Reference no: EM131125506
The following selected transactions were taken from the records of Burrito Company for the year ending December 31, 2010:
Mar. 13. Wrote off account of B. Hall, $4,200.
Apr. 19. Received $3,000 as partial payment on the $7,500 account of M. Rainey. Wrote off the remaining balance as uncollectible.
July 9. Received the $4,200 from B. Hall, which had been written off on March 13. Reinstated the account and recorded the cash receipt.
Nov. 23. Wrote off the following accounts as uncollectible (record as one journal entry):
Rai Quinn $1,200
P. Newman 750
Ned Berrry 2,900
Mary Adams 1,675
Nichole Chapin 480
Dec. 31. The company prepared the following aging schedule for its accounts receivable:
.PNG)
a. Journalize the transactions for 2010 under the direct write-off method.
b. Journalize the transactions for 2010 under the allowance method, assuming that the allowance account had a beginning balance of $12,000 on January 1, 2010, and the company uses the analysis of receivables method.
c. How much higher (lower) would Burrito's 2010 net income have been under the direct write-off method than under the allowance method?
|
During its first year of operations master plumbing supply
: During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income of $390,500.
|
|
Create risk register for the project
: Tony and his team identified some risks during the first month of the Recreation and Wellness Intranet Project. However, all they did was document them in a list. They never ranked them or developed any response strategies. Create a risk register for..
|
|
Describe a venture bankruptcy
: Describe a venture bankruptcy. Also, indicate the difference between a voluntary bankruptcy petition and an involuntary bankruptcy petition.
|
|
What leadership and management strategies should nurse
: Nurse Olovia Witte is in charge of an interdisciplinary team at Sunrise Hospital. The nurses at Sunrise have identified a need to develop a critical care pathway for ventalator-dependent patients who are about to be discharged home with home health c..
|
|
Journalize the transactions for 2010
: Journalize the transactions for 2010 under the allowance method, assuming that the allowance account had a beginning balance of $12,000 on January 1, 2010, and the company uses the analysis of receivables method.
|
|
Coordinating supply-demand leads to maximize profitability
: Discuss different ways of managing supply and demand. Comment on “Coordinating supply and demand leads to maximize profitability”.
|
|
What does the process of assignment mean
: What is a private liquidation? What does the process of assignment mean?
|
|
Mention the trouble-shooting actions for healthcare teams
: Mention the trouble-shooting actions for healthcare teams. If you are a Manager of a health care team, how will you deal with a difficult team member, answer using a suitable example based on a hypothetical situation?
|
|
How much higher would lights of the west companys
: How much higher (lower) would Lights of the West Company's net income have been under the direct write-off method than under the allowance method?
|