User Account

All Pages

Calculate the uncollectible account expense

Assignment Help Accounting Basics
Reference no: EM131752683

The company had an accounts receivable balance of $80,000 and an allowance for uncollectible accounts balance of $2,000 (credit) at the end of the year (before any adjusting entry). The accountant determined that 10% of the ending accounts receivable balance will ultimately be uncollectible.

a) How much will be reported as BAD DEBT/UNCOLLECTIBLE ACCOUNTS EXPENSE ON THE INCOME STATEMENT?

b) If management wanted to increase net incomefor the year, would the increase or decrease the % used to calculate the uncollectible account expense?

Reference no: EM131752683

Questions Cloud

Create a dynamic web-based application in php and javascript : You are required to create a dynamic web-based application in PHP, SQL and JavaScript and this is an individual project.
What is raymond tax basis in the stock received : The corporation assumed a liability of $100 on the property transferred. What is Raymond's tax basis in the stock received in the exchange
Review problem on business sells sunglasses : Assume a business sells sunglasses. Estimated sales are: July: 15,000 units, August: 20,000 units and September: 10,000 units and October: 5,000 units.
Risk premium and the expected return on the market : A stock with a beta of 1.6 is expected to return 13.4%. What are the market risk premium and the expected return on the market?
Calculate the uncollectible account expense : would the increase or decrease the % used to calculate the uncollectible account expense
Conditions on the business software and services industry : For Microsoft Corporation, what are the implications of the current economic conditions on the Business Software and Services Industry?
Write and implement a cpp class which represents a book : Design and implement a C++ class which represents a Book, and use this class in a main program which reads in information for multiple books from a data file an
Enter the transaction letter as the description : Enter the transaction letter as the description when entering the transactions in the journal
Overall change in the city net position on the gwfs : What was the correct overall change in the city's net position on the government-wide financial statements?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Define and discuss responsibility accounting systems

What are responsibility centers? Why are they important? Define and discuss responsibility accounting systems and why they are important to management

  Interest computations and journal entries

Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.

  Prepare t accounts showing the flow of costs through all

viva marketing ltd. produces television advertisements for businesses that are marketing products in the western

  What is the center line

a) What is the center line? b) Calculate the upper control limit. c) Calculate the lower control limit. d) Create the c chart for this two-week period.

  Investments in equity securitie

Describe how investors report investments in equity securities when investor has controlling influence over an investee. (US GAAP)

  Determine the maturity date interest in 2013 and 2014 and

determine the maturity date interest in 2013 and 2014 and maturity value for a 90-day 12 percent 15000 note from a

  At the end of the accounting period

At the end of the accounting period, Adams Company's general ledger contained the following adjusted balances:

  Assume that the allowance for doubtful accounts

Assume that the allowance for doubtful accounts for Cutthroat Company has a debit balance of $1,370 before adjustment on December 31, 2009. Journalize the adjusting entry for uncollectibleaccounts.

  Evaluating performance of the classic and new wave divisions

Prepare a memo to NMC upper management that outlines weaknesses in their current cost allocation process

  A department store has budgeted sales of 12000 mens suits

a department store has budgeted sales of 12000 mens suits in september. management wants to have 6000 suits in

  Patties production company has annual fixed costs of 420000

1.patties production company has annual fixed costs of 420000 per year. she sells each widget she makes for 20

  Determining the cost forecasting

Dorothy Gale, a quality-control supervisor for Wizard Products, Inc., is concerned about unit labor cost increases for the assembly of electrical snap-action switches. Costs have increased from $80 to $100 per unit over the previous 3 years. Gale ..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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