User Account

All Pages

Find what will be the dollar balances in the allowance

Assignment Help Financial Accounting
Reference no: EM132592804

Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:

Dollar Value            Age of Account            Estimated Collectible

$300,000                  < 30 days old                  98.5%

60,000                       30 to 60 days old           90.0%

40,000                         61 to 120 days old       74.0%

11,000                     > 120 days old                   13.0%

Question 1: The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.

Reference no: EM132592804

Questions Cloud

What dollar amount credited to allowance for uncollectible : The Allowance for Uncollectible Accounts had a credit balance of 4,000, What dollar amount credited to Allowance for Uncollectible Accounts at year end?
Sketch an isoquant for jon with s on the x-axis : Jon is studying for an exam. There are two "inputs" to the grade he receives: hours per week spent working on problem sets
Determine the extent of the executives illegal income : Colleen Matthews had just turned 22, How do you think the net worth method can help prosecutors determine the extent of these executives' illegal income?
Find the value assigned to cost of goods sold : Niles Co. has the following data related to an item of inventory: Find the value assigned to cost of goods sold if Niles uses FIFO
Find what will be the dollar balances in the allowance : Find what will be the dollar balances in the Allowance for Doubtful Accounts? The current unadjusted Allowance for Uncollectible Accounts balance
Estimated gross benefit of the municipal hockey arena : Suppose a municipal government wants to measure the gross benefit of a hockey arena that it owns and operates.
Find the total dollar amount of dividends : A total of $95,000 of dividends was paid in 2019. Use this information to find the total dollar amount of dividends that was paid to common shareholders
Write an essay on river blindness : Write an essay on River Blindness, giving details about its nature, causes, treatment and how the world should stand united to fight this disease
Exploring monopolies and oligopolies : Using the company for which you currently work, a business with which you are familiar, or a dream business you want to start:

Reviews

Write a Review

Financial Accounting Questions & Answers

  Return on investment and investment decisions

Leslie Blandings, division manager of Audiotech Inc., was debating the merits of a new product—a weather radio that would put out a warning if the county in which the listener lived were under a severe thunderstorm or tornado alert. Compute the ROI o..

  Describe how plan to lead group to make the best decision

Describe how plan to lead your group to make the best decision; address the four major steps. What project management tools would you use to prevent

  Respect to the auditors report for a public entity

Which of the following is not true with respect to the auditors' report for a public entity?

  What is the inventory period

garnishes, inc has sales for the year of $46,300 and cost of goods sold of $21,700. the firm carries an average inventory of $4,800 and has an average accounts payable balance of $4.400. what is the inventory period?

  How much is inventory turnover ratio

AA found that they have $20,000 as ending inventory. During this accounting period, Cost of Goods Sold was $45,000. How much is inventory turnover ratio?

  Declining-balance depreciation and net book value before

declining-balance depreciation and net book value before disposal.millco inc acquired a machine that cost 240000 early

  Prepare the consolidation journal entries and consolidation

Prepare the consolidation journal entries and consolidation worksheet for the above entities.Adapted from Leo et al. (2009) Company accounting (8thed) John Wiley and Sons, Milton,Queensland.

  Business with no assets remaining for shareholders

Atkon Corporation acquired 90% of the stock of Beta Corporation three years ago. Both corporations are located in the United States. Beta has been an energy drink producer, but unfortunately has suffered substantial losses due to government fines and..

  How much is the break-even point in units

ABC Company produces tie racks. The estimated fixed costs for the year are $288,000, and the estimated variable costs per unit are $14. ABC expects to produce and sell 60,000 units at a price of $20 per unit. How much is the break-even point in units..

  Is your rate of return positive or negative

A project returned +30%, then −30%. Thus, its arithmetic average rate of return was 0%. If you invested $25,000, how much did you end up with? Is your rate of return positive or negative? How would your overall rate of return have been different if y..

  Prepare contribution margin income statement

Belmont Company currently produces and sells 7,000 units annually of a product that has a variable cost of $19 per unit and annual fixed costs of $175,000. The company currently earns a $84,000 annual profit. Use the equation method to determine the ..

  Bank reconciliation

The bank reconciliation is used to bring into agreement:

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