Chez fred bakery estimates the allowance for uncollectible

Assignment Help Accounting Basics
Reference no: EM131023365

1. Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2016, Chez Fred's credit sales and collections were $119,000 and $148,000, respectively. What was the balance of accounts receivable on January 1, 2016, if $180 in accounts receivable were written off during 2016 and if the allowance account had a balance of $930 on December 31, 2016? 

Reference no: EM131023365

Questions Cloud

In a steady state with no population growth : Wage rigidity occurs when the real wage fails to adjust to the level at which labor supply equals labor demand - higher wages make workers more productive for all of the reasons EXCEPT higher wages
Specify the quadrature points and the summation weights : Build a 25- point numerical integration scheme based on 5- point Gaussian quadrature in the x and y directions. Specify the quadrature points and the summation weights.
How large must change in autonomous expenditure have been : If the multiplier had a value of 4 in 1929, how large must the change in autonomous expenditure have been to have caused the decline in real GDP between 1929 and 1933 shown in the table on page 763? If the multiplier had a value of 2, how large mu..
Construct and solve a linear system of two equations : Using that information, construct but do not solve a linear system of equations that determines how much of each item a person would need to consume to achieve the recommended daily values of each nutrient.
Chez fred bakery estimates the allowance for uncollectible : What was the balance of accounts receivable on January 1, 2016, if $180 in accounts receivable were written off during 2016 and if the allowance account had a balance of $930 on December 31, 2016?
The real exchange rate of the u.s. dollar increases : With a constant world interest rate, full employment, and an initial trade surplus of zero, a tax cut in a small open economy.
Introduction of new model of macbook air : The new model had a faster processor and much better battery life than the previous model, but sold for the same price. How was the CPI affected by the introduction of the new model of the MacBook Air?
What is the value of equilibrium real gdp : Fill in the missing values in the following table. Assume that the value of the MPC does not change as real GDP changes. Also assume that the values represent billions of 2009 dollars. What is the value of equilibrium real GDP?
Compare the relative risk of the two firms : Firm R has sales of 96,000 units at 1.98 per unit, variable operating cost of $1.73 per unit, and fixed operating cost of $6,010. Interest is $10,060 per year. Compute the degree of operating, financial, and total leverage for the firm R. Compare the..

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  As of december 31 2010 all jobs were finished but there

as of december 31 2010 all jobs were finished but there were four jobs that were not sold. costs incurred on these four

  Problem on cost of goods sold and gross profit rate

At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods sold..

  Differentiate among the various capital budget evaluation

guillermo furniture a company that manufactures mid-grade and high-end sofas has just hired you as an accountant. the

  Conny duffy started working for dexter company

Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee.

  Cpm construction plans to buy a truck for 150000and sell it

cpm construction plans to buy a truck for 150000and sell it for 15000 at the end of 5 years. the annual operating cost

  Determining performance evaluation-residual income

Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.

  Avery corporation has two divisions a and b which are both

avery corporation has two divisions a and b which are both organized as profit centers division a produces and sells

  Calculate the average annual dividend per share for each

calculate the average annual dividend per share for each class of stock for the six-year period. if required round your

  Prepare the operating activities section of the statement

Prepare the operating activities section of the statement of cash flows, using the indirect method. Identify the most important cause of the difference between the companys' net income and net cash flow from operating activities.

  Prepare a report for the president describing the factors

Prepare a report for the president describing the factors that should be considered by Tangier in choosing between LIFO and FIFO.

  What can we do now to recover more quickly later

How will we notify employees, responders, neighbors, government, community, media, and others of emergency conditions?

  Calculate the equivalent units of production for first

the indiana company manufactures a product that goes through three processing departments. information relating to

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