What will be the dollar balances in the bad debt expense

Assignment Help Accounting Basics
Reference no: EM132234229

Question - lpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of:

Dollar Value Age of Account Estimated Collectible

$115,000 < 30 days old 98%

65,000 30 to 60 days old 85%

20,000 61 to 120 days old 75%

5,000 > 120 days old 10%

The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the:

1. Accounts Receivable

2. Allowance for Doubtful Accounts

3. Bad Debt Expense

Reference no: EM132234229

Questions Cloud

What strategies should management use in bargaining : What strategies should management use in bargaining when a settlement that was unanimously recommended by the union's bargaining team is rejected?
Why each market may be an important revenue source : Identify some of the growing markets in the hospitality industry and explain why each market may be an important revenue source for your brand.
What specific resources did the company build : What specific resources/activities/attributes did the company build or conduct to take advantage of the opportunities in the market?
What is the balance sheet amount for trading securities : On 1/2/20X6, ALPHA acquired 100 shares of CHARLIE Corporation stock at $20 per share, What is the balance sheet amount for trading securities at the end of 20X7
What will be the dollar balances in the bad debt expense : The current unadjusted Allowance for Uncollectable Accounts balance is a credit balance of $2,500, What will be the dollar balances in the Bad Debt Expense
What are you receiving for being a party to the contract : Throughout this module you learned the basics of contract formation. An additional requirement of contract formation is consideration.
What is the total cash paid for interest : What is the total cash paid for interest, income taxes, and total amount of Property and Equipment acquired on a non-cash basis on Amazon's 2018 10K
Will steve be able to void the transaction : Steve and Bill go out drinking. After Steve has had so many drinks that Bill knows (or should know) that Steve is very intoxicated, Steve says to Bill.
Compute the amount of goodwill at the date of acquisition : ACCT 302 Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $470,000. At that time Conger reported common stock.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Accounting principles in performing the audit

Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.

  If junes estimated machine-hours total 4200 what are the

the following data is available regarding costs and

  What should be the new carrying value of the equipment

The service units approach is most appropriate for impairments caused by technological obsolescence. What should be the new carrying value of the equipment?

  During the current period department a finished and

during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000

  What does each financial statement tell a user

What categories or sections are on each statement?  What accounts are shown under each section of each Financial Statement?  How do amounts from one statement flow through to the other statements, if at all?

  Gross income for the year

It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?

  Write a short memo to ralph sampson describing the analysis

west field corporation makes two different boat anchors-a traditional fishing anchor and a high-end yacht anchor-using

  Compute the transfer price using full cost

Transfer Pricing Gold Hill Mining Company mines quartz rock at a site in the Boise Basin and then crushes the quartz rock to obtain the gold.

  A major part of its function is the testing of different

consumers union is a nonprofit organization that provides information and counsel on consumer goods and services. a

  What is the minimum selling price of the special order

pro sports inc. manufactures basketballs for the nba. for thefirst 6 months of 2008 the company reported the following

  What amount should M record as a liability

Case-Accounting for a Loss Contingency for a Verdict Overturned on Appeal. For the year-end December 31, 2007, financial statements, what amount should M record

  Glaser health products of ranier falls georgia is organized

glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and

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