User Account

All Pages

How much should be reported in the allowance

Assignment Help Accounting Basics
Reference no: EM132558646

Question - Young and Old Corporation (YOC) uses two aging categories to estimate uncollectable accounts. Accounts less than 60 days are considered young and have a 10% uncollectable rate. Accounts more than 60 days are considered old and have a 45% uncollectable rate.

Required -

1. If YOC has $177,000 of young accounts and $455,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts?

2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $35,000, how much should be credited to the account?

3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $13,250, how much should be credited to the account?

Reference no: EM132558646

Questions Cloud

Show how the various accounts related to accounts receivable : Show how the various accounts related to accounts receivable should be shown on the December 31, 2014, balance sheet
What are the various factors the influence capital budgeting : What are the various factors the influence capital budgeting explain each factor with an appropriate example.
Discuss the religious architecture of filippo brunelleschi : Discussing the religious architecture of Filippo Brunelleschi in Florence in the early 1400s. How does he blend religious symbolism with mathematical
Objectives of firm should be wealth maximization : The objectives of firm should be wealth maximization and not profit maximization why and how would you prove it? Give at concrete
How much should be reported in the allowance : If YOC has $177,000 of young accounts and $455,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts
Identify who is the standing silent nation : What are two facts or ideas that you found most important in the movie and the hemp fiber and/or Native American culture. Who is the "Standing Silent Nation?
What do believe explains the popularity of longevity : What can we deduce about the status of women over the millennia in China, from 80 CE to the 20th century? What do believe explains the popularity of longevity
Describe the history of the great pre-columbian civilization : Describe the history of the great Pre-Columbian civilizations of North and South America. Explain the reasons for the collapse of important civilizations
Discuss the risk and return objectives : Discuss the risk and return objectives and the constraints that you should take into account in preparing an investment plan.

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