Business, 04.11.2020 19:00 thanks5640

1. If Yak uses the percent of sales method, Bad Debt Expense on the October 2020 Income Statement will be:

Answers: 2

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Answer from: Queenbee2304

1. $19,000

2. $16,000

3. $30,200

Explanation:

Complete question "The Accounts Receivable balance for Yak Corporation is $82,000 at October 31, 2020. Before calculating and recording October 2020 bad debt expense, the Allowance for Doubtful Accounts has a debit balance of $3,000. Sales for the month are $950,000. An aging of accounts receivable results in a $17,200 estimate for the Allowance for Doubtful Accounts as of October 31, 2020. In the past several years, 2% of sales have proven uncollectible.

1. If Yak uses the percent of sales method, Bad Debt Expense on the October 2020 Income Statement will be?

2. If Yak uses the percent of sales method, the Allowance for Doubtful Accounts reflected on the October 31, 2020 Balance Sheet will be?

3. If Yak uses the analysis of receivables method, Bad Debt Expense on the October 2020 Income Statement will be:

1. Bad debt expenses = Sales * 2% of sales have proven uncollectible

Bad debt expenses = $950,000 * 2%

Bad debt expenses = $19,000

2. Allowance for doubtful account balance = Bad debt - Beginning Debit balance

Allowance for doubtful account balance = $19,000 - $3,000

Allowance for doubtful account balance = $16,000

3. Bad debt expenses = Ending Doubtful Accounts balance - Beginning debit balance

Bad debt expenses = $17,200 + $3,000

Bad debt expenses = $30,200

Answer from: Quest

The federal reserve took an expansionary approach during the crisis. this was done by expanding the money supply and boosting liquidity. this can be seen in the fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. the fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.

Answer from: Quest

answer; (10%) commission;

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