At the end of the current year, Newsmax Inc. has $400,000 of subscriptions received in advance included in its balance sheet. A disclosure note reveals that the entire $400,000 will be recognized in the income statement in the next year. In the absence of other temporary differences, in the balance sheet one would also expect to find a:

Answers

Answer 1

Question Completion with answer options:

a- Current deferred tax asset  

b- Non-current deferred tax asset  

c- Current deferred tax liability  

d- Non-current deferred tax liability

Answer:

Newsmax Inc.

In the absence of other temporary differences, in the balance sheet one would also expect to find a:

a- Current deferred tax asset

Explanation:

When Newsmax Inc. received the subscriptions of $400,000 in advance, a deferred tax asset will arise on its balance sheet. This deferred tax asset results from the overpayment or advance payment of taxes on the $400,000 taxed because cash has been received, although, the associated costs have not been recorded. Deferred tax asset is the opposite of a deferred tax liability as the latter represents income taxes owed to the IRS, which will be settled in the coming period(s).


Related Questions

Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Clicks' income for the year consists of $89,000 in salary, $1,500 interest income, and $700 long-term capital loss. The Clicks' expenses for the year consist of $1,450 investment interest expense. Assuming that the Clicks' marginal tax rate is 35 percent, what is the amount of their investment interest expense deduction for the year

Answers

Answer:

$1,450

Explanation:

Interest Income = $1,500

Investment Interest expenses = $1,450

Allowed deduction limit investment interest is subject to investment income. So $1,450 is allowed as deduction

Hlleym762 Inc. is a merchandising company. Last month the company's cost of goods sold was $62,600. The company's beginning merchandise inventory was $16,600 and its ending merchandise inventory was $25,200. What was the total amount of the company's merchandise purchases for the month?

Answers

Answer:

Purchases = $71200

Explanation:

Using the Cost of Goods Section from the Income statement, we can calculate the Purchases of merchandise for the month. The cost of Goods sold is calculated as follows,

Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory

As we already have values for Cost of Goods Sold, Opening inventory and closing inventory, we can plug the values in the above formula to calculate the value of purchases.

62600  =  16600 + Purchases - 25200

62600 + 25200 - 16600 = Purchases

Purchases = $71200

[Same investments as the prior question] Suppose two local start-ups are raising funding by issuing shares of equity at $10,000 per share. One start-up is a whiskey distillery; the other is a beer brewery. You estimate the expected returns on your investment to be 50% over five years in both cases. You also believe that the likelihood of being paid out $20,000 per share is greater with the distillery than with the brewery. Suppose now that you hold a portfolio of many other risky assets, and that this would be your N 1 investment. Which investment do you prefer to make, the distillery or the brewery

Answers

Answer:

you should purchase the brewery's stock

Explanation:

First of all, as investors we should always try to maximize our returns while avoiding risks. It is really hard to balance both, but we must compare stocks to see which may represent a higher gain while posing the lesser or same risk.

Initial investment in each = $10,000 (equal for both)expected returns over 5 years = $5,000 (equal for both)but there is a higher possibility of the distillery's stock being more valuable, and that makes a difference.

Both stocks seem equally risky, but they are not. When you calculate expected returns, you multiply the possible returns by their probability. I'm not sure how they calculated the expected returns of the above stocks, but the following can help you understand my point:

stock B                        return         probability        expected return

great                             100%             25%                    25%

normal                            50%             50%                    25%

bad                                  0%              25%                     0%

total                                                   100%                    50%

stock D                        return         probability        expected return

great                             100%             30%                    30%

normal                            50%             40%                    20%

bad                                  0%              30%                     0%

total                                                   100%                    50%

Both stocks have the same expected return, but stock B is less risky because the chance of being a bad investment is lower.

You will invest $25,000 in an ice cream shop your sister is starting. You expect to triple your investment in six years. What is the rate of return that you have in mind? (Rounded to the nearest percent.)

Answers

Answer:

r = 20.09%

Explanation:

we can use the future value formula to calculate the expected rate of return:

future value = present value x (1 + r)ⁿ

future value = $25,000 x 3 = $75,000present value = $25,000n = 6

$75,000 = $25,000 x (1 + r)⁶

(1 + r)⁶ = $75,000 / $25,000 = 3

⁶√(1 + r)⁶ = ⁶√3

1 + r = 1.2009

r = 0.2009 = 20.09%

james​ Lawson's Bed and​ Breakfast, in a small historic Mississippi​ town, must decide how to subdivide​ (remodel) the large old home that will become its inn. There are three​ alternatives: Option A would modernize all baths and combine​ rooms, leaving the inn with four​ suites, each suitable for two to four adults. Option B would modernize only the second​ floor; the results would be six​ suites, four for two to four​ adults, two for two adults only. Option C​ (the status quo​ option) leaves all walls intact. In this​ case, there are eight rooms​ available, but only two are suitable for four​ adults, and four rooms will not have private baths. Below are the details of profit and demand patterns that will accompany each​ option: Annual Profit under Various Demand Patterns Alternatives High p Average p A​ (modernize all) B​ (modernize 2nd) C​ (status quo) This exercise contains only part b. ​b) The option with the highest expected value for James​ Lawson's Bed and Breakfast is ▼ B C A ​, with an expected value of ​$ nothing ​(round your response to the nearest whole​ number).

Answers

Answer:

The numbers are missing, so I looked for a similar question (see attached image).

the expected value for option A (modernize everything) = (0.5 x $90,000) + (0.5 x $25,000) = $57,500the expected value for option B (modernize only second floor) = (0.4 x $80,000) + (0.6 x $70,000) = $74,000the expected value for option C (do nothing) = (0.3 x $60,000) + (0.7 x $33,000) = $41,100

The option with the highest expected value is option B (modernize only second floor).

How are the four areas of operations control interrelated?

Answers

How are the four areas of operations control interrelated? -The four areas of operations control are purchasing, inventory control, scheduling, and quality control which are interrelated because these are the primary parts that focus on customers that enhance the making the betterment of the lives of ...

A decreasing-cost industry is one in which: a. contraction of the industry will decrease unit costs. b. input prices fall or technology improves as the industry expands. c. the long-run supply curve is perfectly elastic. d. the long-run supply curve is upsloping.

Answers

Answer:

B

Explanation:

When we talk of a decreasing cost industry, we refer to an industry in which the expansion of the industry will lead to a decrease in the unit production cost.

So with respect to the question at hand , the correct answer is that the input prices will fall as industry expands

The case of a a technological improvement is expected to drive a decrease in the input prices for production in the expanding industry

Sheridan Company reports:
Cash provided by operating activities $ 329000
Cash used by investing activities 119000
Cash provided by financing activities 139000
Beginning cash balance 92000
What is Sheridan’s ending cash balance?

Answers

Answer: $441,000

Explanation:

The following can be deuced from the question:

Cash provided by operating activities = $329000

Cash used by investing activities = $119000

Cash provided by financing activities = $139000

Beginning cash balance = $92000

Sheridan’s ending cash balance will be:

= Beginning cash balance + cash provided by operating activities + cash provided by financing activities - cash used by operating activities

= $92000 + $329000 + $139000 - $119000

= $441,000

Dr. Bob Jackson owns a parcel of land that a local farmer has offered to rent from Dr. Bob for the next 10 years. The farmer has offered to pay $20,000 today or an annuity of $3,200 at the end of each of the next 10 years. Which pay-ment method should Dr. Jackson accept if his required rate of return is 10 percent

Answers

Answer:

Dr. Jackson should accept the $20,000 paid today

Explanation:

you must analyse the present value of both payment options:

the present value of the $20,000 paid today is exactly $20,000the present value of the annuity = $3,200 x 6.1446 (PV annuity factor, 10%, 10  periods) = $19,662.72

Since the present value of the immediate cash payment is higher than the annuity payment, Bob should choose that offer.

Wyle Co. has $3.9 million of debt, $1 million of preferred stock, and $2.1 million of common equity. What would be its weight on preferred stock

Answers

Answer:

Weight of Preferred stock = 0.1428571429 or 14.28571429% rounded off to 14.29%

Explanation:

The capital structure of a business is made up of at least one or at most all of the following components namely Debt, Preferred Stock and Common Equity. The ratio in which each of these components form the capital structure might differ from business to business. The weightage of each component in the capital structure can be calculated by dividing the market value of each component by the sum of the market value of all the components.

Weight of a component = Market Value of component / Sum of market value of all components

Weight of Preferred stock = 1,000,000 / (3,900,000 + 1,000,000 + 2,100,000)

Weight of Preferred stock = 0.1428571429 or 14.28571429% rounded off to 14.29%

la) State clearly 1 consumer need which is met by "Canadian Living" magazine. Be careful to remember that needs are "states of deprivation" felt by a person




Pls help

Answers

Answer:

Need to perform everyday tasks like cooking.

Explanation:

For example, Canadian Living magazines has a record of often publishing articles related to new cooking recipes that are cheap and affordable.

Many consumers often need information that can help that can assist them in cooking nutritional foods at the best price possible.

A new manufacturing machine is expected to cost $278,000, have an eight-year life, and a $30,000 salvage value. The machine will yield an annual incremental after-tax income of $35,000 after deducting the straight-line depreciation. Compute the accounting rate of return for the investment.

Answers

Answer:

22.7 %

Explanation:

Accounting rate of return = Average Profits / Average Investments × 100

Where,

Average Profit = Sum of Profits ÷ Number of Years

                        = $35,000

and

Average Investment = (Initial Investment + Salvage Value) ÷ 2

                                  = ($278,000 + $30,000) ÷ 2

                                  = $154,000

Therefore,

Accounting rate of return = $35,000 ÷ $154,000

                                          = 22.7 %

Cellular Access Inc., is a cellular telephone service provider that reported net operating profit after tax (or unlevered net profit) of $250 million for the most recent fiscal year. The firm had depreciation expenses of $100 million, capital expenditures of $200 million, no interest expense, and an income tax rate of 30%. Working capital increased by $10 million. Calculate the free cash flow for Cellular Access for the most recent fiscal year.

Answers

Answer: $65 million

Explanation:

The Free Cash Flow will be calculated as:

= EBIT(1-t) + Dep & Amortisation- Changes in Working Capital- Capital Expenditure

= 250(1-30%) + 100 - 200 - 10

= 250(0.7) + 100 - 200 - 10

= 175 + 100 - 210

= $65 million

ear Net Income Profitable Capital Expenditure 1 $ 14 million $ 8 million 2 18 million 11 million 3 9 million 6 million 4 20 million 8 million 5 23 million 9 million The Hastings Corporation has 2 million shares outstanding. (The following questions are separate from each other). a. If the marginal principle of retained earnings is applied, how much in total cash dividends will be paid over the five years? (Enter your answer in millions.)

Answers

Answer:

$42 Million

Explanation:

The computation of the total cash dividend is shown below:-

Year Net Income Profitable capital Expenditure Dividends

1        $14 Million       $8 Million                                   $6 Million

2        $18 Million     $11 Million                                    $7 Million

3        $9 Million      $6 Million                                     $3 Million

4         $20 Million   $8 Million                                    $12 Million

5        $23 Million    $9 Million                                    $14 Million

Total cash dividends                                                  $42 Million

Sherman, Inc. manufactures chainsaws that sell for $65. Each chainsaw uses $14 in direct materials and $9 in direct labor per unit. Sherman has two activities: Machining, which is applied at the rate of $4 per machine hour, and Finishing, which is applied at the rate of $20 per batch. This month, Sherman made 225 chainsaws, using 1,125 machine hours in 45 batches. What is the gross profit for one chainsaw

Answers

Answer: $18

Explanation:

Based on the information,

Sales revenue = $65 × 225 = $14625

Cost of goods sold = (45 × $20) + (1125 × $4) + (225 × $14) + (225 × $9)

= $900 + $4500 + $3150 + $2025

= $10575

Gross profit = Sales revenue - Cost

= $14625 - $10575

= $4050

The gross profit for one chainsaw will be:

= $4050/225

= $18

Your pro forma income statement shows sales of ​, cost of goods sold as ​, depreciation expense of ​, and taxes of due to a tax rate of . What are your pro forma​ earnings? What is your pro forma free cash​ flow?

Answers

Answer and Explanation:

The computation is shown below:  

Particulars       Amount($)

Sales               1,033,000

Less:- Cost of goods sold  (503,000)

Gross Profit      530,000

Less:- Depreciation   (103,000)

EBIT               427,000

Taxes [40% of 427000]   (170,800)

Earnings   256,200

1]Proforma earnings = $256200

2]Proforma free cash flow = Earnings + Depreciation

= $256,200 + $103,000

= $359,200

The proforma earnings is  $256200 , and the pro-forma free cash flow is the value of earnings before depreciation. Hence the value is $359,200.

Pro Forma income statement

we are provided with the information about:

Sales = 1,033,000

Cost of goods sold = 503,000

Gross Profit = 530,000

Depreciation = 103,000

We need to find, the net profit,

Net Profit = Gross Profit - Depriciation

Net profit = 530000 - 103000 = 427000

Earnings is the amount after deduction of Tax rate (40%)

= 40% of 427000  =  170,800

Earnings =  427000 - 170800 =  256,200

Therefore the Proforma Earning is 256,200, Proforma free cash flow = Earnings + Depreciation

= $256,200 + $103,000

= $359,200

Your Question is incomplete, the complete question is:

Our proforma income statement shows sales of $1,033,000, cost of goods sold as $503,000, depreciation expense of $103,000, and taxes of $170,800 due to a tax rate of 40%. what are your proforma earnings? what is your proforma free cash flow?

Learn more about Depreciation here:

https://brainly.com/question/1287985

Suppose the banking system has $40 billion in reserves. Also assume that there are no cash leakages or excess reserves. If the central bank lowers the required reserve ratio from 20 percent to 16 percent, the money supply will

Answers

Answer:

Money supply increases by $1.6 billion

Explanation:

The reserve ratio is defined as the amount of a bank's reserves that the central bank of a country expects banks to keep as cash and not lend out.

Reserve ratio is also called cash reserve ratio.

This requirement is put in place in case customers decide to make mass withdrawals.

Central banks tend to control cash supply by increasing or reducing the reserve ratio.

When money to be supplied as loans is to be increased, the reserve ratio reduces so that banks can use more of their reserves for lending rather than for cash withdrawals.

In this instance reserve ratio reduced from 20% to 16%.

That is a 4% reduction

This means 4% of the reserves is freed up for lending or money supply to the public

Extra money supply = 0.04 * 40 billion = $1.6 billion

Money supply increases by $1.6 billion

Division A makes a part that it sells to customers outside of the company. Data concerning this part appear below: Selling price to outside customers $ 40 Variable cost per unit $ 30 Total fixed costs $ 10,000 Capacity in units 20,000 Division B of the same company would like to use the part manufactured by Division A in one of its products. Division B currently purchases a similar part made by an outside company for $38 per unit and would substitute the part made by Division A. Division B requires 5,000 units of the part each period. Division A has ample capacity to produce the units for Division B without any increase in fixed costs and without cutting into sales to outside customers. If Division A sells to Division B rather than to outside customers, the variable cost be unit would be $1 lower. What is the lowest acceptable transfer price Division A should accept

Answers

Answer:

Lower selling price= $29

Explanation:

Giving the following information:

Selling price to outside customers $40

Variable cost per unit $ 30

Total fixed costs $10,000

Capacity in units 20,000

The variable cost per unit would be $1 lower.

Because there is unused capacity, and it won't affect other sales. We will not take into account the fixed costs.

The lower selling price is the one that equals the unitary variable cost.

Unitary variable cost= 30 - 1= $29

Lower selling price= $29

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 78 Units in beginning inventory 0 Units produced 8,800 Units sold 8,700 Units in ending inventory 100 Variable costs per unit: Direct materials $ 18 Direct labor $ 10 Variable manufacturing overhead $ 4 Variable selling and administrative expense $ 5 Fixed costs: Fixed manufacturing overhead $255,200 Fixed selling and administrative expense $ 87,000 What is the unit product cost for the month under absorption costing

Answers

Answer:

$61

Explanation:

The computation of unit product cost for the month under absorption costing is shown below:-

Unit product cost = Direct material + Direct labor + Variable Manufacturing overhead + Fixed manufacturing cost

= $18 + $10 + $4 + ($255,200 ÷ 8,800)

= $61

Therefore for computing the unit product cost for the month under absorption costing we simply applied the above formula.

Your grandpa doesn't trust "young 'uns" so you are set to inherit a $1,000,000 trust fund on your 50th birthday. Your Grandpa also doesn't like banks so he has buried the cash somewhere on his 40-acre farm in a location that will be revealed to you by his lawyer since Grandpa will not be around when you turn 50. If you could possibly get your hands on it now (when you are 20), you could put it in a bank at 6% annual interest. If you were able to dig up the money now, how much would you have when you turn 50?

Answers

Answer:

FV= $5,743,491.17

Explanation:

Giving the following information:

Present value (PV)= $1,000,000

Number of periods (n)= 30 years

Annual interest= 6% = 0.06

To calculate the future value (FV), we need to use the following formula:

FV= PV*(1+i)^n

FV= 1,000,000*(1.06^30)

FV= $5,743,491.17

Penny Worth Gaming, a computer enhancement company, has three product lines: audio enhancers, video enhancers, and connection-speed accelerators. Common costs are allocated based on relative sales. A product line income statement follows: Penny Worth Gaming Income Statement For the Year Ended December 31, 2017 Audio Video Accelerators Total Sales $1,200,000 $2,450,000 $2,400,000 $6,050,000 Less cost of goods sold 730,000 1,435,000 2,070,000 4,235,000 Gross margin 470,000 1,015,000 330,000 1,815,000 Less other variable costs 56,570 68,850 21,190 146,610 Contribution margin 413,430 946,150 308,810 1,668,390 Less direct salaries 152,160 164,690 60,340 377,190 Less common fixed costs: Rent 11,970 25,830 25,200 63,000 Utilities 4,370 9,430 9,200 23,000 Depreciation 5,890 12,710 12,400 31,000 Other administrative costs 79,230 170,970 166,800 417,000 Net income $159,810 $562,520 $34,870 $757,200 Since the profit for accelerator devices is relatively low, the company is considering dropping this product line. Determine the annual impact on profit of dropping accelerator products. The company will be off by $ if it drops accelerators.

Answers

Answer:

weogijeognerohi werihjnoeriwhnoerhe

Explanation:

ejfoeiwnjgoerwn yore yoeryjiworik

Mr. C made the following gifts: $12,000 to a university to pay tuition costs for his niece. An undeveloped tract of land to his sister that had an adjusted basis to Mr. C of $4,000 and a fair market value of $25,000. Various shares of stock to his wife that had an adjusted basis to Mr. C of $15,000 and a fair market value of $40,000. Mr. C did not consent to gift-splitting. What is the total amount of taxable gifts

Answers

Answer:

$10,000

Explanation:

Gifts are only taxed when their fair market value is higher than $15,000. Any gifts made to your spouse are not taxable. Gift taxes are calculated on a  per person base, as long as they do not exceed the lifetime exemption (which is $11.58 million).

The tuition costs of her niece are not taxable since they are less than $12,000. The stocks given to his wife are not taxable either. The only taxable gift is the land given to his sister which had a FMV of $25,000. The taxable amount = $25,000 - $15,000 = $10,000

On April 1, 2020, the City of Southern Ponds issued $5,000,000 in 4% general obligation, tax supported bonds at 101 for the purpose of constructing a new police station. The premium was transferred to a debt service fund. A total of $4,990,000 was used to construct the police station, which was completed before December 31, 2020, the end of the fiscal year. The remaining funds were transferred to the debt service fund. The bonds were dated April 1, 2020, and paid interest on October 1 and April 1. The first of 20 equal annual principal payments of $250,000 is due April 1, 2021. In addition to reporting Bonds Payable and (unamortized) Bond Premium in the government-wide Statement of Net Position, how would the bond sale be reported

Answers

Answer:

$100,000

$350,000

Explanation:

The bond sale be reported as debt service expenditures for 2020 and 2021 can be calculated as follows

The Amount would be reported as debt service expenditures for 2020

= $5,000,000 x 4% x 1/2 year

= $100,000

The amount would be reported as debt service expenditures for 2021

= $5,000,000 x 4% + $250,000

= $350,000

Examples of how to improve perceptual acuity include: A. A CEO meets with other CEOs of non-competing companies to examine the world from multiple perspectives and then shares the results with his own management team. B. A CEO meets with the company management team regularly to analyze current world events and their potential impact on the company. C. A CEO meets with direct competitors to analyze current industry trends. The CEOs share their conclusions with their respective companies. D. Outsiders are brought in to the board meeting to critique the company strategy, which considers the new information in its potential revamping of the strategy.

Answers

Answer:

The answer is "Option C".

Explanation:

It was its human detector for seeing confusion through the fog because you can respond until others use it. Only a tiny portion of future executives look in and peek over the horizon towards their businesses from the outside to collect signs that could be bringers of shift.

It is also known as the psychological or mental preparedness throughout the external environment that can "see around corners" and spot potentially important phenomena, inconsistencies, and oddities before the others do. To see through all the fog of doubt, it is a radar. so, that you can act first, that's why the choice c is correct.

ou can buy property today for $2.1 million and sell it in 6 years for $3.1 million. (You earn no rental income on the property.) a. If the interest rate is 11%, what is the present value of the sales price? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places.)

Answers

Answer:

PV= $1,657,386.6

Explanation:

Giving the following information:

Future Value (FV)= $3,100,000

Interest rate (i)= 11%

Number of periods (n)= 6 years

To calculate the present value of the selling price, we need to use the following formula:

PV= FV/(1+i)^n

PV= 3,100,000 / (1.11^6)

PV= $1,657,386.6

Assume you purchase a Harley-Davidson Corporation bond that pays 5 percent or annual interest of $50 and has a face value of $1000. Also, assume new corporate bond issues of comparable quality are currently paying 6 percent. What is the approximate market value?

Answers

Answer:

$833.33

Explanation:

Annual Interest Paid = $50

Market Interest rate = 6%

The approximate market value = Annual interest paid / Market Interest rate

The approximate market value = $50 / 6%

The approximate market value = $50 / 0.06

The approximate market value = 833.3333333333333

The approximate market value = $833.33

On January 1, 2020, Echo Company issued $550,000, 16 year, 9%, annual, callable bonds for $475,000. On December 31, 2025, Echo Company redeemed (called) the bonds at 102. REQUIRED: 1. Prepare the Journal Entry to record the Issuance of the Bond 2. Determine the amount of the Discount/Premium that is still not amortized (using the Straight-Line Method) 3. Prepare the Journal Entry to record the Retirement (Redemption) of the Bond.

Answers

Answer:

1. Prepare the Journal Entry to record the Issuance of the Bond

January 1, 2020, bonds issued at a discount

Dr Cash 475,000

Dr Discount on bonds payable 75,000

    Cr Bonds payable 550,000

2. Determine the amount of the Discount/Premium that is still not amortized (using the Straight-Line Method)

total bond life = 16 years, 5 years have passed

amortization of bond discount per coupon payment = $75,000 / 16 = $4,687.50

so $51,562.50 have not been amortized yet

3. Prepare the Journal Entry to record the Retirement (Redemption) of the Bond.

Before being able to redeem the bonds, the remaining discount must be amortized:

December 31, 2025, amortization of bond discount

Dr Interest expense 51,562.50

    Cr Discount on bonds payable 51,562.50

the journal entry to record the redemption of the bonds

December 31, 2025, bonds redeemed at a loss

Dr Bonds payable 550,000

Dr Loss on retirement of debt 11,000

    Cr Cash 561,000


In your own words define the political structure as presented by Bolman and Deal
and give an example of a political issue you found in the Wall Street Journal, cite
your example.

Answers

Answer:

According to Bolman and Deal, the organizational structure can be defined as the idea of  the convergence of four aspects of institutional, human resources, political and symbolic aspects that function together.

Explanation:

Prescott Bank offers you a five-year loan for $53,000 at an annual interest rate of 7.75 percent. What will your annual loan payment be

Answers

Answer:

$13,186.84

Explanation:

Use the Time Value of Money Techniques to Solve the Problem

Pv = $53,000

N = 5

i = 7.75 %

Fv = $ 0

P/yr = 1

Pmt = ?

Using a Financial Calculator, the annual loan payment (Pmt) is $13,186.84.

Under the allowance method for uncollectible accounts, the journal entry to record the estimate of uncollectible accounts would include a credit to

Answers

Answer and Explanation:

The journal entry to record the estimation of the uncollectible accounts is shown below:

Bad debt expense  XXXX

       To Allowance of doubtful debts XXXX

(Being the estimation of the uncollectible account is recorded)

Here the bad debt expense is debited as it increases the expenses account and credited the allowance as it decreased the assets

Hence, the same is to be considered

Other Questions
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