Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is
A) $18,500
B) $17,500
C) $18,000
D) none of the above
C
You might also like to view...
An example of a pricing objective is to
a. ignore long-term pricing strategies in favor of short-term profits. b. increase market share irrespective of the cost of a product. c. maintain a price that is always under that of the competition. d. maintain a minimum rate of return.
While different retailers require different locational characteristics for a site to be considered as a one-hundred percent location, in general, such a location always has _____
a. low traffic congestion b. a high pedestrian traffic count c. ample employee parking d. excellent visibility
Jones Manufacturing Jones Manufacturing sells unique decorative water fountains. The company has prepared the following forecast for the first quarter of 2013: January 2,000 units February 2,800 units March 4,000 units Ending inventory at December 31, 2012 was budgeted at 300 units. Management would like the desired quantity of finished goods inventory at the end of each month to be equal to 15
percent of next month's budgeted unit sales. April's sales are projected to be 3,200 units. Each completed unit of finished product requires 2.5 pounds of compounding material at a cost of $4.00 per pound. The company has determined that it needs 20 percent of next month's raw material needs on hand at the end of each month. Refer to the Jones Manufacturing information above. The total required production of water fountains for the first quarter of 2013 is: A) 8,800 units B) 8,020 units C) 8,620 units D) 8,980 units
A business plan serves as a tool for attracting people and money.
Answer the following statement true (T) or false (F)