What amount of cash was collected by ferrell

Assignment Help Accounting Basics
Reference no: EM131905141

Question -

During the first year of operation, 2014, Ferrell's Appliance recognized $261,000 of service revenue on account. At the end of 2014, the accounts receivable balance was $46,300. Even though this is his first year in business, the owner believes he will collect all but about 4 percent of the ending balance.

What amount of cash was collected by Ferrell's during 2014?

Assuming the use of an allowance system to account for uncollectible accounts, what amount should Ferrell record as uncollectible accounts expense in 2014?

What is the net realizable value of receivables at the end of 2014?

Reference no: EM131905141

Questions Cloud

Provide the percentage of exchange rate volatility : Please show the share market return(%) from April 2012 to April 2017 and risk(%), where, the return is measured by mean of change in share price.
What could be the underlying causes of demand-pull inflation : What could be the underlying causes of demand-pull inflation? In cost-push inflation, cost rises are ‘exogenous'. What does that mean?
What is the optimal torque design in order to minimize : What is the optimal torque design in order to minimize the discounted lifecycle cost of the actuator? What is the reliability of the actuator?
What is the formula for calculating the multiplier k : Define net investment. What does the accelerator theory show? What does the multiplier show? What is the formula for calculating the multiplier, K?
What amount of cash was collected by ferrell : During the first year of operation, 2014, Ferrell's Appliance recognized $261,000 of service revenue on account. What amount of cash was collected by Ferrell
Describe the four physiographic regions of europe : This assignment requires you to write essays in response to all of the following: Part A In your own words, describe the four physiographic regions of Europe.
Compute the increase or decrease in net income : Compute the increase or decrease in net income Maize will realize by accepting the special order, assuming Maize has sufficient excess operating capacity
How much would you have to deposit today in a saving account : How much would you have to deposit today in a savings account that pays 2% interest compounded daily if you wanted to have $1000 in six months?
What is bonnie capital loss carryover : Bonnie has ordinary income of $50,000 and capital gains of $5,000 for the taxable year 2017. What is Bonnie's capital loss carryover to 2018

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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