance
b. Credit to variable overhead efficiency variance
c. Debit to variable overhead spending variance
d. Credit to variable overhead spending variance

Assume you are in the 35 percent tax bracket and purchase a municipal bond with a yield of 5.50 percent. Use the formula presented in chapter 11 of your textbook to calculate the taxable equivalent yield for this investment. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Enith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Mar. 1 Paid rent for the month, $4,000.
3 Paid advertising expense, $1,350.
5 Paid cash for supplies, $1,800.
6 Purchased office equipment on account, $11,500.
10 Received cash from customers on account, $8,600.
15 Paid creditor on account, $3,180.
27 Paid cash for miscellaneous expenses, $700.
30 Paid telephone bill for the month, $550.
31 Fees earned and billed to customers for the month, $37,200.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $2,000.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense

QS 7-5 (Algo) Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $2,800 account of a customer, C. Green. On March 9, it receives a $2,300 payment from Green. 1. Prepare the journal entry for January 31. 2. Prepare the journal entries for March 9; assume no additional money is expected from Green.

g 2. Problems and Applications Q2 Indicate whether each of the following transactions represents an increase in net exports, a decrease in net exports, an increase in net capital outflow, or a decrease in net capital outflow for the United States. Transaction Net Exports Net Capital Outflow Increase Decrease Increase Decrease The Sony pension fund buys a bond from the U.S. Treasury. A worker at a Sony plant in Japan buys some Georgia peaches from an American farmer. An American buys a Toyota. An American investor buys a controlling share in a South Korean electronics firm.

The following information pertains to Carla Vista Company.

1. Cash balance per bank, July 31, $7,738.
2. July bank service charge not recorded by the depositor $48.
3. Cash balance per books, July 31, $7,774.
4. Deposits in transit, July 31, $3,110.
5. $2,426 collected for Carla Vista Company in July by the bank through electronic funds transfer. The collection has not been recorded by Carla Vista Company.
6. Outstanding checks, July 31, $696.

Required:
Prepare a bank reconciliation.

Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes.
Example M1 M2
Clancy has $25,000 in a money market account.
Alex has a roll of quarters that he just withdrew from the bank to do laundry.
Eileen has $8,000 in a two-year certificate of deposit (CD).

Jane Dough Pizza's manager is now getting detailed costs for offering delivery service and needs to properly categorize them as either fixed or variable costs.
Please indicate whether each of the following items is a fixed cost or a variable cost.
a. Boxes for pizzas being delivered
b. Mileage reimbursement for delivery drivers
c. Monthly salary of programmer in charge of e-commerce website
d. Cost of raw materials for pizzas that get delivered
e. Monthly building lease

Alexa Inc. purchased equipment in 2018 for $50,000 with no residual value. On December 31, 2020, accumulated depreciation using the straight-line method for financial reporting was $15,000. For tax purposes, Alexa uses MACRS depreciation resulting in $35,600 in accumulated depreciation for tax purposes on December 31, 2020. Taxable income was $100,000 for 2020 and the company's tax rate is 25%.

Required:
a. Determine the GAAP basis of equipment (net) on December 30, 2020.
b. Determine the tax basis of equipment on December 30, 2020.

In a command economy, which group is most responsible for producing the
goods people in society need?
A. Government agencies
B. Family members
C. International corporations
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D. Private businesses
SUBNA
4
Help

Which pathway includes the most self-employed workers?

Banking Services

Insurance Services

Financial and Investment Planning

Business Financial Management

You plan to purchase a car for $28,000. Its market value will decrease by 20% per year. You have determined that the IRS-allowed mileage reimbursement rate for business travel is about right for fuel and maintenance at $0.485 per mile in the 1st year. You anticipate that it will go up at a rate of 10% each year, with the price of oil rising, influencing gasoline, oils, greases, tires, and so on. You normally drive 15,000 miles per year. Your MARR is 9%.

Required:
What is the optimum replacement interval for the car?