At the end of 2014 sanchez company has accounts receivable

Reference no: EM13392819

At the end of 2014 Sanchez Company has accounts receivable of $400,000 and an allowance for doubtful accounts of $20,000. On January 16, 2015, Sanchez Company determined that its receivable from Maximillan Company of $3,000 will not be collected, and management authorized its write-off.

Instructions

a) Prepare the journal entry for Sanchez Company to write off the Maximillan receivable.

b) What is the net realizable value of Sanchez Company's accounts receivable before the write-off of the Maximillan receivable?

c) What is the net realizable value of Sanchez Company's accounts receivable after the write-off of the Maximillan receivable?

Reference no: EM13392819

Questions Cloud

Presented below is information from quezada computers : presented below is information from quezada computers incorporated.july 1 sold 10000 of computers to robertson company

Kevin purchased a stock a year ago which pays a dividend he : kevin purchased a stock a year ago that pays a dividend. he has earned a 50. the stock was purchased for 16 and is now

The expected return on karolco stock is 165 percent if the : the expected return on karolco. stock is 16.5 percent. if the risk-free rate is 5 percent and the beta of karolco is

For an operating distribution outline the tax consequences : timothy is a 35 percent partner in the total partnership a calendar-year-end entity. timothy has an outside basis in

At the end of 2014 sanchez company has accounts receivable : at the end of 2014 sanchez company has accounts receivable of 400000 and an allowance for doubtful accounts of 20000.

You want to go to europe five years from now and you can : you want to go to europe 5 years from now and you can save 3100 per year beginning one year from today. you plan to

What type of structure will be best suited to a : when building a new organization or when an organization experiences dramatic growth leaders must determine the

Mirrless corp has 10000 625 bonds convertible into 40 : 1. the principle device used by the corporation to force conversion isa. setting the conversion price above the current

Your uncle promises to give you 550 per quarter for the : your uncle promises to give you 550 per quarter for the next five years starting today. how much is his promise worth

User Account

All Pages