Business, 07.03.2020 01:00 sierravick123owr441

At the beginning of 2021, Brad’s Heating & Air (BHA) has a balance of $24,200 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will need to use the allowance method. The following transactions occur during 2021 and 2022. During 2021, install air conditioning systems on account, $172,000. During 2021, collect $167,000 from customers on account. At the end of 2021, estimate that uncollectible accounts total 20% of ending accounts receivable. In 2022, customers’ accounts totaling $6,200 are written off as uncollectible. 2. Record each transaction using the direct write-off method.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 16:00

2standard deviation a particular telephone number is used to receive both voice calls and fax messages. suppose that 25% of the incoming calls involve fax messages, and consider a sample of 25 incoming calls. (a) what is the expected number of calls among the 25 that involve a fax message?

Answers: 2

Answer

Business, 22.06.2019 16:00

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Answers: 1

Answer

Business, 22.06.2019 22:10

Atoy store has a new game in stock, but customers aren't buying it. which of the following types of inventory increases when customers aren't buying this game? a. work-in-process b. raw materials c. finished goods d. in-transit

Answers: 3

Answer

Business, 22.06.2019 23:30

The upper-level managers of synergy technology are meeting for the week to look at the long-term company goals and overall direction of the organization. the ceo has expressed her concern over the economy and has told her managers to look closely at the environment outside the organization before making decisions and to be future oriented. in this meeting, top managers of synergy are

Answers: 2

Answer

You know the right answer?

At the beginning of 2021, Brad’s Heating & Air (BHA) has a balance of $24,200 in accounts receiv...

Questions