Sales and cash collections from customers during the year

Assignment Help Accounting Basics
Reference no: EM131023359

1. False Value Hardware began 2016 with a credit balance of $31,800 in the allowance for sales returns account. Sales and cash collections from customers during the year were $740,000 and $700,000, respectively. False Value estimates that 6% of all sales will be returned. During 2016, customers returned merchandise for credit of $25,000 to their accounts.

What is the balance in the allowance for sales returns account at the end of 2016?

Reference no: EM131023359

Questions Cloud

Introduction of new model of macbook air : The new model had a faster processor and much better battery life than the previous model, but sold for the same price. How was the CPI affected by the introduction of the new model of the MacBook Air?
What is the value of equilibrium real gdp : Fill in the missing values in the following table. Assume that the value of the MPC does not change as real GDP changes. Also assume that the values represent billions of 2009 dollars. What is the value of equilibrium real GDP?
Compare the relative risk of the two firms : Firm R has sales of 96,000 units at 1.98 per unit, variable operating cost of $1.73 per unit, and fixed operating cost of $6,010. Interest is $10,060 per year. Compute the degree of operating, financial, and total leverage for the firm R. Compare the..
Assets and costs are proportional to sales : The most recent financial statements for Dockett, Inc., are shown here (assuming no income taxes): Income Statement Sales $ 8,600 Costs 5,630 Net income $ 2,970. Assets and costs are proportional to sales. Debt and equity are not. No dividends are pa..
Sales and cash collections from customers during the year : What is the balance in the allowance for sales returns account at the end of 2016?
Financial holding companies are : Financial holding companies are: Companies that hold a variety of different types of financial institutions. Are currently being regulated by the U.S. Office of the Comptroller of the Currency. Cannot hold both depository and non-depository financial..
What would this z be called in mathematics : Draw a line that represents the equation you wrote in 2.a. Does this line go through the 2 points you drew in part 3 a and b? Why or why not?
Difference between the cpi and the ppi : What is the difference between the CPI and the PPI?
The company reported accounts receivable : Calistoga Produce estimates bad debt expense at 0.40% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $484,000 and $1,550 respectively, at December 31, 2015.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Ace chemical company manufatures a liquid used to was boats

ace chemical company manufatures a liquid used to was boats. ace began 2011 with 10000 units in process with cost of

  How is it reported on the balance sheet this year

If a company has a long-term loan that has only two years remaining until it matures, how is it reported on the balance sheet (a) This year and (b) Next year?

  Major expected costs-benefits for globalized businesses

With the globalization of corporate business and cross border security listings, the need for a common set of accounting standards to be applied worldwide emerged to the surface. Both the IASB and the FASB have taken steps towards this goal.

  The revenues and the expenses of a proprietary fund

What is the cause and effect relationship between the revenues and the expenses of a proprietary fund?

  Defense of a criminal tax fraud case

If a CPA is engaged by an attorney to assist in the defense of a criminal tax fraud case involving the attorney's client, information obtained by the CPA from the client after being engaged:

  Determine the effect of the errors on retained earnings

What other step(s) would be taken in connection with the correction of the errors?

  What is the increase or decrease in profits as a result of

for many years diehl company has produced a small electrical part that it uses in the production of its standard line

  What are the steps used in lean production

What are the steps used in lean production which reduces inventories, decreases defects, reduces wastes, and shortens customer response times.

  Regression model for individual respondents

You are considering opening an Estonian cuisine restaurant and wonder how much people in your target community spend on eating out relative to their incomes. You commission a telephone survey and build the following regression model for individual..

  Pricing structure for radiology according to procedure

He has been asked to establish a pricing structure for radiology according to each procedure. The current budget data presented below:

  The laramie factory produces expensive boots it has two

the laramie factory produces expensive boots. it has two departments that process all the items. during january the

  Te company applies manufacturing overhead on the basis of

jobnbsp728 was recently completed. the following data have been recorded on its job cost sheetdirect

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