Business, 24.02.2020 19:43 gildedav001

At the beginning of 20X6, Duggin Corp.'s "Allowance for Uncollectible Accounts" had a credit balance of $15,000.
During 20X6, account receivable balances totaling $20,000 were specifically written-off as being uncollectible.
As a result of the above, which of the following statements is true immediately after these specific write-offs?
a. The "Allowance for Uncollectible Accounts" account has a debit balance of $5,000 which implies that last year's estimate of bad debts was underestimated (too low).
b. The "Allowance for Uncollectible Accounts" account has a credit balance of $35,000 which implies that last year's estimate of bad debts was overestimated (too high).
c. The "Allowance for Uncollectible Accounts" account has a credit balance of $35,000 which implies that last year's estimate of bad debts was underestimated (too low).
d. The "Allowance for Uncollectible Accounts" account has a debit balance of $5,000 which implies that last year's estimate of bad debts was overestimated (too high).

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 21:00

Following is a list of various costs incurred in producing replacement automobile parts. with respect to the production and sale of these auto parts, classify each cost as either variable costs, fixed costs, or mixed costs. 1. oil used in manufacturing equipment 2. plastic 3. property taxes, $165,000 per year on factory building and equipment 4. salary of plant manager 5. cost of labor for hourly workers 6. packaging 7. factory cleaning costs, $6,000 per month 8. metal 9. rent on warehouse, $10,000 per month plus $25 per square foot of storage used 10. property insurance premiums, $3,600 per month plus $0.01 for each dollar of property over $1,200,000 11. straight-line depreciation on the production equipment 12. hourly wages of machine operators 13. electricity costs, $0.20 per kilowatt-hour 14. computer chip (purchased from a vendor) 15. pension cost, $1.00 per employee hour on the job

Answers: 3

Answer

Business, 22.06.2019 09:00

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

Answers: 3

Answer

Business, 22.06.2019 10:10

Rats that received electric shocks were unlikely to develop ulcers if the

Answers: 1

Answer

Business, 22.06.2019 11:20

Lusk corporation produces and sells 14,300 units of product x each month. the selling price of product x is $25 per unit, and variable expenses are $19 per unit. a study has been made concerning whether product x should be discontinued. the study shows that $72,000 of the $102,000 in monthly fixed expenses charged to product x would not be avoidable even if the product was discontinued. if product x is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be:

Answers: 1

Answer

You know the right answer?

At the beginning of 20X6, Duggin Corp.'s "Allowance for Uncollectible Accounts" had a credit balance...

Questions