Journal entry for sorter company

Reference no: EM13148640

Recording Bad Debts At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off.

(a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable.

(b) What is the net realizable value of Sorter Company's accounts receivable before the write-off of the Ordonez receivable?

(c) What is the net realizable value of Sorter Company's accounts receivable after the write-off of the Ordonez receivable?

Reference no: EM13148640

Questions Cloud

The long-run industry supply curve : (The Long-Run Industry Supply Curve) A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium

Find average profits for order quantities of interest : Using a simulation of 25 random numbers. Find average profits for order quantities of interest. Investigate in intervals of 500.

Basis for land and improvements : He subdivides the land and installs streets and sewers at a cost of $100,000. What is Levi's basis for the land and the improvements?

Describe the interplay of these cells in a specific immune : Name the non-memory B & T cells produced by the body. Discuss the interactions and origins of the different types of T cells and B cells and the role of "recognition." Describe the interplay of these cells in a specific immune response.

Journal entry for sorter company : On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off. a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable.

Find degrees of freedom associated normally distributed : The sample mean is 4.1 and the sample standard deviation is 1.4. It can be assumed that the population is normally distributed. The degrees of freedom associated with this are?

Jet blue corporation continuously offers fare : Jet Blue Corporation continuously offers fare discounts to attract customers awareness about the company, increase market share and increase revenues on the routes in the USA market.

Recognized gain or loss of annie : Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?

Maximum external price : Majestic could avoid $5,000 in fixed overhead costs if it acquires the CDs externally. If cost minimization is the major consideration and the company would prefer to buy the 60,000 units externally, what is the maximum external price that Majesti..

User Account

All Pages