Business College

Lynx Corp. The data presented below for Lynx Corp. are for the year ended December 31, 2017: Sales (100% on credit) $1,000,000 Sales returns 30,000 Accounts receivable (December 31, 2017) 170,000 Allowance for doubtful accounts (credit balance) (before adjustment at December 31, 2017) 1,300 Estimated amount of uncollectible accounts based on aging analysis 14,000 See the data for Lynx Corp. If Lynx Corp. uses the aging of accounts receivable approach to estimate its bad debts, what amount will be reported as bad debts expense for 2017

Answers

Answer 1

Answer:

Allowance for Doubtful Accounts 69,000

Explanation:

If the company estimates its bad debt to be 2% of net credit sales:

sales                        2,500,000

return and allowance (50,000)

               net sales 2,450,000

Then, we calculate 2% of this amount:

2,450,000 x 0.02 = 49,000

As the uncollectible amounts are related to sales rather than account receivable we adjust for the full value giving an ending value of:

beginning 20,000 + adjustment 49,000 = 69,000

Related Questions

true and false
4. Know the market trends of products that are in demand not
only within the local market but also in the international market.​

Answers

Answer:

false

Explanation:

don't think so that s

is the answer

Firm A and Firm B have debt-total asset ratios of 34 percent and 24 percent and returns on total assets of 10 percent and 15 percent, respectively. What is the return on equity for Firm A and Firm B

Answers

Answer:

3.4%

3.6%

Explanation:

Return on equity is an example of a profitability ratio.

Profitability ratios measure the ability of a firm to generate profits from its asset

return on the stockholders' equity = net income / total equity

ROE = return on asset x leverage

Firm A = 0.34 x 0.1 = 3.4%

Firm B = 0.24 X 0.15 = 3.6%

What can you say about the packaging of cell phones? Do you find them appealing? why or why not?​

Answers

being the most common packaging in electronics and appliances, there are many things about making your packaging stand out. The worst thing about this growing industry is that there is endless competition. What you think of creating today after so much work and effort, after spending so much on the agencies and everything, someone else beats you to it and creates something you never thought could be made.

A pharmaceutical company with headquarters in India sells fluconazole, the generic version of Pfizer's anti-fungal drug Diflucan internationally for significantly less money than many U.S. generic drug manufacturers. The generic drugs industry in this country needs to rethink its

Answers

Answer:

Pricing strategy to stay competitive

Explanation:

Pricing strategy is the process by which a company sets prices of goods and services offered to a consumer.

In setting up a price strategy the management.of a business need to put into consideration the competitive reaction, pricing position, pricing segment, and pricing capability.

The generic drugs companies in the US are selling fluconazole for a higher price than pharmaceutical company with headquarters in India in the international market.

In order for them to stay competitive they will need to review their price downward or customers will switch to the cheaper option

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