Homework Answers
| Accounts Receivable, after write off | 25000 | =25800-800 |
| Less: Allowance for Doubtful Accounts, after write off | 2000 | =2800-800 |
| Net realizable value of Accounts Receivable | 23000 | |
| $23,000 is correct option |
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Help Suvel Eat som On January 1, Year 2, the Accounts Receivable balance was $25,800 and...
On January 1, Year 1, the Accounts Receivable balance was $22,600 and the balance in the...
On January 1, Year 1, the Accounts Receivable balance was $22,600 and the balance in the Allowance for Doubtful Accounts was $2,200, On January 15, Year 1, an $620 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice Ο Ο Ο Ο 621020
On January 1, Year 2 the Accounts Receivable balance was $26,500 and the balance in the...
On January 1, Year 2 the Accounts Receivable balance was $26,500 and the balance in the Allowance for Doubtful Accounts was $2,900. On January 15, Year 2 an $850 uncollectible account was written-off. The net realizable value of accounts receivable immediately after the yurite-off is: o o 325,650. o o On January 1 Year 2. Grande Company had a $75,200 balance in the Accounts Receivable account and a $3,800 balance in the Allowance for Doubtful Accounts account. During Year 2....
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance...
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance in the Allowance for Doubeful Accounts was $2800. On January 15, Year 1 an 5800 uncollectible account was written off. What is the net realizable value of accounts receivable immediately after the wide- 522 200 525 000 $23.800 $23.000 QUESTION 8 Which of the following reflects the effect of the year-end adjust estimated bad debes experse using the allowance method? + Equity Rev. lees...
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried...
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70,400 and $2,800, respectively. During the year Kincaid reported $187,000 of credit sales. Kincaid wrote off $1,700 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $222,300. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to:...
The accounts receivable balance for Renue Spa at December 31, Year 1. was $81,000. Also on...
The accounts receivable balance for Renue Spa at December 31, Year 1. was $81,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. Total retained earnings at the end of Year 1 was $78,500. During Year 2, S1,900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $120 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $217.000, and cash...
Multiple Choice Question 99 Under the allowance method of accounting for uncollectible accounts, O allowance for...
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The following information relates to Windsor Inc.’s accounts receivable for the 2020 fiscal year: 1. An...
The following information relates to Windsor Inc.’s accounts
receivable for the 2020 fiscal year: 1. An aging schedule of the
accounts receivable as at December 31, 2020, is as follows: Age Net
Debit Balance % to Be Applied after Write-off Is Made Under 60 days
$173,000 2% 61–90 days 142,000 4% 91–120 days 44,000 * 8% Over 120
days 22,000 $5,200 definitely uncollectible; 20% of remainder is
estimated uncollectible $381,000 *The $2,800 write off of
receivables (see item 4 below)...
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month...
Sales on account during the month totaled $78,000. Cash
collections of accounts receivable during the month totaled
$72,000. The balance in the Accounts Receivable account at the end
of the month was $31,000. No accounts receivable were written off
as uncollectible during the month. The balance in the Accounts
Receivable account at the beginning of the month was:
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled $72,000. The balance in the...
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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried...
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70.400 and $2.800, respectively. During the year Kincaid reported $187000 of credit sales. Kincaid wrote off $1700 of receivables as uncollectible in Year 2, Cash collections of receivables amounted to $222,300 Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry to recognize the write-off of the uncollectible accounts wil: Multiple Choice decrease total assets...
On January 1, Year 1, the Accounts Receivable balance was $22,600 and the balance in the Allowance for Doubtful Accounts was $2,200, On January 15, Year 1, an $620 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice Ο Ο Ο Ο 621020
On January 1, Year 2 the Accounts Receivable balance was $26,500 and the balance in the Allowance for Doubtful Accounts was $2,900. On January 15, Year 2 an $850 uncollectible account was written-off. The net realizable value of accounts receivable immediately after the yurite-off is: o o 325,650. o o On January 1 Year 2. Grande Company had a $75,200 balance in the Accounts Receivable account and a $3,800 balance in the Allowance for Doubtful Accounts account. During Year 2....
QUESTION 7 On January 1 Year 1, the Accounts Receivable balance was 525,800 and the balance in the Allowance for Doubeful Accounts was $2800. On January 15, Year 1 an 5800 uncollectible account was written off. What is the net realizable value of accounts receivable immediately after the wide- 522 200 525 000 $23.800 $23.000 QUESTION 8 Which of the following reflects the effect of the year-end adjust estimated bad debes experse using the allowance method? + Equity Rev. lees...
The accounts receivable balance for Renue Spa at December 31, Year 1. was $81,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. Total retained earnings at the end of Year 1 was $78,500. During Year 2, S1,900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $120 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $217.000, and cash...
Multiple Choice Question 99 Under the allowance method of accounting for uncollectible accounts, O allowance for Doubtful Accounts is closed each year to Income Summary. the cash realizable value of accounts receivable is greater before an account is written off than after it is written off. O bad Debt Expense is debited when a specific account is written off as uncollectible. O the cash realizable value of accounts receivable in the balance sheet is the same before and after an...
The following information relates to Windsor Inc.’s accounts
receivable for the 2020 fiscal year: 1. An aging schedule of the
accounts receivable as at December 31, 2020, is as follows: Age Net
Debit Balance % to Be Applied after Write-off Is Made Under 60 days
$173,000 2% 61–90 days 142,000 4% 91–120 days 44,000 * 8% Over 120
days 22,000 $5,200 definitely uncollectible; 20% of remainder is
estimated uncollectible $381,000 *The $2,800 write off of
receivables (see item 4 below)...
Sales on account during the month totaled $78,000. Cash
collections of accounts receivable during the month totaled
$72,000. The balance in the Accounts Receivable account at the end
of the month was $31,000. No accounts receivable were written off
as uncollectible during the month. The balance in the Accounts
Receivable account at the beginning of the month was:
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled $72,000. The balance in the...
On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70.400 and $2.800, respectively. During the year Kincaid reported $187000 of credit sales. Kincaid wrote off $1700 of receivables as uncollectible in Year 2, Cash collections of receivables amounted to $222,300 Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry to recognize the write-off of the uncollectible accounts wil: Multiple Choice decrease total assets...
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