What should be the balance in account receivable at december

Assignment Help Accounting Basics
Reference no: EM131371120

Assignment

1. Halen Company's unadjusted trial balance at December 31, 2010, Included the following accounts. Debit Credit Allowance for doubtful accounts $4,000 Net Sales $1,200,000 Halen Company estimates Its bad debt expense to be 1 and 1/2% of net sales. Determine its bad debt expense for 2010.

2. An analysis and aging of Stuart Corp. accounts receivable at December 31. 2010. disclosed the following. Amounts estimated to be uncollectible $ 180,000 Accounts receivable 1,750,000 Allowance for doubtful accounts (per books) 125,000 What is the net realizable value of Stuart's receivables at December 31, 2010?

3. Shore Co. provides for doubtful accounts based on 3% of credit sales. The following data are available for 2010. Credit sales during 2010 $2,400,000 Allowance for doubtful accounts 1/1/10 17,000 Collection of accounts written off in prior years (customer credit was reestablished) 8,000 Customer accounts written off as uncollectible during 2010 30,000 What is the balance in the Allowance for Doubtful Accounts at December 31, 2010?

4. At the end of its first year of operations, December 31, 2010, Darden Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $950,000 Customer accounts written off as uncollectible during 2010 24,000 Bad debt expense for 2010 84,000 What should be the balance in accounts receivable at December 31, 2010, before subtracting the allowance for doubtful accounts?

5. The following accounts were taken from Bullock Inc.'s trial balance at December 31, 2010. Debit Credit Net credit sales $750,000 Allowance for doubtful accounts $14,000 Accounts receivable 310,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2010.

Instructions Answer the questions relating to each of the five independent situations are requested.

Reference no: EM131371120

Estimated future warranty expenses

The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated fu

Violations of accounting conventions

Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of such  items, list the assumption, information characteristic, principle, or m

Case study of kleener company

Kleener Co acquired a new delivery truck at the beginning of its current fiscal year. The truck cost 26,000 and has an estimated useful life of four years, and an estimated

Develop a network diagram

Getting a degree from a college or university can be a long and difficult task. Certain courses must be completed before other courses may be taken. Develop a network diagra

Compute the estimated warranty expense payable amount

Analysis shows that around 2 percent of A-line sales require after-sale repairs. Beginning July 1, 20x1, Jake's Computer Sales and Repair provides customers with a limited p

No significant difference between boys and girls

I hypothesized that girls in my class have the same blood pressure levels as boys. The probability value for my null hypothesis was 0.15. So I conclude that the blood pressu

Yield to maturity of bond-brown enterprises

Brown Enterprises' bonds currently sell for $1,025. They have a 9-year maturity, an annual coupon of $80, and a par value of $1,000. What is their yield to maturity?

Determine the dollar net cash

Use an Excel spreadsheet to determine the dollar net cash ?ows (after making the debt payment) that you would receive at the end of each of the last 7 years if you partially

Reviews

Write a Review

 
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