User Account

All Pages

What should be balance of allowance for doubtful accounts

Assignment Help Accounting Basics
Reference no: EM133069306

Question - Lewis Co. had sales of $100,000 in the year 2018. At the end of 2018, Lewis estimated that  5% of the sales will be uncollectable. The allowance for doubtful accounts had a previous credit balance of $20,000 before the adjusting entries. What should be the balance of the allowance for doubtful accounts after adjusting entries for bad debt expense?

a. $20,000

b. $40,000

c. $15,000

d. $25,000

Reference no: EM133069306

Questions Cloud

Fuel personal creativity and reduce environmental impact : We think that transforming people's relationships with their clothes can empower them, fuel personal creativity and reduce environmental impact." Explain.
What are the terminal year cash flows : An increasingly popular trend in mountain biking is to remove the chain and coast down the mountain. This has reduced demand for crank sets, chains, and deraill
What should be the bad debt expense : Carnival had a previous credit balance of $100,000 in allowance for doubtful account from 2010. What should be the bad debt expense for 2011
What set of lease payments will make the lessee : An asset costs $745,000 and will be depreciated in a straight-line manner over its three-year life. It will have no salvage value.
What should be balance of allowance for doubtful accounts : Lewis Co. had sales of $100,000 in the year 2018. What should be the balance of the allowance for doubtful accounts after adjusting entries for bad debt expense
Capital budgeting-competition in the aircraft industry : In early 2018, Boeing was involved in a titanic struggle with European consortium Airbus SAS for dominance of the commercial aircraft industry.
Merchandising techniques to educate buyers : Describe how you would apply successful merchandising techniques to educate buyers on eco-friendly,
Determining the average beta of the new stocks : A mutual fund manager has a $20 million portfolio with a beta of 1.6. The risk-free rate is 5.5%, and the market risk premium is 7%.
About the longevity-durability and intended lifespan : Think about the longevity, durability, and intended lifespan of your garments

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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