User Account

All Pages

What amount of uncollectible accounts expense be reported

Assignment Help Accounting Basics
Reference no: EM132751871

Question - Michael Company provided the following information about accounts receivable on December 31, 2020:

0-60 days outstanding 6,000,000 5% uncollectible

61-120 days outstanding 4,500,000 10% uncollectible

Over 120 days outstanding 5,000,000 1,250,000 uncollectible

During 2020, the entity wrote off 700,000 in accounts receivable and recovered 300,000 that had been written off in prior years. On January 1, 2020, the allowance for uncollectible accounts was 500,000.

Under the aging method, what amount of uncollectible accounts expense should be reported for 2020?

Reference no: EM132751871

Questions Cloud

What is the npv of going directly to market : What is the NPV of going directly to market? Osceola Electronics, Inc., has developed a new HD DVD. If the HD DVD is successful, the present value
Contrast cash accounting methodology and accrual accounting : Contrast cash accounting methodology and accrual accounting methodology in order to illustrate how each works best for different types of companies.
Describe the three types of project risks : Describe the three types of project risks and detail the situation in which each type is most relevant when making a capital budgeting decision.
Why is chipotle considered fast-casual restaurant : How was the 'fast food' segment different from 'fast-casual' and 'casual dining.'? Why is Chipotle considered fast-casual restaurant?
What amount of uncollectible accounts expense be reported : Over 120 days outstanding 5,000,000 1,250,000 uncollectible. What amount of uncollectible accounts expense should be reported for 2020
Compare the different types of corporation : Compare the different types of corporation. Determine when advisable to form a certain type of corporation. Differentiate between issued shares and outstanding
National incident management system : Analyze the National Incident Management System. Discuss and explain the role that IT personnel can play in NIMS
National response framework : Critique the local, state, and federal response in regard to Hurricane Katrina. Use specific examples to support your critique.
What are required number and qualifications of incorporators : What are the required number and qualifications of incorporators? What are the required number and qualifications of members of the board of directors

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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