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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: 토D Days Outstanding...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percen...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible...
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible percentages revealed the following: Days due Estimated %uncollectibles Accounts receivables 1-30 days 1.5 % 30-90 days $10,000 90 days-1 year $6,000 22% Over 1 year The beginning debit balance for Accounts Receivables was $58,000. The beginning credit balance in Allowance for Uncollectible Accounts was $5,520. During the year, the Company ABC has generated $15,000 sales on account and written off a $600 uncollectible account....
The amount of uncollectible accounts at the end of the year is estimated to be $25,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $25,000, using the aging of accounts receivable method. The balance in the Allowance for Doubtful Accounts account is an $8,000 credit before adjustment. What should the account balance in the Allowance for Doubtful Accounts be after adjustment?
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible....
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $83,000; Allowance for Uncollectible Accounts = $1,100 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $ 45,000 3 % 0 − 30 days past due 17,000 25 % 31 − 90 days past due 13,000 50 % More than 90 days past due 8,000 70...
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at...
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at the end of 2020. The following data are available: Allowance for uncollectible accounts, 1/1/20 Provision for uncollectible accounts during 2020 (2% on credit sales of 3,000,000) Uncollectible accounts written off, 10/30/20 Estimated uncollectible accounts per aging, 12/31/20 $ 92,000 60,000 56,000 114,000 What will be the uncollectible accounts expense for 2020 after year end adjustment? A $78,000 B $54,000 с $96,000 D $114,000
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31:...
Seaforth International wrote off the following accounts
receivable as uncollectible for the year ending December 31:
The company prepared the following aging schedule for its
accounts receivable on December 31:
Journalize the write-offs under the direct write-off method.
Journalize the write-offs and the year-end adjusting entry under
the allowance method, assuming that the allowance account had a
beginning balance of $89,000 and the company uses the analysis of
receivables method.
How much higher (lower) would Seaforth International’s net
income have...
2. ABC Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands):...
2. ABC Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands): Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $10,000 15,000 8,000 7,500 $40,500 Estimated % uncollectible 1% 5% 10% 30% a. Determine the appropriate allowance for uncollectible accounts. b. How will ABC Corporation report its accounts receivable on the balance sheet?
The amount of uncollectible accounts at the end of the year is estimated to be $29,000,...
The amount of uncollectible accounts at the end of the year is estimated to be $29,000, using the aging of accounts receivable method. The balance in the Allowance of Doubtful Accounts account is an $9,600 credit before adjustment. What is the adjusted balance of the Allowance for Doubtful Accounts at the end of the year? $19,400. $9,600. $29,000. $38,600.
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31:...
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 29,715 Jenny Green Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 31-60 days 290,000 61-90 days 111,000 91-120 days 70,000 More than 120 days 94,000...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
SECTION C-LONG QUESTION (10 points) A year-end review of Company ABC's Accounts Receivable and estimated uncollectible percentages revealed the following: Days due Estimated %uncollectibles Accounts receivables 1-30 days 1.5 % 30-90 days $10,000 90 days-1 year $6,000 22% Over 1 year The beginning debit balance for Accounts Receivables was $58,000. The beginning credit balance in Allowance for Uncollectible Accounts was $5,520. During the year, the Company ABC has generated $15,000 sales on account and written off a $600 uncollectible account....
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at the end of 2020. The following data are available: Allowance for uncollectible accounts, 1/1/20 Provision for uncollectible accounts during 2020 (2% on credit sales of 3,000,000) Uncollectible accounts written off, 10/30/20 Estimated uncollectible accounts per aging, 12/31/20 $ 92,000 60,000 56,000 114,000 What will be the uncollectible accounts expense for 2020 after year end adjustment? A $78,000 B $54,000 с $96,000 D $114,000
Seaforth International wrote off the following accounts
receivable as uncollectible for the year ending December 31:
The company prepared the following aging schedule for its
accounts receivable on December 31:
Journalize the write-offs under the direct write-off method.
Journalize the write-offs and the year-end adjusting entry under
the allowance method, assuming that the allowance account had a
beginning balance of $89,000 and the company uses the analysis of
receivables method.
How much higher (lower) would Seaforth International’s net
income have...
2. ABC Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands): Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $10,000 15,000 8,000 7,500 $40,500 Estimated % uncollectible 1% 5% 10% 30% a. Determine the appropriate allowance for uncollectible accounts. b. How will ABC Corporation report its accounts receivable on the balance sheet?
Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 29,715 Jenny Green Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 31-60 days 290,000 61-90 days 111,000 91-120 days 70,000 More than 120 days 94,000...
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