Uncollectible accounts-write off actual bad debts

Assignment Help Financial Accounting
Reference no: EM131294933

Nenn Co.'s allowance for uncollectible accounts was $190,000 at the end of 2012 and $180,000 at the end of 2011. For the year ended December 31, 2012, Nenn reported bad debt expense of $26,000 in its income statement. What amount did Nenn debit to the appropriate account in 2012 to write off actual bad debts?

Reference no: EM131294933

Questions Cloud

Determine for each plan earnings per share of common stock : Three different plans for financing a $15,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount, and the income tax rate is estimated at 40% of inco..
Define activity-based costing systems : Define Activity-based costing (ABC) systems. What benefits does implementing an ABC system bring to the company? Read the following article: "Rethinking Activity-Based Costing" and answer these questions: Do you agree or disagree with the analysis of..
Differences in process costing versus job-order costing : Explain the accounting differences in process costing versus job-order costing and answer the following questions: How are manufacturing costs accounted for in process costing? How are labor and overhead costs applied in a process costing system? Why..
Uncollectible accounts-write off actual bad debts : Nenn Co.'s allowance for uncollectible accounts was $190,000 at the end of 2012 and $180,000 at the end of 2011. For the year ended December 31, 2012, Nenn reported bad debt expense of $26,000 in its income statement. What amount did Nenn debit to th..
Uses periodic inventory system-calculate chens net sales : Chen’s Department Store is a merchandising company that uses the periodic inventory system. Calculate Chen’s net sales. Refer to the account information for Chen’s Department Store Calculate Chen’s cost of goods purchased. Refer to the data for Music..
Situations reflects a weak internal control system : Which one of the following situations reflects a weak internal control system? Effective cash management and control includes all of the following except. The inventory account a manufacturer uses to record the cost of products completed and availabl..
Write a journal entry : You purchased a new car that costs 10,000. You signed a six month 20% installment note payable for the cost of the car. The car has an estimated useful life of 3 years the residual salvage value is 200. Write a journal entry.
Determine the unemployment taxes : During 2016, Jeff Smallwood worked for two different employers. Until May, he worked for Rowland Construction Company in Ames, Iowa, and earned $22,000. The state unemployment rate for Rowland is 4.6%. He then changed jobs and worked for Ford Improve..

Reviews

Write a Review

Financial Accounting Questions & Answers

  LIFO methods of accounting for inventory

Compute the company’s cost of goods sold and inventory balances for fiscal 2013 assuming the company used a) FIFO and b) LIFO methods of accounting for inventory:

  On may 1 2011 walker company a us company paid us3700000 to

on may 1 2011 walker company a us company paid us3700000 to acquire all of the common stock of hayden corporation an

  Principle of exceptions

The principle of exceptions allows managers to focus on correcting variances between

  Why do business managers prefer stable earnings trends

One reason accounting earnings might not be a realistic measure of economic income is the incentive and ability of business managers to manipulate reported pro?ts for their own bene?t. This may be particularly true when their company has an incentive..

  What is expected selling price of the bonds

The bonds mature in ten years. At the time of issuance, the market interest rate for similar types of bonds was 8%. What is the expected selling price of the bonds?

  What are the consolidated balances for net income

What are the consolidated balances for Net income, Retained earnings, 1/1/11 ,  Patented technology, Goodwill, Liabilities, Common stock, And Additional paid-In capital.

  What is the breakeven point measured in sales dollars

Gypsy Joe's operates a chain of coffee shops. The company pays rent of $10,000 per year for each shop. Supplies (napkins, bags and condiments) are purchased as needed.

  What is limitation of free cash flow in comparing companies

What is a limitation of free cash flow in comparing one company to another? In what way is selling an investment for a gain potentially a negative in evaluating quality of earnings?

  Determine the yield to maturity on each of the bonds

Suppose that the annual interest rate this year is 5%, and financial market participants expect the annual interest rate to increase to 5.5%next year to 6% two years from now and to 6.5% three years from now. determine the yield to maturity on each o..

  How much will you need to have saved by retirement

Suppose that you are age 27 today and plan on retiring at age 65. Your personal and family health history is such that you forecast that you will live to age 84. in retirment you would like to have purchasing power of 60000 before taxes. suppose for ..

  Allowance for uncollectible accounts

A company has the following balances on December 31, 2015, before any year-end adjustments: Accounts Receivable = $82,000; Allowance for Uncollectible Accounts = $1,100 (credit)

  Double-declining-balance method of depreciation

Garbo Company acquired equipment on January 1, 2013 for $70,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-y..

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