Determine the adjusted balances of accounts receivable

Assignment Help Accounting Basics
Reference no: EM131769085

Question - At the current year, Accounts Receivable has a balance of $700,000; allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is estimated at 1/2 of 1% of net sales.

Determine (a) the amount of adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts; and Bad Debt Expense; and (c) the net realizable value of accounts receivable.

Reference no: EM131769085

Questions Cloud

What is the value of the given bond : Now suppose the bond has no coupon payments (it is a "zero coupon" bond) but still pays $1000 in ten years. What is the value of this bond?
Find the mean value and variance of x : A simple random sample of three items is selected from a shipment of 20 items of which four are defective. Let X be the number of defective items in the sample.
What is the expected price for his firm in five years : A justified P/E ratio of 13.5 can be used in the valuation of this stock. What is the expected price for his firm in five years?
Discuss direct labor cost to apply manufacturing overhead : Collins Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs
Determine the adjusted balances of accounts receivable : Determine (a) the amount of adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance of Doubtful Accounts
How much must you remit for the purchase : You purchase the bond on February 1, 2005 at a price to yield 8%. and your broker charges a $25 commission. How much must you remit for the purchase?
Compute the amount spent on flat screen tv : A customer entering an electronics store will buy a flat screen TV with probability 0.3. Sixty percent of the customers buying a flat screen TV will spend $750.
How much would her balance be : Rachel has been paying her monthly mortgage of $887 for the last 10 years. She obtained this mortgage at annual interest of 4.5% for 30 years.
What is the total of these last five payments : Sue has obtained a personal loan of $5000 at 13.25% simple interest for 4 years. She paid all the monthly payments except the last five payments

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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