User Account

All Pages

Sales and cash collections from customers during the year

Assignment Help Accounting Basics
Reference no: EM131023359

1. False Value Hardware began 2016 with a credit balance of $31,800 in the allowance for sales returns account. Sales and cash collections from customers during the year were $740,000 and $700,000, respectively. False Value estimates that 6% of all sales will be returned. During 2016, customers returned merchandise for credit of $25,000 to their accounts.

What is the balance in the allowance for sales returns account at the end of 2016?

Reference no: EM131023359

Questions Cloud

Introduction of new model of macbook air : The new model had a faster processor and much better battery life than the previous model, but sold for the same price. How was the CPI affected by the introduction of the new model of the MacBook Air?
What is the value of equilibrium real gdp : Fill in the missing values in the following table. Assume that the value of the MPC does not change as real GDP changes. Also assume that the values represent billions of 2009 dollars. What is the value of equilibrium real GDP?
Compare the relative risk of the two firms : Firm R has sales of 96,000 units at 1.98 per unit, variable operating cost of $1.73 per unit, and fixed operating cost of $6,010. Interest is $10,060 per year. Compute the degree of operating, financial, and total leverage for the firm R. Compare the..
Assets and costs are proportional to sales : The most recent financial statements for Dockett, Inc., are shown here (assuming no income taxes): Income Statement Sales $ 8,600 Costs 5,630 Net income $ 2,970. Assets and costs are proportional to sales. Debt and equity are not. No dividends are pa..
Sales and cash collections from customers during the year : What is the balance in the allowance for sales returns account at the end of 2016?
Financial holding companies are : Financial holding companies are: Companies that hold a variety of different types of financial institutions. Are currently being regulated by the U.S. Office of the Comptroller of the Currency. Cannot hold both depository and non-depository financial..
What would this z be called in mathematics : Draw a line that represents the equation you wrote in 2.a. Does this line go through the 2 points you drew in part 3 a and b? Why or why not?
Difference between the cpi and the ppi : What is the difference between the CPI and the PPI?
The company reported accounts receivable : Calistoga Produce estimates bad debt expense at 0.40% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $484,000 and $1,550 respectively, at December 31, 2015.

Reviews

Write a Review

Accounting Basics Questions & Answers

  In the erie division cost of goods sold is 60000 variable

maggie sharrer a recent graduate of rollings accounting program evaluated the operating performance of poway companys

  Evaluate the taxable income

Compute the taxable income for 2010 for curtis on the basis of the following information. His filing status is single.

  Non-controlling interest in kent total income

At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the non-controlling interest in Kent's net income?

  Annual cash savings from the purchase

Recovery of working capital will be $10,000 at the end of its useful life. Annual cash savings from the purchase of the machine will be $20,000.

  Alexander corporation reports the following componentst

Alexander Corporation reports the following components of stockholders  equity on December 31, 2013:Common stock $ 25 par value, 50,000 shares authorized,

  Question regarding the fraud and abuse

Rank the four elements of fraud from most important to least important. Support your answer with a rationale on why you believe your ranking order is appropriate.

  Describe what the government-wide statements are intended

describe what the government-wide statements are intended to convey to readers and contrast with the intent of the fund

  Analysis of county revenues shows that approximately

Analysis of county revenues shows that approximately 50 percent are from the sales tax. The year end fund balance is entirely classified as Unassigned.

  What reactions did the methods and movement

What reactions did the methods and movement as a whole evoke within the different sections of the nation?

  How much net operating income increase

Due to an increase in demand, the company estimates that sales will increase by $53,000 during the next year. By how much should net operating income increase (or net loss decrease) assuming that fixed costs do not change?

  First semiannual interest

On May 1, 2010, Stanton Company purchased $50,000 of Harris Company's 12% bonds at 100 plus accrued interest of $2,000. On June 30, 2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold $40,000 of the bonds at 103..

  Cash flows using the direct method for operating cash flows

Payments to employees, $19,3008. Interest and dividends collected, $7,1009. Other operating payments, $90010. Proceeds from issuance of bonds, $11,30011. Payments of interest, $8,40012. Proceeds from sale of investments, $6,00013. Beginning cash bala..

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