Homework Answers
(19)
ANSWER: True
EXPLANATION:
bad debts are those accounts which are potentially not going to be collected.
(20)
ANSWER: False
EXPLANATION:
On a bank check, the drawer of the check signs the check and not the payee.
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QUESTION 19 Uncollectible Accounts: also known as bad debts. True False 5 poi QUESTION 20 On...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
When using the allowance method of accounting for uncollectible accounts, the recovery of a bad debt...
When using the allowance method of accounting for uncollectible accounts, the recovery of a bad debt would be recorded as a debit to Cash and a credit to Bad Debts Expense. Group of answer choices True False
Problem 8-9A Estimating bad debts LO3 excel CHECK FIGURE: a. Total estimated uncollectible accounts $13,638 The...
Problem 8-9A Estimating bad debts LO3 excel CHECK FIGURE: a. Total estimated uncollectible accounts $13,638 The following information is available regarding the outstanding accounts receivable of Mufu Contracting at September 30, 2020: July Month of Credit Sale Customer May June Aug. Sept. B. Axley $35,000 $ 0 $ 0 $ 0 $ . T. Holton 74.000 36.000 16.500 W. Nix 23.100 9,900 12,200 5,600 15,800 C. Percy 92,500 K. Willis All services are performed on terms of 30. Assume all...
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting...
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015? A) $7,275 B) $3,075 C) $7,000 D) $5,285 20. Which of the following...
Question The Comptroller of the Currency is also known as OCC. True False Question 8 10...
Question The Comptroller of the Currency is also known as OCC. True False Question 8 10 pts The trend in recent years is for most financial institutions to not become more complex (.e. grow and add new services and facilities). True False Question 9 A Unit Bank offers all services from: one office although it may offer some services like taking deposits from limited service facilities facilities all across USA facilities across the stae in whicit operates Internationa locations Question...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Indicate whether the following are TRUE or FALSE. . The matching principle permits the use of the direct write-off...
Indicate whether the following are TRUE or FALSE. . The matching principle permits the use of the direct write-off method of accounting for uncollectible accounts when bad debts are very large in relation to a company's other financial statement items such as sales and net income. _____ Deferred income is an example of a revenue account that increases equity. _____. A credit memo on a bank statement is an example of a timing difference. _____. Federal laws prohibit the selling...
Music Class QUESTION 13 5 p 4'33" is known as The Silent Piece. O True ○False...
Music Class
QUESTION 13 5 p 4'33" is known as The Silent Piece. O True ○False QUESTION 14 5 P The pianist did not play the keys of the piano in his performance of 4 33 ○ False QUESTION 15 You can see and hear the Hermit Thrush singing in the trees and you also see only the trees in the forest without the thrush: there is also a scene with a stream. ○True D False 5 pa QUESTION 16...
Problem 9-04A a-d (Video) Whispering Inc. uses the allowance method to estimate uncollectible accounts receivable. The...
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3...
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,353,500 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. C. Received $669.900 cash in payment...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Problem 8-9A Estimating bad debts LO3 excel CHECK FIGURE: a. Total estimated uncollectible accounts $13,638 The following information is available regarding the outstanding accounts receivable of Mufu Contracting at September 30, 2020: July Month of Credit Sale Customer May June Aug. Sept. B. Axley $35,000 $ 0 $ 0 $ 0 $ . T. Holton 74.000 36.000 16.500 W. Nix 23.100 9,900 12,200 5,600 15,800 C. Percy 92,500 K. Willis All services are performed on terms of 30. Assume all...
19. The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015? A) $7,275 B) $3,075 C) $7,000 D) $5,285 20. Which of the following...
Question The Comptroller of the Currency is also known as OCC. True False Question 8 10 pts The trend in recent years is for most financial institutions to not become more complex (.e. grow and add new services and facilities). True False Question 9 A Unit Bank offers all services from: one office although it may offer some services like taking deposits from limited service facilities facilities all across USA facilities across the stae in whicit operates Internationa locations Question...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Music Class
QUESTION 13 5 p 4'33" is known as The Silent Piece. O True ○False QUESTION 14 5 P The pianist did not play the keys of the piano in his performance of 4 33 ○ False QUESTION 15 You can see and hear the Hermit Thrush singing in the trees and you also see only the trees in the forest without the thrush: there is also a scene with a stream. ○True D False 5 pa QUESTION 16...
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,353,500 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. C. Received $669.900 cash in payment...
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