Calculate the balances at the end of the year

Assignment Help Accounting Basics
Reference no: EM131760495

At the beginning of the year, accounts receivable were $39,000 and the allowance for bad debts was $2,400. During the year, sales (all on account) were $120,000, cash collections were $114,000, bad debts expense totaled $1,700, and $2,000 of accounts receivable were written off as bad debts.

Required:

Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint: Use T-accounts to analyze each of these accounts, plug in the amounts that you know, and solve for the ending balances.)

Reference no: EM131760495

Questions Cloud

Describe the differences among trend : Describe the differences among trend, ratio, and regression analysis methods for forecasting staffing needs, and when each might be most appropriate.
Introduction and conclusion for this essay : Adequate financing is crucial for any business to turn an initial idea into something tangible and attract investment opportunities. In this case
Determine whether the apartment complex : Jim objected to the late fee and stated that the apartment complex had waived the late fees when he did not pay in June.
Jorge sued lucy for breach of contact : Lucy did not show up for the wedding or the reception. Jorge sued Lucy for breach of contact. Using IRAC, what would be the outcome?
Calculate the balances at the end of the year : Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts
Argument against raising the minimum wage : Do you think the recent tax relief bill passed by Congress will be an argument against raising the minimum wage? And why?
Pro and one con of giving customers : List at least one pro and one con of giving customers all the time they want to decide about a sale.
Determine how she allocated the companys fixed expenses : Based on the intern's segmented income statement, can you determine how she allocated the company's common fixed expenses to the Commercial and Residential
What is the purpose of a rms : What is the purpose of a RMS? What capabilities should a RMS provide to the individual user and the law enforcement agency as a whole? Why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Food and animal feed would you focus for syndicated research

Which areas of Agriculture, Food and Animal feed would you focus for syndicated research and why and what would it really take to feed the growing global population?

  What would you expect to be the total cost of providing

through using the high-low method regency hotels estimates the total costs of providing room service meals to amount to

  During 2015 stout inc had the following activities related

During 2015, Stout Inc. had the following activities related to its financial operations: The amount of net cash used in financing activities to appear in Stout's statement of cash flows for 2015 should be.

  How difference between profit and cash change can happen

The general manager of Qantas had two concerns: the company's worsening cash position ($3000 cash and No bank loan at the end of 2011, No cash and a $7,000 bank loan at the end of 2012) and an inadequate level of net profit. (According to Gener..

  How is inventory described for your sec company

How is inventory described for your SEC 10-K company? LIFO, FIFO, and / or average cost? Relate your answer to topics in our course. Cost and sources for production materials: notice how cost is used in the SEC 10-K.

  Different in to accounting for the employer and pension fund

Differentiate between "accounting for the employer" and "accounting for the pension fund."

  Strand report as total infrequent losses

In its income statement for the year, what amount should Strand report as total infrequent losses that are not considered extraordinary?

  What is the cash inflow from selling the old helicopter

Bar T Ranches, Inc. is considering buying a new helicopter for $350,000. What is the cash inflow from selling the old helicopter

  A summary of jarvis companys december 31 2013 accounts

a summary of jarvis companys december 31 2013 accounts receivable aging schedule is presented below along with the

  Taurus tools has developed a new kitchen utensil the firm

taurus tools has developed a new kitchen utensil. the firm has conducted significant market research and estimated the

  Give the journal entries for the grossing up given payments

Net income from investments during 1961-£690. (Tax is 7/9 in the £) For some years, the Adjo Trading Company Ltd. has made provision in its books for taxation.

  Prepare a partial statement of cash flows

Use this information to prepare a partial Statement of Cash Flows for Alpha Company. Prepare only the section related to Cash Flows from Operating Activities

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd