Homework Answers
| Estimated uncollectibles | 2680 |
| Add: Debit balance in Allowance for uncollectible accounts | 80 |
| Expense reported on the income statement for uncollectibles | 2760 |
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Hargan Corp. ages accounts receivable to estimate uncollectibles. During the year, sales totaled $150,000 and the...
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of...
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has...
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
Linus Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year...
Linus Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $ 110,000, and management estimates 5% will be uncollectible. The amount of expense to report on the income statement was $ 5,500. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $ 1,000. The balance of Allowance for Uncollectible Accounts, after adjustment, will be: A. $ 6,100. B. $ 5,500. C. $ 500. D. $6,500.
Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December...
Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $725,000 in credit sales. Arundel assumes that 1.5% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 4,000. What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?
Cindrella uses aging to estimate uncollectibles. Accounts of $150,000 are less than 30 days old (96%...
Cindrella uses aging to estimate uncollectibles. Accounts of $150,000 are less than 30 days old (96% collectible), $80,000 are 30 to 60 days old (85% collectible), $35,000 are 61-120 days old (50% collectible), and the remaining $10,000 is 10% collectible. Question 12 options: A) The Allowance for Uncollectibles should have a balance of $6,000. B) The Allowance for Uncollectibles should have a balance of $17,500. C) The Allowance for Uncollectibles should have a balance of $44,500. D) The Allowance for...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
Suppose that the estimate of uncollectible accounts is based on the aging of accounts receivable and...
Suppose that the estimate of uncollectible accounts is based on the aging of accounts receivable and that the Allowance for Uncollectible Accounts has a credit balance before the adjustment is made. Explain how this situation is handled.
Accounts receivable for the Clyborn Company totaled $41,000 and the Allowance for Uncollectible Accounts balance was...
Accounts receivable for the Clyborn Company totaled $41,000 and the Allowance for Uncollectible Accounts balance was positive $570 at year end after write offs (i.e., the bad debt expense had been over estimated in the prior period) but before recording the year-end estimate of uncollectible accounts. The company wrote off $490 of uncollectible accounts during the year. Management estimated that 3% of its net credit sales of $55,000 would not be collected. Compute the bad debt expense for the year...
QUESTION 4 Domino Company ages its accounts receivable to estimate bad debes expense Domino began Year...
QUESTION 4 Domino Company ages its accounts receivable to estimate bad debes expense Domino began Year 2 wich balances in Accounts Receivable and Allowance for Doubtful Accounts of $40,170 and 53080, respectively. During Year the company wrote off 52420 in uncollecoble accounts. In preparation for the companys estimate of bad debes expense for Year 2, Domino prepared the following aging schedule: Number of Days Receivables aukely to be 0-30 What amount will be reported as bad debes expense on the...
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...
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
3B) For each of the following independent situations, compute net accounts receivable. a. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25,700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 of uncollectible accounts....
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
QUESTION 4 Domino Company ages its accounts receivable to estimate bad debes expense Domino began Year 2 wich balances in Accounts Receivable and Allowance for Doubtful Accounts of $40,170 and 53080, respectively. During Year the company wrote off 52420 in uncollecoble accounts. In preparation for the companys estimate of bad debes expense for Year 2, Domino prepared the following aging schedule: Number of Days Receivables aukely to be 0-30 What amount will be reported as bad debes expense on the...
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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