In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,600. During the year, Dinty wrote off $30,400 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,310,000, and cash collections from credit customers totaled $1,920,000. What bad debt expense would Dinty report in its first-year income statement

Answers

Answer 1

Answer:

$113,000

Explanation:

Calculation to determine What bad debt expense would Dinty report in its first-year income statement?

Using this formula

Bad debts expense - Write-offs = Change in Allowance balance

Bad debts expense = Change in Allowance balance + Write-offs

Let plug in the formula

Bad debts expense=$82,600+$30,400

Bad debts expense=$113,000

Therefore the bad debt expense that Dinty would report in its first-year income statement is $113,000


Related Questions

The paradox of thrift accounts that both investors and consumers want to spend during a recession or depression, thereby increasing employment and enhancing the chances of recovery.A. TrueB. False

Answers

Answer: False

Explanation:

The Paradox of Thrift Accounts posits that having savings in a recession is bad because it would lead the economy to even worse levels of recession.

During recessions, people tend to save more and investors tend to invest less. Consumers do so because they hope the savings will enable them survive should something happen and investors don't want to lose money in recessions.

This Paradox argues that both investors and consumers who spend more so that employment will rise as well as production and pull the economy out of a recession.

MacKenzie Company sold $780 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:________ a) Debit Accounts Receivable $780 and credit Sales $780. b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780. c) Debit Cash of $780 and credit Sales $780. d) Debit Cash of $780 and credit Accounts Receivable $780 e) Debit Cash $768.30 and credit Sales $768.30

Answers

Answer:

b) Debit Cash $768.30; debit Credit Card Expense $11.70 and credit Sales $780.

Explanation:

Based on the information given the Appropriate journal entry to record this sale transaction would be:

Debit Cash $768.30

($780-$11.70)

Debit Credit Card Expense $11.70

(1.5%*$780)

Credit Sales $780

(To record sales)

The first three cars I bought all fell apart around 50,000 miles. It was called planned obsolescence and no one seemed to care until companies entered the market that promised 70,000, then 80,000, and finally 100,000 warranties. What sets a great car apart from a good one now is not the quality, which is assumed, but performance, safety and fuel economy. A car that can achieve all three is highly sought after. In the automotive market, performance, safety and fuel economy are sterling examples of:________.
A) order winners.
B) the voice of the engineer.
C) order qualifiers.
D) the voice of the customer.

Answers

Answer:

A)order winners.

Explanation:

Order winners can be regarded as competitive advantages, these advantages could be product design,

delivery speed, as well as reliability and image that influence the customers of that firm in selection of

products or services if that firm. It can be regarded as the reason that draw customers to purchase the product of a company. It should be noted that ability of a company to win orders on the market can be attributed to the company competitiveness.

What is the nature of DENEL​

Answers

Answer:

turn-key solutions of defence equipment

Answer:Denel SOC Ltd is a South African state-owned aerospace and military technology conglomerate established in 1992. It was created when the manufacturing subsidiaries of Armscor were split off in order for Armscor to become the procurement agency for South African Defence Force (SADF), now known as the South African National Defence Force (SANDF), and the manufacturing divisions were grouped together under Denel as divisions. The company had been experiencing major financial problems since 2015 and in 2021 it was announced in Parliament that Denel was on the brink of insolvency. The company stated that its woes were due to declining local defence budgets, weakened relationships with key customers and suppliers, the inability to retain or attract skilled personnel, ongoing salary disputes and a Fitch ratings downgrade.

A refiner produces heating fuel and gasoline from crude oil in virtually fixed proportions. What can you say about economies of scope for such a firm? What is the sign of its measure of economies of scope, SC?

Answers

Answer:

The cost benefits of simultaneous manufacturing do not exist and there are thus no economies as well as range disadvantages. A further explanation is provided below.

Explanation:

Scope savings are environmental impacts if a variety of commodities are produced collectively when producing these commodities collaboratively is far less costly than individually.Throughout this case, the manufacturer can create two items from the main resource although manufacturing takes place in some kind of a set proportion. Therefore includes the amount of production is identical to the expenditure of combined production of the products.

Thus the above is the appropriate solution.

Carmichael Inc. has a beginning balance in Accounts Receivable of $100,000 at June 1. On June 24, Carmichael sells $20,000 of merchandise to K. Low, terms 2/10, n/30. Assuming just this one transaction occurred, what is the ending balance in Accounts Receivable at June 30 under the gross method

Answers

Answer:

$120,000

Explanation:

Particulars                                                                   Amount

Beginning balance in accounts receivables A/C    $100,000

Add: Credit sales                                                       $20,000

Ending balance in accounts receivables A/C        $120,000

A company purchased $4,000 worth of merchandise. Transportation costs for the buyer were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is:

Answers

Answer:

Total cost of purchase= $3,995

Explanation:

To calculate the total cost of merchandise purchased, we need to use the following structure:

Invoice cost of merchandise purchase

Less:

Purchase discount

Returns and allowances

Add:

Transportation costs

In this case:

Invoice cost of merchandise purchase= 4,000

Purchase discount= (4,000*0.02)= (80)

Returns and allowances= (275)

Transportation costs= 350

Total cost of purchase= $3,995

Cheese Mart LLC sells cheese to Pizza Palace for $1,500. Pizza Palace uses the cheese to make pizzas, selling them to consumers for a total of $9,000. These transactions contribute ________ to the gross domestic product (GDP).

Answers

Answer: $9000

Explanation:

The gross domestic product (GDP) is the final value of the goods that are produced in an economy. In this case, we are only interested in the final value which is the $9000.

It should be noted that when Cheese Mart LLC sells cheese to Pizza Palace for $1,500, this is an intermediate good and should not be counted when calculating the GDP.

Kirkland sells season tickets for six events at a price of $48. For the 2013 season, 2,700 season tickets were sold.

Required:
a. Use the horizontal model to show the effect of the sale of the season tickets. (Enter decreases to account balances with a minus sign.)
b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.
c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?

Answers

Answer:

a. Assets = Liabilities + Stockholders' Equity = $129,600

b. Debit Unearned ticket revenue for $129,600, and Credit Total revenue for $129,600.

c. It would be classified as an Unearned ticket revenue under the Current Liabilities on the balance sheet.

Explanation:

a. Use the horizontal model to show the effect of the sale of the season tickets. (Enter decreases to account balances with a minus sign.)

Note: See the attached excel file for the horizontal model showing the effect of the sale of the season tickets.

In the attached excel file, the following calculation is done:

Cash = Unearned ticket revenue = Price per season ticket * Number of season tickets sold = $48 * 2,700 = $129,600

Since Stockholders' Equity is equal to zero in the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $129,600

b. Use the horizontal model (or write the journal entry) to show the effect of presenting an event.

The journal entry will look as follows:

General Journal                          Debit ($)              Credit ($)    

Unearned ticket revenue            129,600

Total revenue                                                             129,600

(To record the effect of presenting an event.)                            

c. Where on the balance sheet would the account balance representing funds received for performances not yet presented be classified?

It would be classified as an Unearned ticket revenue under the Current Liabilities on the balance sheet.

If an economy has aggregate price levels that are increasing, but the wage rate stays the same because of downward wage stickiness, what would be the economic consequences

Answers

Answer:

Business would fire some employees as labor becomes too expensive and the quantity of real GDP supplied would decrease.

Explanation:

According to the sticky wage [tex]\text{theory}[/tex], when the stickiness enters a market, there is a change in [tex]\text{one direction}[/tex] which will be favored over a change in the other direction.

The [tex]\text{aggregate price level}[/tex] is the measure of overall level of the prices in an economy.

When the [tex]\text{aggregate price level}[/tex] increases, it results in inflation. In an economy, when the aggregate price level increases, and the wage rate remains the same due to the downward wage stickiness, it results in an economy which would fire some of the employees as the labor becomes very expensive and the quantity of the real GDP supplied would also decrease.

A company's direction, objectives, and strategy Group of answer choices are set in stone as the end of the planning process. never have to be revisited, even if time pressures or internal conditions warrant. are insulated from disruptive changes that a company might experience in its external environment. are never final, as managing strategy is an on-going, dynamic process. are primarily a now-and-then task.

Answers

Answer:

are never final, as managing strategy is an on-going, dynamic process.

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;

I. Value.

II. Vision.

III. Mission.

Hence, a company's direction, objectives, and strategy are never final because managing strategy is a continuum or an on-going, dynamic process. Thus, it's never a now and then task.

Jon Brooks quit his job in a bicycle shop, where he earned $15,000 per year, to become a graduate student in economics. At the university he attended, he spent $2,000 on books, $1,000 on cough medicine, and earned $12,000 as an economics teaching-assistant. What were Jon's economic costs while attending college?a. $18,000.b. $15,000.c. $6,000.d. $3,000.

Answers

Answer: a. $18,000

Explanation:

Economic costs are the sum of opportunity costs and accounting costs incurred when the next best alternative is not followed.

In this case, the opportunity costs are the salary that Jon Brooks foregoes and the actual costs are the cost on books and cough medicine.

Economic costs will therefore be:

= 15,000 + 2,000 + 1,000

= $18,000

This past year inflation in Snowdonia has increased to 150%. As an economic analyst, you are charged with identifying those sectors of the population worst affected by this inflation event. Which group of people is likely to be worst affected by inflation

Answers

Answer:

disabled veterans living on fixed (non-adjustable) government transfer payments

Explanation:

Here the group income should remains the fixed or same for the time period so at the time when the price of the goods rised up or the value of the money reduced so it would become hard for the inflation event

Therefore the group of people who deals in veterans i.e. disabled and lived on fixed government transfer payment should be worst impacted by the inflation

one characteristic that has allowed the US economy to change the mix of output in response to customer demand is

Answers

Answer:

The ease with which resources move from one industry to another.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Command economy.

III. Traditional economy.

IV. Pure capitalism economy.

Pure capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a pure capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.

Hence, a characteristic that has allowed the economy of the United States of America to change the mix of output in response to customer demand is the ease with which resources move from one industry to another due to pure capitalism or its free-enterprise system.

Front Company had net income of $82,500 based on variable costing. Beginning and ending inventories were 1,800 units and 3,200 units, respectively. Assume the fixed overhead per unit was $8.40 for both the beginning and ending inventory. What is net income under absorption costing

Answers

Answer:

$94,260.00

Explanation:

There is no doubt that the difference between net income under absorption costing and variable costing method lies in the treatment of fixed cost, under the former, each product is charged with fixed cost while total fixed cost is charged as a  period cost under the latter.

In essence, the fixed cost on ending inventory would have been expensed and deducted in arriving at net income under variable cost, in other words, we simply add to net income under variable costing the fixed cost attributable to an increase in ending inventory

income=$82,500+(3200-1800)*$8.40

net income=$94,260.00

If the Federal Reserve buys $8,500 worth of securities from non-bank public, and the non-bank public then keeps the payment from the bank as cash, then
a: R increases by $8,500 and the MB rises by $8,500
b: C and R both increase by $8,500, and the MB does not change
c: C increases by $8,500 and the MB increases by $8,500
d: C increases by $8,500 and the MB does not change

Answers

Answer:

c: C increases by $8,500 and the MB increases by $8,500

Explanation:

If the Federal Reserve buys $8,500 in securities from non-bank public and then payment is kept from the bank in form of cash, theC increases by $8,500 and the MB increases by $8,500

A producer of fixed proportion goods X and Y ( Q = QX = QY) has marginal costs and revenues of MC = 12 Q, MRX = 54 – 6 QX, MRY = 126 – 12 QY . The producer should produce how many units?

Answers

Answer:

A producer of fixed proportion goods X and Y ( Q = QX = QY) has marginal costs and revenues of MC = 12 Q , MRX = 54 – 6 QX , MRY = 126 – 12 QY . The producer should produce how …

A flexible budget may be prepared: Select one: a. Before the operating period only. b. After the operating period only. c. During the operating period only. d. At any time in the planning period. e. Only when the company encounters excessive costs.

Answers

Answer:

The correct answer is the option D: At any time in the planning period.

Explanation:

To begin with, in the field of accounting and bussines management the concept known as "flexible budget" refers specifically to the type of budget that a company uses whose primary characteristic is that it is adjustable to the situation and therefore that it goes changing all the time according with the changes that happen in the levels of volumen and or activities, including expenses and revenues as well. So that is why that a flexible budget may be prepared at any time in the planning period for the company because it adjusts to the context.

Calculate depreciation for year 2 based on the following information: Historical cost $40,000 Useful life 5 years Salvage value $3,000 Year 1 depreciation $7,400

Answers

Answer:

Depreciation for year 2 is also $7,400.

Explanation:

Assuming a straight line method of depreciation in which the depreciation is the same for each year, the annual depreciation can be calculated as follows:

Annual depreciation = (Historical cost - Salvage value) / Useful years = ($40,000 - $3,000) / 5 = $7.400

Since annual depreciation is $7,400, that implies that depreciation for year 2 is also $7,400.

In the Restin Company, maintenance costs are a mixed cost. At the low level of activity (80 direct labor hours), maintenance costs are $600. At the high level of activity (200 direct labor hours), maintenance costs are $1,100. Using the high-low method, what is the variable maintenance cost per unit and the total fixed maintenance cost

Answers

Answer:

the variable maintenance cost per unit and the total fixed maintenance cost is $4.17 per unit and $267 respectively

Explanation:

The computation of the variable maintenance cost per unit and the total fixed maintenance cost is shown below:

The variable maintenance cost is

=  ($1100 - $600) ÷ (200 - 80)

= $4.17 per unit

And, the fixed maintenance cost is

= $1,100 - $4.17 × $200

= $267

Hence, the variable maintenance cost per unit and the total fixed maintenance cost is $4.17 per unit and $267 respectively

You are the account manager for an Internet service provider. A customer contacts you and complains that her recent billing statement was incorrect. After looking over the statement, you determine that the customer is in error. What should you do before writing your message? Check all that apply.

a. Anticipate the effect your message will have on the receiver.
b. Analyze the bad-news situation.
c. Evaluate your tone.
d. Conduct any necessary research.

Answers

Answer: a. Anticipate the effect your message will have on the receiver.

b. Analyze the bad-news situation

Explanation:

In the Phase 1 of the writing process, it is required that one should analyze the bad-news situation, and then anticipate the effect that such news will on have on the receiver. After this has been one, the message will then be adapted accordingly.

In a scenario whereby it's anticipated that the reader will be upset about the news, then the message might be reshaped so that the reader won't be angry.

Suppose the lead time is 3 operating days, and that the superstore wishes to maintain instock probability of 90%. The demand in each day is normal distributed with standard deviation 10, and the demands cross 3 days are independent. What is the re-order point? The z-score for 0.9 is 1.28. (

Answers

Answer:

the  re-order point is 97.17

Explanation:

The computation of the re-order point is given below:

Re-order point is

= (Daily demand × Lead time) + (Z × Standard deviation × Sqrt(Lead time)

= (25 × 3) + (1.28 × 10 × Sqrt(3))

= 97.17

hence, the  re-order point is 97.17

The same is to be considered and relevant too

QS 6-6 Petty cash accounting LO P2 1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the following receipts: entertainment, $70; postage, $30; and printing, $22. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.

Answers

Answer and Explanation:

The journal entries are as follows:

1. Petty cash A/c Dr $150

              To Cash A/c $150

(Being the establishment of petty cash is recorded)

2.

Entertainment expenses A/c Dr $70

Postage expense A/c Dr $30

Printing A/c Dr $22

                    To Petty cash A/c $122

(Being the reimbursement of petty cash fund is recorded)

Hellppp ASAP please I need help with business I have another question to

Answers

Answer:

Well what are the options

The master budget process usually begins with the (CMA adapted) Group of answer choices production budget. operating budget. financial budget. sales budget.

Answers

Answer: sales budget

Explanation:

The sales budget is regarded as the master budget process starting point. The sales budget is essential as it depicts the planned sales units as well as the expected dollars that would be gotten from the sales.

The main reason why the sales budget is regarded as the beginning point in the budgeting process is due to the fact that the plans in a organization are usually linked to sales.

Flannigan Company manufactures and sells a single product that sells for $450 per unit; variable costs are $300. Annual fixed costs are $870,000. Current sales volume is $4,200,000. Flannigan Company management targets an annual pre-tax income of $1,125,000. Compute the unit sales to earn the target pre-tax net income.
a. 4,333.
b. 7,500.
c. 6,650.
d. 13,300.
e. 11,750.

Answers

Answer:

Break-even point in units= 13,300

Explanation:

Giving the following information:

Unitary selling price= $450

Fixed cost= $870,000

Unitary variable cost= $300

Desired profit= $1,125,000

To calculate the units to be sold, we need to use the break-even point with desired profit:

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (870,000 + 1,125,000) / (450 - 300)

Break-even point in units= 13,300

A building is acquired on January 1, at a cost of $830,000 with an estimated useful life of eight years and salvage value of $75,000. Compute depreciation expense for the first three years using the double-declining-balance method.

Answers

Answer:

ill try but just know im dum

Cute Camel Woodcraft Company is considering a one-year project that requires an initial investment of $500,000; however, in raising this capital, Cute Camel will incur an additional flotation cost of 6%. At the end of the year, the project is expected to produce a cash inflow of $700,000. The rate of return that Cute Camel expects to earn on the project after its flotation costs are taken into account is

Answers

Answer:

The correct answer is "32.076%".

Explanation:

Given:

Initial investment,

= $500,000

Cash inflows,

= $500,000

The floatation cost will be:

= [tex]500,000\times 6 \ percent[/tex]

= [tex]30,000[/tex] ($)

The total cost will be:

= [tex]Initial \ investment+Floatation \ cost[/tex]

= [tex]500000+30000[/tex]

= [tex]530000[/tex]

hence,

The rate of return will be:

= [tex]\frac{Inflows}{Cost} -1[/tex]

= [tex]\frac{700000}{530000} -1[/tex]

= [tex]\frac{700000-530000}{530000}[/tex]

= [tex]0.32076[/tex]

= [tex]32.076[/tex] (%)

In preparing a bank reconciliation, the amount of checks outstanding would be:__________
A. added to the cash balance according to the bank statement.
B. deducted from the cash balance according to the bank statement.
C. added to the cash balance according to the company’s records.
D. deducted from the cash balance according to the company’s records.

Answers

A would be the right answer

48. What does management say they are doing to assure the public that the financial information is reliable

Answers

Answer:

Management of a company is responsible for integrity and objectivity of financial statements. It is management's responsibility to comply with all applicable accounting standards while preparing financial statements.

Explanation:

There should be strict internal controls in a company. A company management is responsible to comply with all laws, and prepare financial standards free from errors. There should be no window dressing and information presented should be reliable. A company management is also responsible to maintain effective internal control system.

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