User Account

All Pages

Determine the total estimated uncollectibles

Assignment Help Accounting Basics
Reference no: EM131870753

Exercise - Oriole Company has accounts receivable of $92,000 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $1,949 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below.

Age of Accounts

Balance, March 31

Estimated
Percentage Uncollectible

2017

2016

Current

561,400

576,320

2%

1-30 days past due

13,800

8,280

5

31-90 days past due

9,900

2,170

28

Over 90 days past due

6,900

1,040

49
 

$92,000

$87,810

  

Determine the total estimated uncollectibles.

Prepare the adjusting entry at March 31, 2017, to record bad debt expense.

Reference no: EM131870753

Questions Cloud

Consumer into the study of economics : Consider the term behavioral economics and how it's applied to consumer into the study of economics
Considering the purchase of outstanding bond : It is now January 1, 2016, and you are considering the purchase of an outstanding bond that was issued on January 1, 2014. What is the yield to maturity?
Which should he buy to maximize his utility : If Mile's buys only one toy, which should he buy to maximize his utility?
Preparing the performance appraisal on a clerical employee : What errors might one make when preparing the performance appraisal on a clerical employee? How might you avoid these errors?
Determine the total estimated uncollectibles : Oriole Company has accounts receivable of $92,000 at March 31, 2017. Determine the total estimated uncollectibles
Set up the null hypothesis and the alternate hypothesis : Random samples of five were selected from each of three populations. The sum of squares total was 100. The sum of squares due to the treatments was 40.
Do value analysis and prepare the entry on the books : Do value analysis and prepare the entry on the books of Holt Corporation to record the acquisition of Sambo Company?
What computer should a manager of technology use : Envision presenting technical information to a nontechnical audience. What computer or technology tools should a manager of technology use to enhance.
First population resulted in a standard deviation : A random sample of five observations from the first population resulted in a standard deviation of 12. A random sample of seven observations

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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