Calculate hungryman''s preadjustment balance in accounts

Assignment Help Cost Accounting
Reference no: EM13511477

On January 1, 2009, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts:
Accounts Receivable ................................................$363,000
Allowance for Doubtful Accounts (a credit balance) ........... 44,000
During 2009, Hungryman had $3,100,000 of credit sales, collected $2,915,000 of accounts receivable, and wrote off $50,000 of accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $15,000 will be uncollectible.

Required:
1. Calculate Hungryman's preadjustment balance in accounts receivable on December 31, 2009.
2. Calculate Hungryman's preadjustment balance in allowance for doubtful accounts on December 31, 2009.
3. Prepare the necessary adjusting entry for 2009.

 

Reference no: EM13511477

Questions Cloud

Explain the empirical formula for the carbon-hydrogen-oxygen : Calculate the percent composition and determine the molecular formula and the empirical formula for the carbon-hydrogen-oxygen compound that results when 30.21 g of carbon, 40.24 g of oxygen, and 5.08 g of hydrogen are reacted to produce a product..
Analysis the financial statements of business : Analysis the financial statements of business. Prepare journal entries and post then in ledger, prepare trial balance, trading p/l a/c and balance sheet from information
Transactions occur during the month of july. : Transactions occur during the month of July.
Determine the final velocity of the other puck : Consider the collision between two hockey pucks in the figure below. They do not stick together. Their speeds before the collision are v1i = 27 m/s and v2i = 14 m/s. What is the final velocity of the other puck
Calculate hungryman''s preadjustment balance in accounts : Calculate Hungryman's preadjustment balance in accounts receivable on December 31, 2009.
Explain intuitive knowledge of chemistry and physics : Based on your intuitive knowledge of chemistry and physics, suggest WHY rubber is an elastomer @ room temperature but glass is not.
Rodriguez corporation issues : Rodriguez corporation issues 19000 shares of its common stock for $152,000 cash on february 20. prepare journal entries to record this event under each of the following separate situations
What is the speed of the lighter skater : Two ice skaters face each other, one is 100 kg and the other is 50 kg. They push against each other's palms and move apart. What is the speed of the lighter skater
Explain what is the theoretical yield for the reaction : 1.91 g H2 is allowed to react with 10.2 g N2, producing 1.17 g NH3. (a) What is the theoretical yield for this reaction under the given conditions. (b) What is the percent yield for this reaction under the given conditions

Reviews

Write a Review

Cost Accounting Questions & Answers

  What will annual dollar cash flows be

Given the currency scenario described above, what is the expected value of annual after-tax dollar cash flows assuming no repatriation of profits to the United States?

  Determine the equivalent units of production

Determine the equivalent units of production for each cost component for each department under the WA method and determine the equivalent units of production for each cost component for each department under the FIFO method.

  The assets and liabilities of toronto service inc as of

the assets and liabilities of toronto service inc. as of december 31 2008 and revenue and expenses for the year ended

  What happens to the demand curve for air transportation

Explain what happens to the demand curve for air transportation between New York City and Washington, D.C., as a result of the following events.

  Compute the total cost of the work in process

Compute the total cost of the work in process inventory on January 31 and compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion.

  Estimate what would be annual costs and revenues

The Heritage Amusement Park would like to construct a new ride called the Sonic Boom, which the park management feels would be very popular. The ride would cost $450,000 to construct, and it would have a 10% salvage value at the end of its 15-year..

  Evans inc had the following activities during the yearnbsp

evans inc. had the following activities during the year.nbsp direct materialsnbspnbspnbsp beginning

  Calculate the balance in ending work in process

Calculate the balance in ending work in process and cost of goods sold before any adjustments for under- or overallocated overhead and calculate under- or overallocated overhead.

  Death and taxes are two certainties that we can plan for in

death and taxes are two certainties that we can plan for in life. the irs is still able to tax us in death using estate

  Prepare a statement of changes in net assets

Prepare a Statement of Changes in Net Assets for the Employees Retirement Fund for the Year Ended June 30, 2012 and prepare a Statement of Net Assets for the Employees' Retirement Fund as of June 30, 2012

  Discuss the limits on cost recovery apply to listed property

Discuss the limits on cost recovery apply to listed property.

  Calculating salvage value

Calculating Salvage Value. Consider an asset that costs $640,000 and is depreciated straight-line to zero over its eight-year tax life. The asset is to be used in a five-year project; at the end of the project, the asset can be sold for $175,000.

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