Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debt expense
Answers: 2
Business, 22.06.2019 12:40, abilovessoftball
Which of the following tasks would be a line cook's main responsibility? oa. frying french fries ob. chopping onions oc. taking inventory of stocked dry goods od. paying invoices
Answers: 2
Business, 22.06.2019 15:00, shakaylaousley1997
Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?
Answers: 2
Business, 22.06.2019 20:30, brooklyn5150
Casey communications recently issued new common stock and used the proceeds to pay off some of its short-term notes payable. this action had no effect on the company's total assets or operating income. which of the following effects would occur as a result of this action? a. the company's current ratio increased. b. the company's times interest earned ratio decreased. c. the company's basic earning power ratio increased. d. the company's equity multiplier increased. e. the company's debt ratio increased.
Answers: 3
Business, 22.06.2019 23:50, Izzyfizzy
Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period. calculate accrual net income for the year.
Answers: 2
Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that...
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