Business, 02.04.2020 16:35 kelseybieberrr19
During Year 1, Ramona Department Store had total sales of $1,500,000, of which 80% were on credit. The beginning balance in Accounts Receivable (on January 1 of Year 1) was $82,500. The beginning balance in the Allowance for Bad Debts (on January 1 of Year 1) was $10,000. The amount of accounts written off as uncollectible during the year was $13,500.
The following aging of Accounts Receivable is for Ramona Company at the end of Year 1.
Aging of Accounts Receivable
December 31 of Year 1
col1 Total Less than 30 Days 31 Days to 60 Days 61 Days to 90 Days Over 90 Days
col2 $246,000 $183,000 $36,000 $12,000 $15,000
Ramona Company has developed the following bad debt information from its own past experience.
Age of Account
Percent Ultimately Uncollectible
Less than 30 days 2
31 to 60 days 12
61 to 90 days 35
Over 90 days 90
Ramona Company uses the aging method to determine its ending Allowance for Bad Debts balance. What is the appropriate Allowance for Bad Debts balance as of the end of Year 1?
a. $22,980
b. $25,680
c. $25,000
d. $28,500
e. $27,000
f. $13,500
Answers: 2
Business, 21.06.2019 22:50
The following data pertains to activity and costs for two months: june july activity level in 10,000 12,000 direct materials $16,000 $ ? fixed factory rent 12,000 ? manufacturing overhead 10,000 ? total cost $38,000 $42,900 assuming that these activity levels are within the relevant range, the manufacturing overhead for july was: a) $10,000 b) $11,700 c) $19,000 d) $9,300
Answers: 2
Business, 22.06.2019 23:00
Draw a flowchart for a process of interest to you, such as a quick oil-change service, a factory process you might have worked in, ordering a pizza, renting a car or truck, buying products on the internet, or applying for an automobile loan. identify the points where something (people, information) waits for service or is held in work-in-process inventory, the estimated time to accomplish each activity in the process, and the total flow time. evaluate how well the process worked and what might be done to improve it.
Answers: 2
Business, 23.06.2019 05:30
Scientists developed the first successful human cell culture in vitro (grown in a lab) in the 1950s by removing cancer cells from a woman. this concept has allowed modern scientists to successfully grow organs. which of the following answers bestdetermines why there was success? neurons send a signal to the cell to multiply.a large blood supply to the cell allows enough nutrients for growth.cells are the basic unit of life and thus can regenerate if in a controlled environment.cells cannot reproduce on their own, and the scientist manipulates them to grow.
Answers: 1
Business, 23.06.2019 10:20
Global tek plans on increasing its annual dividend by 15 percent a year for the next four years and then decreasing the growth rate to 2.5 percent per year. the company just paid its annual dividend in the amount of $.20 per share. what is the current value of one share of this stock if the required rate of return is 17.4 percent? $1.82 $218 $2.03 $2.71 $3.05
Answers: 1
During Year 1, Ramona Department Store had total sales of $1,500,000, of which 80% were on credit. T...
Mathematics, 20.10.2020 23:01
Physics, 20.10.2020 23:01
Spanish, 20.10.2020 23:01
Mathematics, 20.10.2020 23:01
Mathematics, 20.10.2020 23:01
Mathematics, 20.10.2020 23:01
Social Studies, 20.10.2020 23:01
Chemistry, 20.10.2020 23:01
Mathematics, 20.10.2020 23:01
Mathematics, 20.10.2020 23:01