Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $ 1,725,000 Expenses: Cost of goods sold $ 1,020,000 Operating expenses 530,000 Depreciation expense 47,000 Income tax expense 37,000 Total expenses 1,634,000 Net income $ 91,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 99,000 $ 83,500 $ 15,500 (I) Accounts receivable 46,300 50,500 4,200 (D) Inventory 72,000 53,500 18,500 (I) Prepaid rent 2,700 4,400 1,700 (D) Accounts payable 42,000 35,500 6,500 (I) Income tax payable 4,700 8,500 3,800 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method.

Answers

Answer 1

Answer:

                                              PEACH COMPUTER

                       Operating Activities Section of Cashflow Statement

Cash flows from operating activities:                                             $91,000

Adjustments to reconcile net income to

net cashflows from operating activities:

Add: Depreciation                                                  $47,000

Changes in operating assets and liabilities:

            Increase in Inventory                               ($18,500)

            Decrease in accounts receivable           $4,200

            Increase in Accounts Payable                 $6,500

            Decrease in Prepaid rent                        $1,700

           Decrease in Income tax payable             ($3,800)           $‭37,100‬

Net Cash from Operating activities                                             $128,100

Portions Of The Financial Statements For Peach Computer Are Provided Below. PEACH COMPUTER Income Statement

Related Questions

The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment:
Sales $7,270,000
Gross profit 1,450,000
Indirect labor 330,000
Indirect materials 195,000
Other factory overhead 90,000
Materials purchased 5,100,000
Total manufacturing costs for the period 6,170,000
Materials inventory, end of period 480,000
Using this information, determine the following missing amounts:
A. Cost of goods sold.
B. Direct materials cost.
C. Direct labor cost.

Answers

Answer:

A. $5,820,000

B. $4,425,000

C. $1,130,000

Explanation:

A. Cost of goods sold.

Cost of goods sold = Sales - Gross Profit

                                = $7,270,000 - $1,450,000

                                = $5,820,000

B. Direct materials cost.

Direct materials cost = Material Purchases - Ending Material Inventory - Indirect Materials

                                   = $5,100,000 - $480,000 - $195,000

                                   = $4,425,000

C. Direct labor cost.

Direct labor cost = Total Manufacturing Cost - Indirect labor - indirect materials - direct materials - other factory overheads

                            = $6,170,000 - $330,000 - $195,000 - $4,425,000 - $90,000

                            = $1,130,000

The yield-to-maturity on a bond is the interest rate you earn on your investment if interest rates do not change. If you actually sell the bond before it matures, your realized return is known as the holding period yield. Suppose that today you buy a 9 percent annual coupon bond for $1,000. The bond has 12 years to maturity. Three years from now, the yield-to-maturity has declined to 7 percent and you decide to sell. What is your holding period yield

Answers

Answer:

The holding period yield is 11.87%

Explanation:

First, we need to determine the interest income received in the holding period

Interest income = Face value x Coupon rate x Holding period

Where

Face value = $1,000

Coupon rate = 9% per anum

Holding period = 3 years

Placing values in the formula

Interest income = $1,000 x 9% x 3 years = $270

Now calculate the price of the bond after 3 years as follow

Use the following formula to calculate the price of the bond

Price of the bond = [ C x ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]

Where

F = Face value = $1,000

C = Periodic coupon payment = $1,000 x 9% = $90

r = Periodic interest rate = 7%

n = Numbers of periods = 12 years - 3 year = 9 years

Placing values in the formula

Price of the bond = [ $90 x ( 1 - ( 1 + 7% )^-9 ) / 7% ] + [ $1,000 / ( 1 + 7% )^3 ]

Price of the bond = $586.37 + $543.93

Price of the bond = $1,130.30

Now determine the holding period return

Holding period return = Interest income + Price appreciation

Holding period return = Interest income + ( Price after 3 years - Purchase price )

Where

Interest income = $270

Price after 3 years = $1,130.30

Purchase price = $1,000

Placing values in the formula

Holding period return = $270 + ( $1,130.30 - $1,000 ) = $270 + $130.30 = $400,.30

Now calculate the holding period return rate

Holding period return rate = Holding period return / Initial investment = $400.30 / $1,000 = 0.40 = 40%

Annualise the rate of return as follow

Annual rate of return = ( ( ( 1 + rate of return )^(1/n) ) - 1 ) x 100

Annual rate of return = ( ( ( 1 + 40% )^(1/3) ) - 1 ) x 100

Annual rate of return = 0.1187 x 100

Annual rate of return = 11.87%

John lived in Zimbabwe in 2001. His boss told you that starting from this month, he will get paid in double, i.e. 100% raise. He has $(Zimbabwean)10,000 in his savings. Here was economic situation in Zimbabwe in 2001.
GDP growth rate: 1.4%
Unemployment rate: 5.41%
Inflation: 112%
Interest rate: 50%
Explain why(there are two correct possibilities).
A. John has nothing to worry about, Zimbabwean economy is doing well as GDP growth rate is positive.
B. John lost his savings as real interest rate is negative.
C. John should look for other jobs because unemployment rate is quite low. There might be other jobs who can pay more.
D. John must have not purchased the same as last month due to inflation.

Answers

Answer:

B , D

Explanation:

Real interest rate is the interest rate adjusted for inflation rate.

Real Interest rate = Nominal Interest rate - Inflation

= 50% - 112% = -62% {Its negative}  

So, such high negative real interest rate implies loss in value of held money. Hence, John lost his savings as real interest rate is negative.

Also, such higher inflation rate implies lower purchasing power of money.

So, John must have not been able to purchase the same, as much as last month - due to inflation.

While taking courses at a community college, Patrice also spends time each week assisting at her town’s community center. Patrice aides the community center leaders and learns about how the center works. Although she is not paid for this time, she hopes to begin a full-time job at the community center after finishing her courses. Patrice’s time at the community center is called

secondary education.
doctoral research.
a certification.
an internship.

Answers

Answer:

an internship.

Explanation:

The internship is the training program provided by a company in order to get the work experience to the employee who wants to make a career in a specific field whether unpaid or paid.

Since in the question it is mentioned  she is not paid also she started for a full time job at the community center so the time at the community center is known as an internship

Answer:

D

Explanation:

If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct_____________ using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that_________ would be more appropriate.

Answers

Answer:

supply curve

supply schedule

Explanation:

From the question, we are given an instance that If Cho's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, i would advise your coworker to construct supply curve using the data provided. However, if Cho's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that supply schedule would be more appropriate.

The supply curve can be regarded as

graphic representation that gives the

correlation between quantity supplied and cost of a good for a particular period of time.the left vertical axis con rain the price, the horizontal axis contains the quantity supplied .

Supply schedule can be regarded as table that gives the relationship between quantity supplied and the

price of a good

Before making the decision to invest in Uber, managers at Toyota undoubtedly conducted an internal analysis. In order to choose the strategy that will enable their company to attain a sustained competitive advantage through this decision, in what other activity would Toyota managers have engaged in conjunction with this internal analysis?
a. The support of C-level management and majority stockholders
b. Nothing - an internal analysis is sufficient on its own.
c. An analysis of the company's external environment
d. An analysis of the company's finances and operations

Answers

Answer: c. An analysis of the company's external environment

Explanation:

Apart from the internal analysis conducted by Toyota, it is vital for the organization to analyze its external environment.

We should note that the external environment of a business is made up of the legal, social, economic, demographic, political secturs etc.

To achieve organizational goals,buts paramount to analyse both the internal and the external environment.

Presented below is information related to Sheffield Company.
Oct. 1 Diane Lexington begins business as a real estate agent with a cash investment of $15,600 in exchange for common stock.
2 Hires an administrative assistant.
3 Purchases office furniture for $2,250, on account.
6 Sells a house and lot for N. Fennig; bills N. Fennig $4,000 for realty services performed.
27 Pays $800 on the balance related to the transaction of October 3.
30 Pays the administrative assistant $2,750 in salary for October.
Prepare the debit-credit analysis for each transaction. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Answers

Answer:

1) Oct 1

Dr Cash $15,600

Cr Common stock $15,600

2. No entry

3. Oct 3

Dr Cost of real estate service $2,250

Cr Accounts payable $2,250

4. Oct 1

Dr Accounts receivable $4,000

Cr Reality service revenue $4,000

5. Oct 27

Dr Accounts payable $800

Cr Cash $800

6. Oct 30

Dr Cost of real estate service $2750

Cr Cash $2750

Explanation:

Preparation of the debit-credit analysis for each transaction.

1) Oct 1

Dr Cash $15,600

Cr Common stock $15,600

[Being to record Issued common stock to properties]

2. No entry

3. Oct 3

Dr Cost of real estate service $2,250

Cr Accounts payable $2,250

[Being to record Purchased on account office furniture]

4. Oct 1

Dr Accounts receivable $4,000

Cr Reality service revenue $4,000

[Being to record Sold reality estate and bill raised]

5. Oct 27

Dr Accounts payable $800

Cr Cash $800

[Being to record paid dues of Oct 3 in part]

6. Oct 30

Dr Cost of real estate service $2750

Cr Cash $2750

[Being to record Salary paid to administrative staff]

Required information Skip to question The Ferre Publishing Company has three service departments and two operating departments. Selected data from a recent period on the five departments follow: Service Departments Operating Departments Administration Janitorial Maintenance Binding Printing Total Costs $163,800 $122,850 $56,160 $321,750 $503,100 $1,167,660 Number of employees 60 35 140 315 210 760 Square feet of space occupied 15,000 10,000 20,000 40,000 100,000 185,000 Hours of press time 30,000 60,000 90,000 Administration is allocated based on number of employees; Janitorial based on space occupied; and Maintenance based on hours of press time. Required: Assuming that the company uses the direct method to allocate service department costs, how much cost would be assigned to each operating department

Answers

Answer:

The Ferre Publishing Company

The cost assigned to each operating department:

Binding =  $463,320      

Printing = $704,340

Explanation:

a) Data and Calculations:

                           Service Departments                    Operating Departments

               Administration  Janitorial  Maintenance      Binding         Printing

Total Costs $163,800    $122,850      $56,160         $321,750     $503,100 $1,167,660

Number of

 employees    60                 35               140                315                 210   760

Square feet

 of space

 occupied     15,000        10,000         20,000            40,000      100,000 185,000

Hours of

 press time                                                                  30,000       60,000       90,000

Allocation of Service Departments' Costs to the Operating Departments;

                           Service Departments                    Operating Departments

               Administration  Janitorial  Maintenance      Binding         Printing

Total Costs $163,800    $122,850      $56,160         $321,750     $503,100 $1,167,660

Admin.        (163,800)           8,190        32,760              73,710          49,140     0

Janitorial                          (131,040)        16,380            32,760          81,900

0

Maintenance                                      (105,300)           35,100          70,200  0

Total                                                                        $463,320      $704,340  $1,167,660

Rate of Administration Cost to the other departments =$234  ($163,800/700)

Janitorial   35*$234 = $8,190

Maintenance  140*$234 = $32,760

Binding 315*$234 = $73,710  

Printing 210*$234 = $49,140

Janitorial cost:

Rate based on space occupied = $131,040/160,000 = $0.819

Maintenance  = 20,000*$0.819 = $16,380

Binding   = 40,000*$0.819 = $32,760

Printing =   100,000*$0.819 = $81,900

Maintenance Cost of $105,300

Rate = $1.17 ($105,300/90,000)

Binding = 30,000*$1.17 = $35,100

Printing = 60,000*$1.17 = $70,200

1) Consider the single factor APT. Portfolio A has a beta of 1.7 and an expected return of 19%. Portfolio B has a beta of .6 and an expected return of 15%. The risk-free rate of return is 11%. If you wanted to take advantage of an arbitrage opportunity, you should take a short position in portfolio __________ and a long position in portfolio

Answers

Answer:

A, B.

Explanation:

E(r) = Rf + beta (Risk premium on factor)

PORTFOLIO A

19% = 11% + 1.7(RP)

19% - 11% = 1.7(RP)

(RP) = 0.08/1.7

(RP) = 0.047059

(RP) = 4.706%

PORTFOLIO B

15% = 11% + 0.6(RP)

15% - 11% = 0.6(RP)

(RP) = 0.04/0.6

(RP) = 0.06667

(RP) = 6.667%

As risk premium is lower in case of portfolio A, the correct strategy is Short Position in Portfolio A and Long Position in Portfolio B

Understanding preference assumptions
Complete the following table by identifying which assumption each given scenario references.
Assumptions
Scenario Complete Transitive
Tastes Tastes Monotonicity Convexity Continuity
Your niece Latasha says she
can't compare her two favorite
TV shows, Dora the Explorer
and Sesame Street, because
they are so different, even though
they are on at the same time and
she needs to choose.
Jake usually buys three pounds
of ham and two pounds of turkey
each week at the grocery store.
When the grocery store had only
1.99 pounds of turkey available,
he didn't feel that worse off.
Your brother would prefer to have
two computers and a video game
console, rather than one computer
and a video game console, because
he loves technology.
Frances is indifferent between having
only two scoops of ice cream or having
only four cookies for dessert, but she
would prefer to have one scoop of ice
cream and two cookies because she
likes variety in her diet.
Dmitri prefers burgers over hot dogs
and hot dogs over chicken. However,
when faced with a choice between
burgers and chicken, he chooses
chicken.

Answers

Answer:

Understanding Preference Assumptions

Identifying the assumption for each scenario:

    Scenario                                              Preference Assumption

1. Your niece Latasha says she

can't compare her two favorite

TV shows, Dora the Explorer

and Sesame Street, because

they are so different, even though

they are on at the same time and

she needs to choose.                             Continuity    

2. Jake usually buys three pounds

of ham and two pounds of turkey

each week at the grocery store.

When the grocery store had only

1.99 pounds of turkey available,

he didn't feel that worse off.                 Complete taste  

3. Your brother would prefer to have

two computers and a video game

console, rather than one computer

and a video game console, because

he loves technology.                             Monotonicity

4. Frances is indifferent between having

only two scoops of ice cream or having

only four cookies for dessert, but she

would prefer to have one scoop of ice

cream and two cookies because she

likes variety in her diet.                            Convexity      

5. Dmitri prefers burgers over hot dogs

and hot dogs over chicken. However,

when faced with a choice between

burgers and chicken, he chooses

chicken.                                                     Transitive tastes

Explanation:

A. Complete taste: As Jake's preferences are inclined towards ham, she is able to compare and rank ham and turkey.

B. Continuity: There are sudden jumps in Latasha's taste. She wants her two favorite TV shows, Dora the Explorer and Sesame Street, equally.

C. Transitive tastes: For example, Dmitri prefers burgers over hot dogs

and hot dogs over chicken, but still chooses chicken.

D. Monotonicity: More computers are better for my brother.

E. Convexity: Averages of (ice cream and cookies) are better than only ice cream or only cookies For Frances.

Do you think being charitable can be taught?

Answers

Answer:

Yes, I feel like anyone can be taught what charitable means and what it is. Its all about helping..and anyone could learn that without being taught

Explanation:

According to the video, what are some factors that make this job stressful? Select two options.
new technologies
creative decisions
tight deadlines
artistic temperaments of coworkers
missing equipment

Answers

Answer:

3 & 4

Explanation:

answer key showed me the answer.

Answer:

C and D

Explanation:

Brainlist please

Bali Sales Company experienced the following events:
Purchased merchandise inventory for cash.
Purchased merchandise inventory on account.
Returned merchandise purchased on account.
Sold merchandise inventory for cash. Label the revenue recognition 4a and the expense recognition 4b.
Paid cash on accounts payable not within the discount period.
Sold merchandise inventory on account. Label the revenue recognition 6a and the expense recognition 6b.
Paid cash for selling and administrative expenses.
Paid cash for transportation-in.
Collected cash from accounts receivable.
Paid cash for transportation-out.
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the financial statements by placing a + for increase, -for decrease, or NA for not affected under each of the components in the following statements model. Assume the use of the perpetual inventory system. The first event is recorded as an example.
Event Event Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow
Type Type
1 AE + - = NA + NA NA - NA = NA -0A

Answers

Answer:

Bali Sales Company

Identifying events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE):

Event Type Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow Type

1.  AE             + -      = NA    + NA      NA   - NA  = NA           -0A

2. CE             +        = +       +  NA     NA   -  NA =  NA          -OA

3. CE             -         = -       +  NA     NA   -  NA =  NA          +OA

4a. AS           +        =  NA   +  +         +     -  NA =  +              +OA

4b. AU          -         =  NA   +  -         NA   -  +   =  -                -OA

5. CE            -         =  -       +  NA     NA   -  NA =  NA          -OA

6a. AS           +        =  NA   +  +         +     -  NA =  +              +OA

6b. AU          -         =  NA   +  -         NA   -  +   =  -                -OA

7. AU            -         =  NA   +  -         NA   -  -   =   -                -OA

8. AU            -         =  NA   +  -         NA   -  -   =   -                -OA

9. AE            +-       =  NA    + NA     NA   - NA  = NA            -OA

10. AU            -       =  NA   +  -         NA   -  -   =   -                -OA

Explanation:

All the events are classified under operating activities for the cash flow type.  There are no investing activities (IA) nor financing activities (FA) in any of the events listed.  The workings above show the accounting equation in operation as it affects elements of the financial statements.

Which is not a hazard of globalization?


A) increased prices


B) unequal economic development


C) exploitation of workers


D) environmental damage

Answers

The answer is A) increase prices

Answer:

A, increased prices is the answer

A project manager is considering how to structure a project team that will not directly disrupt ongoing operations. The project needs to be done quickly and a high level of motivation will be needed in order to do that. For this situation, the ______ organization would be the best choice. Group of answer choices weak matrix strong matrix projectized functional balanced matrix

Answers

Answer: Projectized

Explanation:

With regards to the information given in the question, the projectized organization would be the best choice.

A projectized organization structure is simply one whereby the decisions regarding the project will be made by the project manager and everything regarding the project will be reported to the project manager.

Since the project needs to be done quickly and a high level of motivation will be needed in order to do that, the projectized structure will be ideal.

The organization would be the best choice is Projectized

The following information should be considered:

A projectized organization structure is simply one whereby the decisions regarding the project will be made by the project manager and everything regarding the project will be reported to the project manager. Since the project needs to be done quickly and a high level of motivation will be needed in order to do that, the projectized structure will be ideal.

Learn more: brainly.com/question/16911495

The development of cotton and woolen mills in the mill cities of England, and later New England, caused tremendous sociological change as potential workers (especially women) swarmed from rural areas to the growing industrial cities. Cite some examples of similar occurrences in more recent times in developing countries.

Answers

Explanation:

Agribusiness is the strongest sector of the Brazilian economy, for this reason there is a change in the flow of workers who migrated from the southeastern region of Brazil where the largest Brazilian metropolises such as Rio and São Paulo are concentrated to the central west region of Brazil, where there is the largest agricultural productivity in Brazil.

The high investment and industrialization in the region, the strengthening of Brazilian agribusiness and the lack of employment in other regions of the country were the causes that contributed to the greater demand for jobs in the central west region of the country.

Consider the market for "rainbow sandals" . Suppose average household income increases from â$31 thousand to â$50 thousand per year. As aâ result, the demand for increases from 402 to 559. Using the midpointâ formula, what is the "income elasticity of demand" forâ?

Answers

Answer:

0.695

Explanation:

The computation of the income elasticity of demand using the mid-point formula is given below:

Income elasticity of demand is

= Percentage change in quantity demanded ÷ percentage change in income

where,

Percentage change in quantity demanded is

= (New - old) ÷ (New + old) ÷ 2

= (559 - 402) ÷ (559 + 402) ÷ 2

= 157 ÷ 481

= 0.326

And, the percentage change in income is

= (New - old) ÷ (New + old) ÷ 2

= ($50,000 - $31,000) ÷ ($50,000 + $31,000) ÷ 2

= $19,000 ÷ $40,500

= 0.469

Now the income elasticity of demand is

= 0.326 ÷ 0.469

= 0.695

One way to make ratio analysis more meaningful is to compare the ratios of one firm to those of other firms in the same industry. True Or False

Answers

False. Hope this helped

Tricia Grey is a salaried, exempt employee with Meganti Incorporated. She is single with one dependent and earns $28,600 per year.
Required:
Complete the payroll register for the biweekly pay period ending June 10, 20XX with a pay date of June 15, 20XX.

Answers

Answer:

Earnings per year = $28,600 per year

So, Biweekly Pay = $28,600 *2/52 = $1,100

Summary

Gross Name = Tricia Grey

Martial Status = Single

No. Withholding = 1

Period Salary = $1,100

Regular Earnings = $1,100

Gross Earnings = $1,100

Provide examples of each: consumer durable goods, consumer nondurable goods, and services.

Which of the following are consumer durable goods?
a. A new Ford Fiesta
b. Heart surgery
c. A dining room table
d. A jacket

Answers

Answer:

Consumer durable goods: cars, departments.

Consumer nondurable goods: canned food, clothes.

Services: cable, internet, energy and water.

And the correct answer is the option A: A new Ford Fiesta.

Explanation:

To begin with, the durable goods in the microeconomics theory are those that do not wear out with one ot two uses, but instead it actually has a long life with multiple uses. It does not mean that those goods stay forever new. Meanwhile the nondurable goods are those that do wear out after one or two uses of the good and the most common example of that is the food and the clothes. Finally, the services are those that the people ask for in the case they want and specific situation to happen to them, like to have water, to have cable and internet, etc.

What is installment debt?

Answers

no se inglés mano / I don't know English, I'm from Mexico

Answer:an installment is a loan that is repaid in regular installments.

Explanation:meaning of installment a sum of money due as one of several equal payments of something

Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $60,000. In addition, Shlee agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 12%. Prepare Shlee Corporation's January 1 journal entry.

Answers

Answer:

January 1, 2020

Dr Cash $60,000

Dr Discount on Bonds Payable $21,869

Cr Notes Payable $60,000

Cr Unearned Sales Revenue $21,869

Explanation:

Preparation of Shlee Corporation's January 1 journal entry

First step is to calculate Find the Present value (PV) using financial calculator

N = 4 years

I/Y% = 12$

FV = $60,000

PMT = 0

PV =?

Hence,

PV =$38,131

Second step is to calculate the Discount on Bonds Payable for January 1, 2020

Discount on Bonds Payable =$60,000 −$38,131 Discount on Bonds Payable =$21,869

Now let prepare the Journal entry

January 1, 2020

Dr Cash $60,000

Dr Discount on Bonds Payable $21,869

($60,000 −$38,131)

Cr Notes Payable $60,000

Cr Unearned Sales Revenue $21,869

($60,000 −$38,131)

Under rent control, bribery is a potential mechanism to:________
a. bring the total price of an apartment (including the bribe) closer to the equilibrium price.
b. force the total price of an apartment (including the bribe) to be less than the market price.
c. allocate housing to the most deserving tenants.
d. allocate housing to the poorest individuals in the market.

Answers

Answer:

A). bring the total price of an apartment (including the bribe) closer to the equilibrium price.

Explanation:

Rent control can be regarded as a program set up by the government which control the limit of amount that can be demanded by landlords for leasing out a home as well as renewal of a lease. The law that govern rent control are been enacted by municipalities, and it's a way to make lower-income residents have an affordable living cost. It should be noted that Under rent control, bribery is a potential mechanism to bring the total price of an apartment (including the bribe) closer to the equilibrium price.

Sunland Company's account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts are $924000 debit and $1970 credit, respectively. From an aging of accounts receivable, it is estimated that $40900 of the December 31 receivables will be uncollectible. The necessary adjusting entry would include a credit to the allowance account for:_______

a. $42870.
b. $1970.
c. $38930.
d. $40900.

Answers

Answer:

c. $38930

Explanation:

Calculation for what the necessary adjusting entry would include a credit to the allowance account for:

Using this formula

Credit to the allowance account =Accounts receivable-Allowance for Doubtful Accounts (Credit)

Let plug in the formula

Credit to the allowance account=$40900-$1970

Credit to the allowance account= $38930

Therefore The necessary adjusting entry would include a credit to the allowance account for $38930

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