Homework Answers
Answer-25-The correct option is d.defined contribution
26-The correct option is b.defined benefit plan
27- The correct option is d.current liability or long-term liability, depending upon when the pension liability is to be paid
6-The correct option is debit uncollectible account expenses $15,100, credit allowance for doubtful accounts
7-The correct option is a.contra asset, credit
8- The correct option is a. Bad debt expenses $13,000
Allowance for Doubtful Accounts $13,000
28-The correct option is d.cash, cash equivalents and receivables
29-The correct option is c. 4.2
Quick ratio= quick assets/ current liabilities
=$35,000+$15,000/ $10,000+$2,000
=$50,000/ $12,000
=4.2
30-The correct option is c. Matching concept.
Add Answer to:
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension...
please help with these accounting problems! all questions please and thank you! 11. Nichols Company uses...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
please help with all these accouting multiple choice problems! A Ap X Aa A A Timesew......
please help with all these accouting multiple choice problems!
A Ap X Aa A A Timesew... 12 Sensitivity Styles Paragraph x A e A B U 11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4 % of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....
please help with these accounting problems! all questions please and thank you! 6. An aging of...
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible Yates uses...
At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible Yates uses the allowance method to account for bad debts The entry to record this adjusting entry would include a: O debit to Allowance for Doubtful Accounts and credit to Bad Debts Expense O debit to Bad Debts Expense and credit to Accounts Receivable O debit to Bad Debts Expense and credit to Allowance for Doubtrut Accou O cent to Accounts Receivable and credit to Bad...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company...
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 426,000 Debit Allowance for Doubtful Accounts 1,440 Debit Net Sales 2,290,000 Credit All sales are made on credit. Based on past experience, the company estimates 2.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record...
please help with all these accouting multiple choice problems! Ev Alv Times New... 12A AAav BIUvab...
please help with all these accouting multiple choice problems!
Ev Alv Times New... 12A AAav BIUvab x x Aveva Paragraph Styles Sensitivity 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9.000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to...
12. Inte al control d protects from e guarantee the company will campo d ensure that...
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
Exercise 7-8 Percent of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance...
Exercise 7-8 Percent of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$620,000$406,000$100,000$46,000$28,000$40,000Percent uncollectible 2%3%6%8% 11%a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
please help with all these accouting multiple choice problems!
A Ap X Aa A A Timesew... 12 Sensitivity Styles Paragraph x A e A B U 11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4 % of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of...
19. Tanning Company analyzes its receivables to estimate bad debt expense The accounts receivable balance is $300 000 and credit sales are $1,000,000. An Aging of accounts receivable shows that approximately 10 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A Bad Debt Expense 26,000 Allowance for Doubtful 26,000 Accounts B. Bad Debt Expense 30,000 Allowance for Doubtful Accounts C....
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
Exam 1 18. Which of the following would require a compound joumal entry? b. c. d To record merchandise returned that was previously purchased on account To record sales on accou. To record purchases of eventory when a discount is offered for prompt payment. To record collection of accounts receivable when a cash discount is taken 19. Under the allowance method, writing of an uncollectible account affects only balance sheet accounts b. affects both balance sheet and income statement accounts....
At year-end, Yates Company estimates that $1,500 of its accounts receivable balance is uncollectible Yates uses the allowance method to account for bad debts The entry to record this adjusting entry would include a: O debit to Allowance for Doubtful Accounts and credit to Bad Debts Expense O debit to Bad Debts Expense and credit to Accounts Receivable O debit to Bad Debts Expense and credit to Allowance for Doubtrut Accou O cent to Accounts Receivable and credit to Bad...
please help with all these accouting multiple choice problems!
Ev Alv Times New... 12A AAav BIUvab x x Aveva Paragraph Styles Sensitivity 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9.000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to...
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
Exercise 7-8 Percent of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$620,000$406,000$100,000$46,000$28,000$40,000Percent uncollectible 2%3%6%8% 11%a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from...
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