Allowance for doubtful accounts problem

Assignment Help Accounting Basics
Reference no: EM13133193

Which of the following is most likely to be used in determining a proper amount to be included in the allowance for doubtful accounts?

A) Accounts receivable divided by Cost of goods sold.

B) Aging of accounts receivable.

C) Cash Sales divided by Accounts receivable

D) Year 2 accounts receivable compared to year one accounts receivable.

Reference no: EM13133193

Questions Cloud

Conservative vector fields : Determine whether or not the given vector field is conservative. If its conservative find f such that F=delta f
Explain tert-butyl alcohol and butanol : Suggest a chemical test that would allow you to distinguish between tert-butyl alcohol and 1 butanol, both of which give a positive ceric nitrate test?
What is the final pressure in the reaction flask : 2A(g) + 3B(g) → A2B3(g) If 0.5 atm of gas A is mixed in an evacuated reaction flask with 1.0 atm of gas B, what is the final pressure in the reaction flask? (assume that the reaction goes to completion)
How architecture works-setting : The author of “-How Architecture Works-” book, describes how setting is important to a building and needs to be part of the thought process when beginning to build.  He starts to talk about his impression by giving an example of the exhibition of the..
Allowance for doubtful accounts problem : Which of the following is most likely to be used in determining a proper amount to be included in the allowance for doubtful accounts?
Vectors-work done : Let C be the line segment form P(1,0,2) to Q(-2,3,1), and let F be the force given by F(x,y,z)= 2zi - yj + 2xk. Find the work done by F in moving a particle along C.
Use manual method of calculation to analyze the data : You may use the manual method of calculation, or show how MegaStat (or other software) is used to analyze the data. Be sure to discuss the interpretation of results.
Vectors-find the resultant vector : Make a sketch of the vectors and find the magnitude of the resultant. Two forces each of 4 units at a 90-degree angle to each other.
Prepare the journal entries to record the mortgage loan : Kelso Co. receives $479,000 when it issues a $479,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $30,660 on June 30 and December 31.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Seller of the receivables

A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?

  Job order costing system

Which of the following would most likely use a job order costing system? ... most likely use a job order costing system?

  Comparing after-tax income

Sonja is a United States citizen who has worked in Spain for the past 10 months. She received $5,000 a month as compensation. Her employer has offered to extend Sonja's contract to work in Spain for another 5 months at the same rate of pay.

  Information about savings

Hungry Bites produces corn chips. The cost of one batch is below: Direct materials $18; Direct labor 13.00; Variable overhead; 11.00; and Fixed overhead 14.00.

  Generals coupon promotion expense

The coupons expire on December 31, 2012. There were 45 million coupons redeemed in 2011, and 30 million redeemed in 2012.What was General's coupon promotion expense in 2011?

  What is the minimum acceptable selling price of material

what is the minimum acceptable selling price of material L to the company that could use material L in its own production process?

  Couple elects gift splitting for the current year

In the current year, Donna gives $50,000 cash and $30,000 of stock to Mike. She also gives $40,000 of tax-exempt bonds to Angela. Her husband, Andy, gives $200,000 of land to Angela. Assume the couple elects gift splitting for the current year.

  What is tammy basis in the residence

As a result of their divorce, Fred agrees to pay alimony to Tammy of $20,000 per year. The payments are to cease in the event of Fred's or Tammy's death or in the event of Tammy's remarriage. In addition, Tammy is to receive their residence, which..

  Explain accrual-basis accounting

Suppose your grandparents have just given you $20,000 on the situation that you invest the money in the stock market. As you contemplate making your investment choices;

  Value added activities and cost pools with abc

What are some methods a business uses to determine if the activity is value added or not? How do you think business learn from customers (consumers) what is value added and what is not value added?

  What is their taxable income for 2012

Sally and Tom are married, have three dependent children, and file a joint return in 2012. If they have adjusted gross income (AGI) of $90,000 and itemized deductions of $10,000, what is their taxable income for 2012?

  Compute any passive investment income tax penalty

In 2012 Sweetwater's excess net passive income is $42,000. Sweetwater holds $31,000 of accumulated earnings and profits from a C corporation year.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd