Allowance for Doubtful Accounts has a debit balance of $437 at the end of the...
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Accounting
Allowance for Doubtful Accounts has a debit balance of $437 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 1% of sales. If net credit sales are $921,600, the amount of the adjusting entry to record the estimate of the uncollectible accounts is Oa. $9,216 Ob. $8,779 Oc. $9,653 Od. $437 Thomas Martin receives an hourly wage rate of $20, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 43; federal income tax withheld, $352; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin? Oa. $890 Ob. $1,290 Oc. $1,720 Od. $860 A machine costing $56,382 with a 7-year life and $53,104 depreciable cost was purchased January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest whole dollar. per year
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Lets break down the problems one by one 1 Allowance for Doubtful Accounts Given Allowance for Doubtful Accounts before adjustment 437 Bad Debt Expense 1 of sales Net credit sales 921600 Calculation 1 Calculate the estimated Bad Debt Expense textBad Debt Expense 1 times 921600 001 times 921600 9216 2 Since the Allowance
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