Homework Answers
Allowance for uncollectible accounts = $6740000*1% = $67400
Net income if allowance method had been used = $712500+48600-67400 = $693,700
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Obj. During its first year of operations, Mack's Plumbing Supply Co. had sales of $6,740,000, wrote off $48,600 of acco...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $560,000, wrote off $8,000 of accounts as uncollectible using the direct write-off method, and reported net income of $61,600. Assume that during the second year of operations Mack's Plumbing Supply Co. had sales of $672,000, wrote off $9,600 of accounts as uncollectible using the direct write-off method, and reported net income of $67,100. a. Determine what net income would have...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $650,000, wrote off $10,400 of accounts as uncollectible using the direct write-off method, and reported net income of $71,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible.
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $280,000, wrote off $4,500 of accounts as uncollectible using the direct write-off method, and reported net income of $30.800. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1-3/4% of sales wobec
During its first year of operations, Fisher Plumbing Supply Co. had sales of $650,000, wrote off...
During its first year of operations, Fisher Plumbing Supply Co. had sales of $650,000, wrote off $10,400 of accounts as uncollectible using the direct write-off method, and reported net income of $71,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/2% of sales would be uncollectible. Feedback Check My Work Add the bad debt expense determined by the direct allowance method rite-off method back to net income....
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Effect of Doubtful Accounts on Net Income During its first year of operations, Fisher Plumbing Supply...
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Effect of Doubtful Accounts on Net Income During its first year of operations, Mack’s Plumbing Supply...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack’s Plumbing Supply Co. had sales of $250,000, wrote off $4,000 of accounts as uncollectible using the direct write-off method, and reported net income of $27,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible. $
please show all work.Thank you receivables method. Rustic Tables Company prepared the following ang receivable: Aging...
please show all work.Thank you
receivables method. Rustic Tables Company prepared the following ang receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $320,000 1% 31-60 days 110,000 61-90 days 24,000 91-120 days 18,000 More than 120 days 43,000 Total receivables $515,000 10 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-on method than under the allowance method? EX 8-15 Effect of...
effect of doubtful accounts on net income h 9-3 Exercises & Problems Effect of Doubtful Accounts...
effect of doubtful accounts on net income
h 9-3 Exercises & Problems Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $620,000, wrote off $9.900 of accounts as uncollectible using the direct write off method, and reported net income of $68,200. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible.
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $560,000, wrote off $8,000 of accounts as uncollectible using the direct write-off method, and reported net income of $61,600. Assume that during the second year of operations Mack's Plumbing Supply Co. had sales of $672,000, wrote off $9,600 of accounts as uncollectible using the direct write-off method, and reported net income of $67,100. a. Determine what net income would have...
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $650,000, wrote off $10,400 of accounts as uncollectible using the direct write-off method, and reported net income of $71,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible.
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $280,000, wrote off $4,500 of accounts as uncollectible using the direct write-off method, and reported net income of $30.800. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1-3/4% of sales wobec
During its first year of operations, Fisher Plumbing Supply Co. had sales of $650,000, wrote off $10,400 of accounts as uncollectible using the direct write-off method, and reported net income of $71,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 1/2% of sales would be uncollectible. Feedback Check My Work Add the bad debt expense determined by the direct allowance method rite-off method back to net income....
Effect of Doubtful Accounts on Net Income During its first year of operations, Fisher Plumbing Supply Co. had sales of $2,780,000, wrote off $16,000 of accounts as uncollectible using the direct write-off method, and reported net income of $120,000. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1% of sales would be uncollectible.
please show all work.Thank you
receivables method. Rustic Tables Company prepared the following ang receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $320,000 1% 31-60 days 110,000 61-90 days 24,000 91-120 days 18,000 More than 120 days 43,000 Total receivables $515,000 10 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-on method than under the allowance method? EX 8-15 Effect of...
effect of doubtful accounts on net income
h 9-3 Exercises & Problems Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $620,000, wrote off $9.900 of accounts as uncollectible using the direct write off method, and reported net income of $68,200. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1 3/4% of sales would be uncollectible.
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