Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. Timken Inc. made $900,000 in sales during 2016. Twenty-five percent of these were cash sales. During the year, $22,500 of accounts receivable were written off as being uncollectible. In addition, $13,500 of the accounts that were written off in 2015 were unexpectedly collected. At its' year-end December 31, 2016, Timken had $225,000 of accounts receivable. The balance in the Allowance for Doubtful Accounts general ledger account was $13,500 credit at December 31, 2015.
Age (days)
Accounts
Receivable
1-30
$ 90,000
31-60
45,000
61-90
22,500
91-120
54,000
Over 120
13,500
Total
$225,000
Prepare journal entries to record the following 2016 transactions:The write-off of $22,500The recovery of $13,500Recalculate the balance in the Allowance for Doubtful Accounts general ledger account at December 31, 2016.The estimated uncollectible accounts at December 31, 2016 are calculated as follows:
Estimated
Loss
percentage
1.5%
3%
4%
9%
45%
Required: Prepare the adjusting entry required at December 31, 2016.
lila battle has determined that the annual demand for number 6 screws. lila who works in her brothers hardware store is
the empirical evidence reveals that very few firms change their standard prices and standard quantities during the
Each unit requires four pounds of raw material that costs $3.00 per pound. Management desires to end each quarter with a raw materials inventory equal to 15% of the following quarter’s production needs.
Calculate the degree of operating leverage given the following information: sales of $25,000; variable costs of $13,000;
the standard factory overhead rate is 7.50 per machine hour 6.20 for variable factory overhad and 1.30 for fixed
carmen company uses weighted-average process costing to account for its production costs. direct labor is added evenly
1 a restrictive endorsement on a check a can be further endorsed by someone else. b permits the bank to use its best
Mourtinsen and Thrane (2006) state that "Trust is a problematizing devise. It is raised as a concern in the networks when trusting is absent." Explain what they mean by this statement.
on january 1 2014 harter company had accounts receivable 127600 notes receivable 25200 and allowance for doubtful
Blake Inc. leased office space for business use in 2003. The terms of the lease include a 5 year initial term with 2 options for renewal of 2 years each. The annual rental charge for the lease is $120,000 including parking. During 2004, Blake unde..
there was a 1750 balance in the supplies account at the beginning of the period. during the period the supplies account
1. what are some of the most important risks associated with bonds?2. how do dividends impact the value of a share of
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd