User Account

All Pages

Determining amount of allowance for uncollectible accounts

Assignment Help Accounting Basics
Reference no: EM13151654

The allowance for uncollectible accounts currently has a credit balance of $200. The company's management estimates that 2.5% of net credit sales will be uncollectible. Net credit sales are $115,000. What will be the amount of allowance for uncollectible accounts reported on the balance sheet?

Reference no: EM13151654

Questions Cloud

Which antigens should be detected in the blood : A new blood-typing system was discovered in which two antigens, P and Q, are determined by a different allele of a gene named N. The alleles of these antigens are about equally frequent in the general population.
Determine the ph : Determine the pH of a 0.227 M C5H5N solution at 25°C. The Kb of C5H5N is 1.7 x 10-9.
Brazil and argentina : Consider that two countries, Brazil and Argentina, have the same rates of investment, population growth, and depreciation. They also have the same levels of capital per worker.
Probability that operator will get live answers on calls : There is an operator at the center who places 25 outgoing calls in a one-hour period. What is the probability that this operator will get live answers on 7 or more calls?
Determining amount of allowance for uncollectible accounts : The company's management estimates that 2.5% of net credit sales will be uncollectible. Net credit sales are $115,000. What will be the amount of allowance for uncollectible accounts reported on the balance sheet?
Land recorded in the purchaser books : A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:
Does such a strategy make sense : Consequently, the firms’ top accountants and financial manager argue that the firm should raise the price of the product 10 percent above its original target to help recoup some of these costs. Does such a strategy make sense? Explain carefully.
Probability of guessing less than three answers correctly : Find the probability of guessing (a) exactly three answers correctly, (b) at least three answers correctly, and (c) less than three answers correctly.
Preferred stock-cumulative and nonparticipating : Written, Inc. has outstanding xxx,000 shares of $x par common stock and xx,000 shares of no-par x% preferred stock with a stated value of $x. The preferred stock is cumulative and nonparticipating.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Carryback provisions in the tax law

Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31, 2011

  Amount of cost in ending work in process inventory

The beginning work in process inventory had a balance of $2,000. There were $42,000 of product costs added to work in process during the period. The amount of cost in ending work in process inventory is ??

  What is net present value using these alternative estimates

Calculate the net present value of the project. (For all net present value calculations, if the net present value is negative, show the amount in (parenthesis). Round all answers to 0 decimal places.)

  Overview of the situation/accounting issue

You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue

  Division relevant operating range

The Red Car Division has excess capacity and the 1,000 units can be produced without interfering with the current outside sales of 5,000. The 6,000 volume is within the division's relevant operating range.

  Shares of common stock of long corporation

Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:

  Determining the amount of ordinary income

The corporation elected S corporation status at the starting of 2011. On February 13, 2012, the property was sold for $40,000, payable in 4 yearly instalments of $10,000 plus interest. What is the amount of ordinary income to be reported from the s..

  Journal entries on books of salen company

Salen Company finances some of its current operations by assigning accounts receivable to a finance company. Make all the journal entries on the books of Salen Company that are involved in the transactions above.

  State or compute for the year the following amounts

Using these data, state or compute for the year the following amounts ,  Direct materials puchased for this answer I put $410,00 but what is the credit entry then and what is the connection with the end and beginning of the year. confused here.

  Method of determining periodic deferred tax

Justification for the method of determining periodic deferred tax expense is base on the concept of:

  Please explain the nuances of the $25,000 rule?

Is rental real estate subject to the Passive Loss limitations? Are there any important exceptions?

  Classification as direct labor

Which of the following is not classified as direct labor? a. bottlers of beer in a brewery b. copy machine operators at a copy shop. c. wages of supervisors d. bakers in a bakery.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd