Homework Answers
Net profit = $14000
Writing off of bad debt would result in decrease in net profit hence it would be deducted ($500)
Decrease in provision for doubtful debt would increase the net profit and hence would be added $200
Profit after adjustment = $14000 -$500 = $13500+$200 = $13700
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1)The profit & loss account of Sandy Corporation shows a net profit of $14,000. Bad debts...
A)Accounts receivable accounts B) Allowance for doubtful debts account. C) Statement of profit or loss (extract)....
A)Accounts receivable accounts
B) Allowance for doubtful debts account.
C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
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On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,207....
On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,207. During the first 11 months of the year, bad debts expense of $21,610 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,926. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
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Net income before taxation is $67,450. A number of items in the profit and loss account...
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Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
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On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098....
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
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On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,364....
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,364. During the first 11 months of the year bad debts expense of $21,756 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9.923 Required: 2. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts witool b. As the result of...
Sarasota Corporation operates in an industry that has a high rate of bad debts. Before any...
Sarasota Corporation operates in an industry that has a high
rate of bad debts. Before any year-end adjustments, the balance in
Sarasota's Accounts Receivable account was $601,200 and Allowance
for Doubtful Accounts had a credit balance of $40,590. The year-end
balance reported in the balance sheet for Allowance for Doubtful
Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of
Collection
Less than 16 days
$319,700
0.97
Between 16 and 30 days
116,700
0.90...
A)Accounts receivable accounts
B) Allowance for doubtful debts account.
C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,877. During the first 11 months of the year, bad debts expense of $21,190 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,806. Required: a. What was the total of accounts written off during the first 11 months? (Hint. Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,207. During the first 11 months of the year, bad debts expense of $21,610 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,926. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
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...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
Headland Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Headland's Accounts Receivable account was $585,400 and Allowance for Doubtful Accounts had a credit balance of $42,510. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Probability of Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,364. During the first 11 months of the year bad debts expense of $21,756 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9.923 Required: 2. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts witool b. As the result of...
Sarasota Corporation operates in an industry that has a high
rate of bad debts. Before any year-end adjustments, the balance in
Sarasota's Accounts Receivable account was $601,200 and Allowance
for Doubtful Accounts had a credit balance of $40,590. The year-end
balance reported in the balance sheet for Allowance for Doubtful
Accounts will be based on the aging schedule shown below.
Days Account Outstanding
Amount
Probability of
Collection
Less than 16 days
$319,700
0.97
Between 16 and 30 days
116,700
0.90...
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