What amount of bad debts expense for osaka sweets inc

Assignment Help Financial Accounting
Reference no: EM132771680

At the beginning of 2019, Osaka Sweets, Inc. has the following account balances:

Accounts receivable $44,000 (Debit)

Allowance for Bad Debts $7,000 (Credit)

Question 1: During the year, credit sales were $820,000. Cash collected on credit sales was $750,000, and $18,000 was written off. Osaka Sweets uses the aging-of-receivables method to record bad debts expense. The amount estimated as uncollectible was $26,000. The amount of Bad Debts Expense for 2019 is

Reference no: EM132771680

Questions Cloud

Is this an alternative that GFW should consider : Is this an alternative that GFW should consider? Read and apply the materials in text Section 6- 2d as part of your analysis
Journalize the transaction to be expected on the next salary : Journalize the transaction to be expected on the next salary payment date (January25, 2020). Assume that the same amount of salary will be paid.
Information security and safe computing : Explain what the following terms mean to you as they apply to information security and safe computing:
What is the journal entry to record the acquisition : The old machine cost $1,800 and had an accumulated depreciation of $1,400. What is the journal entry to record the acquisition of the new machine?
What amount of bad debts expense for osaka sweets inc : Aging-of-receivables method to record bad debts expense. The amount estimated as uncollectible was $26,000. The amount of Bad Debts Expense for 2019 is
Individual business analysis project : The student is to choose a business organization to visit and thus prepare an original case study analysis.
Manager in organization innovation : What is the role of the manager in an organization's innovation?
Find what ending balance in the allowance for bad debts is : The estimate of uncollectible accounts was $26,000. The ending balance in the Allowance for Bad Debts is? Allowance for Bad Debts $7,000 (Credit)
What ending balance of accounts receivable for tokyo office : Bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 3.5%. The ending balance of Accounts Receivable is

Reviews

Write a Review

Financial Accounting Questions & Answers

  What price would the team change to non-students

A minor league baseball team called the Billing Mustangs attracts both students and non-students as fans during the season, which runs from mid-April through August. How many tickets would the Mustangs sell to students, to maximize profit? What price..

  What the effect of any errors on dustbringer

Assuming no correcting entries were ever made, indicate the effect of any errors on Dustbringer's 2021 net income. Dustbringer Co. uses a periodic inventory

  Questions regarding classmates posts

Of all of the managerial accounting topics that you learned about this semester, which one(s) do you think you might use in your career? Why is this important, and how do you see using this managerial accounting information? Participate in discussion..

  Total materials variance and price and quantity variances

The standard cost of Product B manufactured by MIT Company includes 2.40 units of direct materials at $5.20 per unit. During June, 27,400 units of direct materials are purchased at a cost of $5.09 per unit, and 27,400 units of direct materials are us..

  What is the hospitals net income

The audiology department at Randall Clinic offers many services to the clinic"s patients. The three most common, along with cost and utilization data, are as follows.

  How long will the scholarship be paid for once max enters

When Nancy died, she left $20,000 for her 13 year old grandson, How long will the scholarship be paid for, once Max enters university?

  Find the lessor''s amount to be amortized

what is the lessor's amount to be amortized? Assume Wrenn's marginal tax rate is 40%

  Accounting for pensions receives more attention

Accounting for pensions receives more attention in the United States than in other countries. Discuss reasons that would explain why pension accounting has less emphasis in many foreign countries than the U.S.

  Develop a capitation rate for a primary care group

The HMO proposes a capitated per member per month (PMPM) premium to the hospital to provide obstetrical services to their members. What would the break-even premium be - Return on Equity remained constant at 12.0 percent. Why didn't Return on Equit..

  How much did this advertising campaign cost in total

This is the remaining balance of a twelve-month advertising campaign purchased on August 31 in the current year. Assuming the cost is spread equally over each month how much did this advertising campaign cost in total?

  What changes should the firm make in its production style

Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks are done man..

  What is amount of amortization to pension expense for year

The average remaining service period for the employees expected to receive benefits is 10 years. What is amount of amortization to pension expense for the year?

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