If you could please answer
part (b)
Homework Answers
| b | |||
| Before adjustments | After adjustments | ||
| Net Realizable value | 2534500 | 2534500 | |
| Book value | 2650000 | 2634500 | |
| Workings: | |||
| Before adjustments: | |||
| Net Realizable value | 2534500 | =2650000-115500 | |
| After adjustments: | |||
| Net Realizable value | 2534500 | =(2650000-21300+5800)-(115500-21300+5800) | |
| Book value | 2634500 | =2650000-21300+5800 | |
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If you could please answer
part (b)
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Exercise 7-06 (Part Level Submission) At the end of 2020, Monty Corp. has accounts receivable of $2.95 million and an allowance for doubtful accounts of $132,000. On January 16, 2021, Monty determined that its $24,400 receivable from Sandhill Co. will not be collected, and management has authorized its write off. On January 31, 2021, Monty received notification that the company will be receiving $0.20 for every $1.00 of accounts receivable relating to Carla Vista Co. The company had previously written...
At the end of 2016, Marigold Corp. has accounts receivable of $718,400 and an allowance for...
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Brief Exercise 9-04 a-b At the end of 2020, Sandhill Co. has accounts receivable of $755,200...
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Your answer is partially correct. Try again. At the end of 2016, Metlock, Inc. has accounts...
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At the end of 2017, BLANK #1 Company has accounts receivable of $874,600 and an allowance...
At the end of 2017, BLANK #1 Company has accounts receivable of
$874,600 and an allowance for doubtful accounts of $43,800. On
January 16, 2018, BLANK #1 Company determined that its receivable
from BLANK #2 Company of $7,940 will not be collected, and
management authorized its write-off.
Prepare the journal entry for BLANK #1 Company to write off the
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"No Entry" for the account titles and enter 0 for the amounts....
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
-Your answer is partially correct At the end of 2016, Marigold Corp. has accounts receivable of $718,400 and an allowance for doubtful accounts of $ 22,800. On January 24,2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $ 4,359 (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit...
-Your answer is partially correct At the end of 2016, Marigold Corp. has accounts receivable of $718,400 and an allowance for doubtful accounts of $ 22,800. On January 24,2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $ 4,359 (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit...
At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance for doubtful accounts of $120,000. On January 16, 2018, Perez determined that its $20,000 receivable from Morganfield Ltd. will not be collected, and management has authorized its write off. On January 31, 2018, Perez received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written off 100% of the amount due...
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Brief Exercise 9-04 a-b At the end of 2020, Sandhill Co. has accounts receivable of $755,200 and an allowance for doubtful accounts of $60,200. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,600. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK...
At the end of 2017, BLANK #1 Company has accounts receivable of
$874,600 and an allowance for doubtful accounts of $43,800. On
January 16, 2018, BLANK #1 Company determined that its receivable
from BLANK #2 Company of $7,940 will not be collected, and
management authorized its write-off.
Prepare the journal entry for BLANK #1 Company to write off the
BLANK #2 receivable. (If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts....
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
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