Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The following represents selected information taken from a company"s aging schedule to estimate uncollectible accounts receivable at year-end.
Total
Number of Days Outstanding
0-30
31-60
61-90
91-120
Over 120
Accounts receivable
$285,000
$107,000
$60,000
$50,000
$38,000
$30,000
% uncollectible
2%
5%
7.5%
10%
14%
Estimated bad debts
Instructions
(a) Calculate the total estimated bad debts based on the above information.
(b) Prepare the year-end adjusting journal entry to record the bad debts using the allowance method and the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in the Allowance for Doubtful Accounts account is a $7,000 credit.
(c) Of the above accounts, $2,600 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible accounts.
(d) The company subsequently collects $1,200 on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.
(e) Explain how establishing an allowance account satisfies the expense recognition principle.
What would Slosh's total dollar sales have to be next year to generate a profit of $90,000 and accumulate costs of idle capacity and organization-sustaining costs.
What financial information would you think would be relevant or irrelevant from the viewpoint of possible investors in this company
Should bay side sell the plant or comply with the new federal regulations? To simplify calculations, assume that any additional improvements are paid for on December 31, 2012.
vega foods inc. has recently purchased a small mill that it intends to operate as one of its subsidiaries. the newly
What kind of business decision might cause you to increase your fixed costs? Define variable costs. Will purchasing a new manufacturing facility increase fixed costs or variable costs?
Jennifer Brent leases the equipment to Havaci Inc. for one year with one rental payment of $15,000 on January 1. Prepare Jennifer Brent Corporation's 2008 journal entries.
you have just been hired as a management trainee by cravat sales company a nationwide distributor of a designers silk
ACT 6691, Managerial Accounting Case: - Read the case and analyze the information. Prepare a narrative report (or notes to the income statement) addressing why/how quantitative items were selected. The following items must be explained:
The five managerial characteristics needed by administrators are technical competence, resource management, communication, leadership and innovation.
Both Return on Investment (ROI) and Economic Value Added (EVA), when used as performance measures in an organisation, encourage managers to be short-term in their focus and decision making".
the general fund of middleville has presented you with the following trial balance as of june 30 2011.debitscreditscash
Thomas Selling, an expert on nuclear strategy and arms control, examined in his book The Strategy of Conflict (Cambridge, MA: Harvard University Press, 1960), " The power to constrain the adversary depends on the power to bind oneself." Describe t..
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd