Determine the allowance for doubtful accounts balance

Assignment Help Accounting Basics
Reference no: EM132541264

Question - Jill Company provides for bad debt expense at the rate of 3% of credit sales. The following data are available for 2020.

Allowance for doubtful accounts 1/1/2020 $15000

Accounts written off as uncollectible during 2020 $9000

Credit sales in 2020 $1000000

Required - Determine the allowance for doubtful accounts balance at December 31/2020?

Reference no: EM132541264

Questions Cloud

Determining the interest rate on the loan : Allysha just borrowed 47,400 dollars. She plans to repay this loan by making a special payment of 7,000 dollars in 4 years and by making regular annual payments
First regular annual payment : Anna just borrowed 105,754 dollars. She plans to repay this loan by making a special payment of 24,989 dollars in 3 years and by making regular annual
Regulatory structure within the financial arena : Which types of financial institutions appear best situated to gain from potential changes in the regulatory structure within the financial arena.
Explain in detail the various steps involved : Explain in detail the various steps involved (with the importance) in the fin flows sheet. Why and what the bank needs to check before financing the project
Determine the allowance for doubtful accounts balance : Jill Company provides for bad debt expense at the rate of 3% of credit sales. Determine the allowance for doubtful accounts balance at December
Forecast for next year sales : What would be the forecast for next year's sales using the average approach?
What is the present value of the cash flows : If the discount rate is 3.2 percent, then what is the present value of the cash flows associated with this transaction? Note: the correct answer is less
How much is the incremental profit or loss : James Band Sdn Bhd produces milk at a total cost of RM66,000. If James Band Sdn Bhd processes the milk into ice cream, how much is incremental profit or loss
What is a repo : What is a repo? Does FED use the repo market? How? Explain in detailed.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Elwood inc uses a job-order costing system in which any

elwood inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of

  Calculate weighted average shares of common stock

Net income for fiscal year 20X3 was $1,500,000 and the average tax rate is 30%. Calculate weighted average shares of common stock outstanding on December

  Differentiate sales value at splitoff and nrv method

Joint-cost allocation, process further or sell. (CMA, adapted) Liverpool Sawmill, Inc. (LSI) purchases logs from independent timber contractors and processes.

  What is the conversion cost per equivalent unit

The Nazareth Company's mixing department incurred conversions costs of $650,820 during January, What is the conversion cost per equivalent unit

  Calculate the minimum transfer price the accessory

The goggles sell for a retail price of $8.00 per pair. The sports apparel division is doing a promotion whereby each customer that purchases a swimsuit during the month of May receives a free pair of goggles. The apparel division would like to pur..

  Make the stockholders equity section of the balance sheet

Make the stockholders' equity section of the balance sheet, including appropriate notes, for Penn Company as of June 30, 2015.

  Assume a pension plans actuarially-computed liabilities

assume a pension plans actuarially-computed liabilities are greater than the actuarial value of the assets. how does

  Proposed investment in palladium

What is the opportunity cost of capital? Is Cryogenic's proposed investment in palladium a good idea? Why or why not?

  On march 1 2012 chance company entered into a contract to

on march 1 2012 chance company entered into a contract to build an apartment building. it is estimated that the

  How much revenue should livesey company report

The costs cannot be reliably estimated. How much revenue should Livesey Company report in the first year under iGAAP?

  You have started a business that has now been going for a

you have started a business that has now been going for a couple of years. due to the increased volume in sales you

  Heath cosmetics acquired 15 of the 200000 shares of common

heath cosmetics acquired 15 of the 200000 shares of common stock of van fashion at a total cost of 13 per share on

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