Uncollectible accounts expense reported on decmber

Assignment Help Financial Accounting

Reference no: EM133379889

Case: Kendo Company has a December 31 year-end. The following information relates to the year just ended:

Sales for the year $30,500 (of which 20% were cash sales)
Accounts Receivable January 1 were $15,000 and increased 50% by December 31
Allowance for Doubtful Accounts January 1 $4,354

Kendo sets its provision for uncollectible accounts receivable at 2% of credit sales.

Required 1: Assuming no other transaction happened, what is the Uncollectible Accounts Expense reported on Decmber 31st? $

Required 2: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $

Required 3: Assuming no other transaction happened, what is the adjusted balance of Allowance for Doubtful Accounts at December 31st? $

Reference no: EM133379889

Questions Cloud

Developing an effective tf financing case report : Your challenge is to divide the money among the members of your group based on both the quality and quantity of their work

Why would you purchase furnishings in such a manner : What aspects of the sites do you like and dislike, such as the appearance and feel, the navigation, and any particular features that you found helpful

What is the npv of her credit decision if the credit terms : Michelle assumed a bad debt loss rate of 3% with an estimated collection cost of 3%. What is the NPV of her credit decision if the credit terms indicate Net 45

What characteristics make shopping more challenging : Assume you want to purchase wireless speakers. compare wireless speakers on these two sites. Which website features did you find helpful? What characteristics

Uncollectible accounts expense reported on decmber : Assuming no other transaction happened, what is the adjusted balance of Allowance for Doubtful Accounts at December 31st

How consistent is accounting among companies : Why is accounting important? Who governs accounting? How consistent is accounting among companies in the same industry? Can show an example of where accounting

Premium on the office equipment in the amount : the inventory of supplies remaining on hand (unused) was $4,000. On June 1, 2021, a one-year insurance premium on the office equipment in the amount of $12,000

What is the uncollectible accounts expense reported : what is the Uncollectible Accounts Expense reported on Decmber 31st and what is the adjusted net balance of Accounts Receivables at December 31st

How are your economic profit estimates related to project : How are your economic profit estimates related to the project's NPV and estimate the current share price for Electro Ltd using the Gordon growth model

User Account

All Pages