Reference no: EM131288412
1-A company’s year-end balance in accounts receivable is $2,500,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $41,000. An aging of accounts receivable at the end of the year indicates a required allowance of $49,000.
If bad debt expense for the year was $51,000, what was the amount of bad debts written off during the year?
Bad debt written of?
2-The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $390,000; allowance for uncollectible accounts at the beginning of the year, $28,000 (credit balance); credit sales during the year, $1,400,000; accounts receivable written off during the year, $19,000; cash collections from customers, $1,300,000. Assuming the company estimates that future bad debts will equal 11% of the year-end balance in accounts receivable.
Calculate bad debt expense for the year.
|
Production report for each department using the fifo method
: Healthway uses a process-costing system to compute the unit costs of the minerals that it produces. It has three departments: Mixing, Tableting, and Bottling. In Mixing, at the beginning of the process all materials are added and the ingredients for ..
|
|
Adjusted unamortized bond premium is what amount
: On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 to yield 8%, resulting in bond premium of $405,000. Solis uses the effective-interest method of..
|
|
Prepare the journal entry for the wages and salaries paid
: Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000 was $720,000. Income taxes withheld were $225,000. Prepare the entry to ..
|
|
Estimate of uncollectible accounts
: At the end of January, $5,300 of accounts receivable are past due, and the company estimates that 20% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. The note receiva..
|
|
What was the amount of bad debts written off during the year
: A company’s year-end balance in accounts receivable is $2,500,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $41,000. An aging of accounts receivable at the end of the year indicates a required allowance of $4..
|
|
Were all the members of the audit committee independent
: Who was Google’s audit committee chair in 2014? How many Board of Director members were on the audit committee in 2014? Were all the members of the audit committee independent of Google in 2014?
|
|
Darcy roofing is faced with a decision
: Darcy Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot extension lift for work on large homes and commercial properties. Last year, Darcy Roofing spent $70,800 refurbishing the lift. It has just determined t..
|
|
Should moon cookies be retained
: Prepare a differential analysis to determine whether Boxx should lease (Alternative 1) or purchase (Alternative 2) the equipment. Indicate specifically the company should lease or buy the equipment after completing the analysis. Prepare a differentia..
|
|
Calculate the total assets and total liabilities
: Madam Malkin’s Robes for All Occasion end-of-year account information consisted of the following amounts: net sales $750,000; cost of goods sold $450,000; interest expense $18,000; Calculate the following Total assets, Total liabilities, Is Madam Mal..
|