Find how much is uncollectible-account expense

Assignment Help Accounting Basics

Reference no: EM131956266

Problem

Patrick Company had the following information in 2014

Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,000
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . . . 1,100
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000
Collections from customers on account during 2014. . . . . . . . . . . . . . . . . . 47,000

Uncollectible accounts are determined by the? percent-of-sales method to be 44?% of credit sales. How much is? uncollectible-account expense for 2014?

Reference no: EM131956266

Questions Cloud

Finding the ocf for the project : Cochrane, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2,460,000.

Combustion of coal during the generation of electricity : Mercury is a pollutant that is often associated with the combustion of coal during the generation of electricity.

What will be the gain or loss on the collar : What will be the gain or loss on the collar if the stock price increases by $1? (Input the amount as a positive value. Round your answer to 3 decimal places.)

Identify a transition metal with few or no known uses : Speculate why the transition metal you chose has little or no use based on the chemistry of the element.

Find how much is uncollectible-account expense : Patrick Company had the following information in 2014. Find how much is uncollectible-account expense for 2014?

What is the operating cash flow under the best case scenario : The Can - Do Co. is analyzing a proposed project with anticipated sales of 12,000 units, give or take 4 percent. The expected variable cost per unit is $7.

Find the current market value of the firm debt : CMS Corporation's balance sheet as of today is as follows: Long-term debt (bonds, at par) $10,000,000 Preferred stock 2,000,000 Common stock ($10 par).

What was the predetermined overhead allocation rate : Patrick Company uses a job order cost accounting system. Using direct labor hours as a base, what was the predetermined overhead allocation rate?

Calculate the hydronium ion concentration of a buffer : Calculate the hydronium ion concentration of a buffer that is 0.0500 M in potassium hydrogen phthalate (KHP) and 0.150 M in potassium phthalate (KrP)

User Account

All Pages