Reference no: EM132839735
Problem - A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 8% of the receivables will not be collectible. The company uses the percent-of-receivables method to determine bad debt expense.
Credit sales for the year $985,000
Accounts receivable (A/R) $75,000
Allowance for uncollectible accounts ("AUA") $1,200 (credit)
Create T accounts for A/R, AUA and Bad debt expense to help with the following questions.
1. How much of the Accounts Receivable does management not expect to collect?
2. What amount will the company record as bad debt expense for the year?
3. What amount will be shown on the 12/31 balance sheet for Net Accounts Receivable?
4. On January 5, YR3, the company writes off a $1,000 A/R they determined is uncollectible. After the write off, what is the balance in AUA?
5. After the write off, what is the Net Accounts Receivable?
|
MBS 669 Management Accounting Assignment
: MBS 669 Management Accounting Assignment Help and Solution, Murdoch University - Assessment Writing Service - What are the other items of information
|
|
Develop strategic plans
: What should today's student affairs leaders be most aware of as they develop strategic plans?
|
|
Which of the relationships would impair kershaw and kemp
: Which of the relationships would, in itself, impair Kershaw & Kemp, CPA's independence with respect to the Rodger Dodger Beverage Company audit?
|
|
Identify specific ways you could improve your abilities
: For this assignment you will review your score on the Leadership Vision Questionnaire and share your ability to create a vision for a group.
|
|
What is the balance in AUA
: On January 5, YR3, the company writes off a $1,000 A/R they determined is uncollectible. After the write off, what is the balance in AUA
|
|
What amount should mae corporation recognize as gain
: The entity is the beneficiary under the life insurance policy. What amount should Mae Corporation recognize as gain on insurance settlement?
|
|
How can you create an inclusive classroom environment
: How can you create an inclusive classroom environment? Are there suggestions you can implement from the book you read for section 1 of this course?
|
|
One of the tenets of authentic leadership
: One of the tenets of authentic leadership is being present in the moment. How is this reflected in your organization?
|
|
How many hours must brandon complete pursuant
: How many hours, out of the total of 80 continuing education hours required, must Brandon complete pursuant to the Accounting and Auditing Education Requirement?
|