Homework Answers
Answer-B1:
Bad debt expense $80,000 × 10% = $8,000
Less: Existing credit balance in allowance for doubtful account $1,000
Amount of Adjustment to allowance for doubtful account $7,000
Hence, option B is the correct option.
Answer-B2:
Bad debt expense $80,000 × 10% = $8,000
Add: Existing debit balance in allowance for doubtful account $1,000
Amount of Adjustment to allowance for doubtful account $9,000
Hence, option D is the correct option.
Answer-D
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B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company...
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data. Inventory at (End-of-Year Prices) $70,000 Year 2018 Price Index 100 of ballo 105 Suit 116 120 in norte 20 2019 90,300 95,120 105,600 no 2020 2021 Using the dollar-value LIFO method, compute the value of the inventory at December 31 for the years 2018, 2019, 2020 and 2021.
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company...
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data. Year 2018 Inventory at (End-of-Year Prices $70,000 Price Index 100 il 90,300 1 05 2019 2020 2021 95,120 105,600 116 1201b los DO Tsing the dollar-value LIFO method, compute the value of the inventory at December 31 for the years 2018, 2019, 2020 and 2021.
D.Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted...
D.Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data lood ar 0Price dojo Index 100 ho p Instrue Inventory at End-of-Year Prices) $70,000 oe asado Year 2018 boovilsb) cola 90,300 105 2019 steoibui ebroo0 en 95,120 2020 116 brod to violesvniooismie 32019 Using the dollar-value LIFO method, compute the value of the inventory at December 31 2021 105,600 120 for the years...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful...
A trial balance before adjustment included the following: Debit Credit Accounts receivable €80,000 Allowance for doubtful accounts 730 Sales €340,000 Sales returns and allowances 8,000 a) Give journal entries assuming that the estimate of uncollectible is determined by taking 5% of gross accounts receivable. Explain your answer b) Give journal entries assuming that the estimate of uncollectible is determined by taking 4% of gross accounts receivable and the allowance for doubtful accounts has a debit balance of €1,000. Explain your answer
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts...
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts Debit 300,000 Credit $1.700.000 5.000 laking 6% of gross accounts receivables, the If the estimate of uncollectible accounts is made by taking 6% of gross amount of the bad debt expense to be recorded is $13,000 $18,000 $23,000. $28,000. b. INA - Kaniper's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased....
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments...
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments Debits Credits Accounts Receivable 1 $200,000 Allowance for Doubtful Accounts 1,500 Sales $400,000 Instructions: 1. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 6% of accounts receivable will be uncollectible. 2. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 3% of sales will be...
Caspar Company began 2018 with a balance of $10,000 in the allowance for doubtful accounts. All...
Caspar Company began 2018 with a balance of $10,000 in the allowance for doubtful accounts. All of Caspar’s sales are made on account and Caspar makes a quarterly provision for bad debts at the rate of 2% of sales. Quarterly sales in 2018 were as follows: First quarter $200,000 Third quarter $500,000 Second quarter $300,000 Fourth quarter $400,000 Actual bad accounts written off in the current year were as follows: First quarter $3,000 Third quarter $8,000 Second quarter $7,000 Fourth...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016:...
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The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr....
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
B. Uncollectible Accounts A trial balance of Golden Rams Company before adjustments included the following: Debit Credit $500,000 Sales Sales Returns and Allowance. Accounts Receivable. Allowance for Doubtful Accounts $ 10,000 80,000 . 1,000 ccount Receuades 1. If the estimate of uncollectibles is made by taking 10% of gross account, the amount of the adjustment under the Allowance Method is A. $6,000 C. $8,000. B. $7,000. D. $9.000. 2. Under 1 above, If the Allowance of Doubtful Accounts had a...
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data. Inventory at (End-of-Year Prices) $70,000 Year 2018 Price Index 100 of ballo 105 Suit 116 120 in norte 20 2019 90,300 95,120 105,600 no 2020 2021 Using the dollar-value LIFO method, compute the value of the inventory at December 31 for the years 2018, 2019, 2020 and 2021.
D. Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data. Year 2018 Inventory at (End-of-Year Prices $70,000 Price Index 100 il 90,300 1 05 2019 2020 2021 95,120 105,600 116 1201b los DO Tsing the dollar-value LIFO method, compute the value of the inventory at December 31 for the years 2018, 2019, 2020 and 2021.
D.Dollar-Value LIFO Albany State Company manufactures various products. On December 31, 2018, Albany State Company adopted the dollar-value LIFO method. Presented below is the following inventory data lood ar 0Price dojo Index 100 ho p Instrue Inventory at End-of-Year Prices) $70,000 oe asado Year 2018 boovilsb) cola 90,300 105 2019 steoibui ebroo0 en 95,120 2020 116 brod to violesvniooismie 32019 Using the dollar-value LIFO method, compute the value of the inventory at December 31 2021 105,600 120 for the years...
10) A trial balance before adjustments included the following Sales Accounts receivable Allowance for doubtful accounts Debit 300,000 Credit $1.700.000 5.000 laking 6% of gross accounts receivables, the If the estimate of uncollectible accounts is made by taking 6% of gross amount of the bad debt expense to be recorded is $13,000 $18,000 $23,000. $28,000. b. INA - Kaniper's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased....
At December 31, 2018, the trial balance of Hossam Company contained the following amounts before adjustments Debits Credits Accounts Receivable 1 $200,000 Allowance for Doubtful Accounts 1,500 Sales $400,000 Instructions: 1. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 6% of accounts receivable will be uncollectible. 2. Prepare the adjusting entry at December 31, 2018, to record bad debt expense if the company estimates that 3% of sales will be...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
The trial balance before adjustment of Risen Company for 2014 reports the following balances: Cr. Dr. $163,000 $ 1,260 500,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances 26,000 15. Assume that Risen Company estimates doubtful accounts to be 10% of gross accounts receivable Bad Debt Expense for 2014 would be: a. $16,300 b. $13,780 c. $17,560 d. $15,040 16. The following accounts were taken from Robot Company's unadjusted trial balance at December 31,...
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