Using the allowance method of estimating bad debt, with the percent of sales, determine
the amount to be added to “Allowance for Doubtful Account”, with the following
information:
Credit balance of $5,500 in Allowance for Doubtful Accounts just prior to adjustment.
Uncollectible receivables are estimated at 2% of credit sales, which totaled $7,000,000 for
the year. (10 points)
a. Calculate the amount of bad debt?
b. What will the balance be in the allowance account?
c. Please journalize the year end adjusting entry

Bond x is noncallable and has 20 years to maturity, a 7% annual coupon, and a $1,000 par value. your required return on bond x is 10%; if you buy it, you plan to hold it for 5 years. you (and the market) have expectations that in 5 years, the yield to maturity on a 15-year bond with similar risk will be 9.5%. how much should you be willing to pay for bond x today? (hint: you will need to know how much the bond will be worth at the end of 5 years.) do not round intermediate calculations. round your answer to the nearest cent.

Need true or false 1 2 3 4 5 6 7 8

Trey morgan is an employee who is paid monthly. for the month of january of the current year, he earned a total of $4,538. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year, and the fica tax rate for medicare is 1.45% of all earnings for both the employee and the employer. the amount of federal income tax withheld from his earnings was $680.70. his net pay for the month is .