Adjusted balance of allowance for doubtful accounts

Assignment Help Accounting Basics

Reference no: EM13144238

In 2011, Davis Company had net sales of $750,000. On January 1, 2011, Allowance for undoubtful accounts had a credit balance of $18,000. During 2011, $30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?

Reference no: EM13144238

Questions Cloud

Prepare journal entries for virginia and stateside : a. Prepare journal entries for Virginia and Stateside to record the sales/purchases during 2010. b. Prepare the consolidation entries that should be made at the end of 2010. c. Prepare any 2011consolidation worksheet entries that would be required re..

What are actions that various entities initiate to record : What are the actions that various entities initiate to properly record, monitor, and balance these elements within the balance sheet and income statement?

Define a solid mixture contains mgcl2 and nacl : A solid mixture contains MgCl2 and NaCl. When 0.5000 g of this solid is dissolved in enough water to form 1.000 L of solution, the osmotic pressure at 25°C

Income division section of the income statement : Present the income division section of the income statement for the current year. Assuming that the net income had been $50,000 instead of $100,000, present the income division section of the income statement for the current year.

Adjusted balance of allowance for doubtful accounts : Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of allowance for doubtful accounts at December 31,2011?

Cognitive psychology : Analyze the role of language processing in cognitive psychology

Explain factors that should be considered when applying : Explain factors that should be considered when applying the conventional concept of depreciation to the determination of how the value of a newly acquired computer system should be assigned to expense for financial reporting purposes.

Explain mixed with the sulphuric acid : A white precipitate formed when the barium hydroxide solution was mixed with the sulphuric acid. *Mass of filter paper=0.96g *Mass of filter paper and precipitate=5.25g

Determining firm times interest earned ratio : In the past year, TVG had revenues of $3 million, cost of goods sold of $2.5 million, and depreciation expense of $200,000. What is the firm's times interest earned ratio?

User Account

All Pages