User Account

All Pages

Suppose suzie estimates uncollectible accounts

Assignment Help Financial Accounting
Reference no: EM131803281

"Suppose Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Record the adjustment for uncollectible accounts on June 30, 2013."

Previous information:

Jan. 24: Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,000 cash.

Feb. 25: Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,000.

Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount.

Mar. 19: Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures charges $4,000, and Reynold's agrees to pay within 30 days.

Mar. 27: Reynold's pays the full amount owed, less the 5% quick-payment discount.

Apr. 7: Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is scheduled for the following week.

Apr. 14: The TEAM adventure is held for members of the Elks Lodge.

May 9: Myers Manufacturing participates in a TEAM adventure. Great Adventures charges $6,000, and Myers agrees to pay within 30 days.

Jun. 1-30: Several MBA groups participate in TEAM adventures during June. Great Adventures charges $24,000 to these groups, with payment due in July.

Jun. 30: Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 8% note receivable to replace the existing account receivable.

Reference no: EM131803281

Questions Cloud

Discuss about the development of english language skills : What are two alternative methods of assessment you could use with ELL students?
Objective for the decision is the tendency to plunge in : One risk of not identifying a clear objective for the decision is the tendency to "plunge in" and initiate activity that may not support an effective decision.
Value and equity value for the numerator of multiples : What are the main differences between using enterprise value and equity value for the numerator of multiples?
How should mary treat the cost of cleanup : Mary Jones acquired land on which she will construct new restaurant. How should Mary, treat cost of cleanup? Is it a land cost, a building cost, or an expense
Suppose suzie estimates uncollectible accounts : Suppose Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing).
How do your professional values shape the policies : How do your professional values shape the policies and political strategies in the workplace, government, professional organizations and communities?
How do you use cost structure to differentiate products : How do you use cost structure to differentiate products? Do you think product differentiation is a successful growth strategy? Why or why not?
Importance of quantification in stating key factors : In your opinion, what are the four major external threats facing PetSmart and the four major opportunities? Realizing the importance of quantification.
Prepare the balance sheet for faber inc for december : Prepare the balance sheet for Faber Inc. for December 31, 2011. Prepare the income statement for Faber Inc. for the year ended December 31, 2011

Reviews

Write a Review

Financial Accounting Questions & Answers

  Best decision making process to allow for consistency

True or False-While there are a variety of management tools that are available to managers, choosing only one tool is best in the best decision making process to allow for consistency.

  What is the amount of gain or loss recognized on the sale

The JM Partnership was formed to acquire land and subdivide it as residential housing lots. On March 1, 2011, Jessica contributed land valued at $600,000 to the partnership in exchange for a 50% interest. What is the amount of gain or loss recognized..

  Annual comparative financial statement

Analyze a comparative annual financial statement of a domestic publicly-held corporation listed on either NASDAQ or the NYSE using internet sources not actually from a bank or financial institution.

  Translation-local currency is the functional currency

On January 1, 2008, a U.S. company purchased 100% of the outstanding stock of Ventana Grains, a company located in Latz City, New Zealand. Translate the financial statements into dollars assuming that the local currency of the foreign subsidiary was ..

  Relative to the staff assigned to the engagement

Discuss the necessary preparation and planning for the Lily Company annual audit before beginning fieldwork at the client's office. In your discussion, include the sources you should consult, the type of information you should seek, the preliminary p..

  One of the important objectives of the federal tax law

One of the important objectives of the Federal tax law is to regulate the economy and encourage behavior and businesses that are desirable. One of the objectives of the Federal tax law is to achieve equity within the tax law. An inheritance tax is a ..

  Recently conducted least-squares regression analysis

Booster, Inc. recently conducted a least-squares regression analysis to predict selling expenses. The company has constructed the following regression equation: Y = 329,000 + 7.80X. Which of the following statements is false if the primary cost drive..

  Annual depreciation allowed when asset is placed in service

Which of the following are the three standard conventions used to determine the percentage of annual depreciation allowed when an asset is placed in service or disposed of? Half-year ,Half-life , Mid-quarter Semester , Mid-month ,End-of-the-Month

  Cash flow statement use to value its inventory

Which of the following inventory cost flow assumptions does targets 2015 cash flow statement use to value its inventory?

  Transactions pertaining to investments in common stock

Nosker Inc. had the following transactions pertaining to investments in common stock. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order p..

  Total manufacturing costs-total cost of work in process

Francum Company has the following data: direct labor $247,940, direct materials used $194,970, total manufacturing overhead $236,740, and beginning work in process $27,740. Compute (a) total manufacturing costs and (b) total cost of work in process.

  Make the portion of the income statement beginning

The income tax rate for White Lightning is 30 percent. Make the portion of the income statement beginning with "income from continuing operations before income tax" for the yr ended December 31, 2004

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