Homework Answers
| a. | |
| (1) Accounts receivables = Sales on account - Collection of accounts receivables - Uncollectible accounts charged off during the year = 282700 - 268565 - 1287 | 12848 |
| (2) Allowance for doubtful accounts = ( Sales on account * Estimated uncollectible percentage ) - Uncollectible accounts charged off during the year = ( 282700 * 1% ) - 1287 | 1540 |
| (3) Uncollectible accounts expense = ( Sales on account * Estimated uncollectible percentage ) = ( 282700 * 1% ) | 2827 |
| (4) Net realizable value = Accounts receivables - Allowance for doubtful accounts = 12848 - 1540 | 11308 |
Add Answer to:
Saved Help S Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-...
Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-off method LO 7-1,...
Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-off method LO 7-1, 7-4 Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey’s Bike Shop experienced the following: Sales on account $ 270,400 Cash sales 660,200 Collections of accounts receivable 256,880 Uncollectible accounts charged off during the year 1,292 Required: a....
oey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are...
oey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of redit sales. During Year 1, its first year of operations, Joey's Bike Shop experienced the following Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $256, 300 691,900 243,485 1,476 Required: a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that...
Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are...
Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following: Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $271,180 642,000 257,545 1,019 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of...
Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are...
Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey’s Bike Shop experienced the following: Sales on account $ 260,800 Cash sales 634,400 Collections of accounts receivable 247,760 Uncollectible accounts charged off during the year 1,096 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent...
Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are...
Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey’s Bike Shop experienced the following: Sales on account $ 250,100 Cash sales 646,200 Collections of accounts receivable 237,595 Uncollectible accounts charged off during the year 1,199 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent...
Saved Exercise 7-4A Effect of recognizing uncollectible accounts expense on financial statements: percent of revenue allowance...
Saved Exercise 7-4A Effect of recognizing uncollectible accounts expense on financial statements: percent of revenue allowance method LO 7-1 Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $26,470 of cleaning services on account. 2. Collected $21176 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning...
Exercise 7-8A Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service...
Exercise 7-8A Accounting for uncollectible accounts: percent of receivables allowance method LO 7-2, 7-3 Vulcan Service Co. experienced the following transactions for Year 1, its first year of operations: Provided $74,000 of services on account. Collected $44,400 cash from accounts receivable. Paid $30,000 of salaries expense for the year. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 21,904 .01 0-30...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method...
Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $27,000 of common stock for cash. Provided $96,700 of services on account. Provided $53,000 of services and received cash. Collected $86,000 cash from accounts receivable. Paid $55,000 of salaries expense for the year. Adjusted the accounting...
oey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of redit sales. During Year 1, its first year of operations, Joey's Bike Shop experienced the following Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $256, 300 691,900 243,485 1,476 Required: a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that...
Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following: Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $271,180 642,000 257,545 1,019 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of...
Saved Exercise 7-4A Effect of recognizing uncollectible accounts expense on financial statements: percent of revenue allowance method LO 7-1 Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $26,470 of cleaning services on account. 2. Collected $21176 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
Most questions answered within 3 hours.
-
a 5.00 kg ball moving to the right at a velocity of + 2.00 m /...
asked 8 seconds ago -
A charged paint is spread in a very thin uniform layer over the
surface of a...
asked 3 minutes ago -
The rate constant for a certain reaction is k =
8.50×10−3 s−1 . If the initial...
asked 6 minutes ago -
The lifetime of a physical mechanism is given as f(x) = {(c/x^2
if 1< x <...
asked 11 minutes ago -
Please help me with this problem below
What is wrong with the following code?
if income...
asked 20 minutes ago -
The following information for the past year is available from
Thinnews Co., a company that uses...
asked 24 minutes ago -
Suppose you work for Allstate, and insurance company and the
data shows the following for auto...
asked 24 minutes ago -
The fresh fruit market and frozen dinner market are
currently in equilibrium. Fresh fruit is a...
asked 29 minutes ago -
(1 point) Golf-course designers have become concerned that old
courses are becoming obsolete since new technology...
asked 27 minutes ago -
The active retelling of dominant cultural stories is known
preserves which concept?
hegemony
heterodoxy
doxa
myth
asked 31 minutes ago -
1. Which of the following statements is true of money?
It is anything accepted in exchange...
asked 31 minutes ago -
BASED ON THE AIRBNB, ETSY, UBER: GROWING FROM ONE THOUSAND TO
ONE MILLION CUSTOMERS HARVARD CASE:...
asked 57 minutes ago