Prepare the journal entry to record the estimated

Assignment Help Accounting Basics
Reference no: EM13137066

During its first year of perations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.

a. prepare the journal entry to record the estimated un-collectibles

b. Prepare the current assets section of the balance sheet for Henley Company. Assume that in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and prepaid expenses of $7,5000.

Reference no: EM13137066

Questions Cloud

How much of this annuity income is included : Sam, a calendar year taxpayer, purchased an annuity contract for $3,600 that would pay him $120 a month beginning on January 1, 2011. His expected return under the contract based on his life expectancy is $10,800.
Common types of policies for web services : What are the most common types of policies for Web services? 12.2 What are the main components of WS-Policy Framework?
Find the new equilibrium level of aggregate output : What will be the price of this bond? Suppose the market rate of interest rose to 12%; what would happen to the price of the bond?
Describe the goal of an experimental research study : Define or give an example of a hypothetical construct. Explain why operational definitions are needed to define and to measure constructs.
Prepare the journal entry to record the estimated : During its first year of perations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.
Fixed annual year-end contribution : You need to show all the steps involved to derive your final answer. If you come to the correct conclusion but do not show all/any necessary steps, you will not earn all/any points on this project.
Research the material through the lens of popular culture : writing the following :Choose a piece of popular fiction-novel, short story, graphic novel, or comic book-and research the material through the lens of popular culture and its effect on society.  Prepare a 700- to 1050-word analysis that includes a c..
What is ellen self-employed health insurance deduction : Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 on health insurance for her family.
Smart objectives : What are the main project objectives? Are they SMART objectives? Why/Why not? • Low cost • They all were smart as they gave a day-to-day realistic plan on what they wanted to achieve and by when

Reviews

Write a Review

Accounting Basics Questions & Answers

  Large amount of cash inflows

A U.S. firm has received a large amount of cash inflows periodically in Swiss francs as a result of exporting goods to Switzerland. It has no other business outside the U.S. It could best reduce its exposure to exchange rate risk by:

  Double-declining balance method

A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:

  Analyze the process of accounting for changes in ownership

Determine how a company you researched would approach the change in ownership interest under current GAAP and how that approach would differ under proposed GAAP. Provide specific examples to support your response.

  Vertical axis representing per-unit cost

ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?

  Determine the administrative costs calculated

Determine the administrative costs calculated to each operating department.

  What is the desired ending inventory

The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?

  Record the change in selling price

A company $100 million of fixed interest rate bonds payable at $98 million. At year-end, the bonds were selling in the bond market at $97 million. What entry would Moore Company make at year-end to record the change in selling price?

  Utilise specific, relevant and clearly explained frameworks

Some of the business practices portrayed in the film Inside Job would be criticised by both John Rawls and Robert Nozick. Identify and describe some of these problematic practices in Inside Job and then.

  Identify an event related to inventories

The Internal Revenue Code allows some accountable events to be considered differently for income tax reporting purposes and financial accounting purposes, while other accountable events must be reported the same. Identify an event related to inve..

  Report based on intensive investigation of sales department

Management has decided to get a detailed report based on an intensive investigation of the financial position of the sales department, production department and development and research department.

  How many pounds of direct material did blue fin use

Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did B..

  Walmart and kamart balance sheets

What are the differences and similarities between walmart and kamart balance sheets? What classifications are presented?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd