User Account

All Pages

What amount is debited to bad debt expense

Assignment Help Accounting Basics
Reference no: EM132770127

Question - The aging schedule at December 31, 2020, for Gonzalez Inc. shows the following breakdown of total accounts receivable.

Status Amount

Not past due $455,000

Past due 1-30 days 108,000

Past due 31-60 days 55,000

Past due over 60 days 14,000

Total $632,000

The company considers the risk of credit losses to be similar within the aging pools and estimates the following credit loss rates by pool: not past due, 0.7%; past due 1-30 days, 1.7%; past due 31-60 days, 2.9%; and past due over 60 days, 8%. The Allowance for Doubtful Accounts has a $3,400 credit balance before adjustment. What amount is debited to Bad Debt Expense to adjust the Allowance for Doubtful Accounts to its desired ending balance on December 31, 2020?

Reference no: EM132770127

Questions Cloud

What affect will this contract have on JoAnna current cash : What affect will this contract have on JoAnna's current cash accounts? What would you advise her to do
Make january adjusting entries? : Make January Adjusting entries?. Services performed for customers through January 27, 2020, but unbilled and uncollected were $3,800.
Calculate the company disbursement ?oat : Calculate the company's disbursement ?oat, collection float and net ?oat. Each business day. on average. a company writes checks totaling $33,000
Strategic planning and practices for information governance : In order to have a successful IG program, one of the eight Information Risk Planning and Management steps is to develop metrics and measure results.
What amount is debited to bad debt expense : What amount is debited to Bad Debt Expense to adjust the Allowance for Doubtful Accounts to its desired ending balance on December 31, 2020
How much money can barry and mary gift to grandchildren : How much money can Barry and Mary gift to their grandchildren in 2017 without any gift tax liability? Mary have accumulated over $3.5 million
Run an audit on the operational plan : Run an audit on the operational plan that you developed in the previous assignment. That will provide insightful information on initiatives and projects
How much overhead would be applied to production : How much overhead would be applied to production if 9,900 hours were used in the department during the month? Make ready a monthly factory overhead flexible
How much is the total share premium as of December : Issued 27,000 preference shares at P40. Purchased 13,500 ordinary shares at P80. How much is the total share premium as of December 31, 2020

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate amount of revenue required for ackees food center

Presented below is the income statement for Ackee Food Center for the month of July: Calculate amount of revenue required for Ackee's Food Center to break even.

  Explain the specific and general anti-avoidance tax rules

Explain the specific and the general anti-avoidance tax rules for individual. Reflect the key accounting principles and practices

  Determine the total noncontrolling interest

Determine the total noncontrolling interest that will be reported on the consolidated balance sheet on December 31, 2014

  Positive and negatives aspects of using discounted cash flow

If you were working as an analyst and you were asked to value Porter Inc, would you consider Porter's accounting earnings or cash flow? A) Discuss the positive and negatives aspects of using discounted cash flow to value Porter Inc.

  Which products should company attempt to sell in new york

Which products should the company attempt to sell in New York-New Jersey? Explain. The variable cost per machine hour can be found in the income statement.

  How do write business report to william cox setting out

How do write a business report to William Cox setting out the reason for the adjustments, explaining the treatment of the different transfers

  Analyze the job costing process

Analyze the job costing process and determine which aspect of that process is the most difficult to execute correctly. Explain your rationale

  Calculate the amount of additional medicare tax

Phoebe and Mike are maried. Phoebe is a general partner in a successful catering business. Her share of ordinary income was $102,551.

  Calculate receivable turnover and days sales uncollected

Calculate receivable turnover and Day's Sales uncollected. Compare to Walgreens (for the last 5 years) and the industry average (for the current year.

  Problem- Adjusting entry for merchandise inventory shrinkage

Problem - Adjusting entry for merchandise inventory shrinkage - Journalize the adjusting entry for the inventory shrinkage for Old Faithful Tile Co.

  Advise stephanie for assessable income

BLO2206 TAXATION LAW AND PRACTICE ASSIGNMENT. Advise Stephanie, Roger and Rogan Advertising of their assessable income for the 2015/16 and 2016/17 tax years based on the information you have above

  Write pros and cons for given research methods

What are your thoughts in your own words around quantitative vs. Qualitative research methods? Can you list pros and cons for each one? In reference texts.

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