Business, 22.02.2021 18:40 latezwardjr15
The following information is available for Quality Book Sales's sales on account and accounts receivable:
Accounts Receivable Balance, January 1, 2000 $78,500
Allowance for Doubtful Accounts, January 1, 2000 4,710
Sales on Account, 2000 550,000
Collections of Accounts Receivable, 2018 556,000
After several collection attempts, Quality Book Sales wrote off $2,950 of accounts that could not be collected. Quality Book Sales estimates that 0.75 percent of sales on account will be uncollectible.
Required:
a. Compute the following amounts:
1. Using the allowance method, the amount of uncollectible accounts expense for Year 2. (Round your final answer to nearest whole dollar amount.)
2. Net realizable value of receivables at the end of Year 2. (Round intermediate calculations final answer to nearest whole dollar amount.)
b. Explain why the uncollectible accounts expense amount is different from the amount that was written off as uncollectible.
1. Uncollectible accounts expense is an estimate of current receivables that may eventually be uncollectible.
2. Uncollectible accounts expense is the actual amount that was determined in the current accounting period to be uncollectible
Answers: 3
Business, 21.06.2019 18:00
Emily bought 200 shares of abc co. stock for $29.00 per share on 60% margin. assume she holds the stock for one year and that her interest costs will be $80 over the holding period. ignoring commissions, what is her percentage return (loss) on invested capital if the stock price went down 10%?
Answers: 2
Business, 21.06.2019 19:20
Which of the following areas provides residents with close access to high-paying jobs and cultural attractions? a. the suburbs b. exurbs c. rural areas d. the city 2b2t
Answers: 3
Business, 22.06.2019 19:00
Describe how to write a main idea expressed as a bottom-line statement
Answers: 3
Business, 22.06.2019 20:40
Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.
Answers: 2
The following information is available for Quality Book Sales's sales on account and accounts receiv...
History, 31.08.2019 17:10
Mathematics, 31.08.2019 17:10
Biology, 31.08.2019 17:10
Biology, 31.08.2019 17:10
Social Studies, 31.08.2019 17:10
Computers and Technology, 31.08.2019 17:10
Biology, 31.08.2019 17:10
Mathematics, 31.08.2019 17:10
Physics, 31.08.2019 17:10