What is the allowance for doubtful accounts

Assignment Help Accounting Basics
Reference no: EM132938698

Question - The following information relates to Princess Company's accounts receivables for 2018: Accounts receivable, January 1, 2018 975,000 Allowance for doubtful accounts, January 1, 2018 30,000 Credit sales 4,000,000 Sales returns 110,000 Collection from customers 3,225,000 Accounts written off during 2018 10,000 Recovery of accounts during 2018 5,000 Estimated sales returns at December 31, 2018 75,000 Estimated sales discounts at December 31, 2018 25,000 1% of net credit sales is estimated to be uncollectible. What is the allowance for doubtful accounts as at December 31, 2018?

Reference no: EM132938698

Questions Cloud

Calculate margin of safety : Question - Calculate margin of safety from the following details: Sales 12,00,000, Contribution 600000, Fixed costs 4,00,000
Calculate the price expense : At January 1, 2008 supplies on hand were 2,000. At December 31, 2008 supplies on hand are 2,500. Calculate the price expense for 2008
What is the value of ending inventory using full costing : In addition, the company has fixed selling and administrative costs of $162,600 per year. What is the value of ending inventory using full costing
Compute the annual inventory carrying costs : e company pays P150 to place a detailed order, and the monthly demand for the product is 4,000 units. Compute for the annual inventory carrying costs
What is the allowance for doubtful accounts : Estimated sales discounts at December 31, 2018 25,000 1% of net credit sales is estimated to be uncollectible. What is the allowance for doubtful accounts
What is the dl hours variance : Given the following information for direct labor - Standard hours = 4.0. Actual Wage = $10.00 per hour. What is the DL Hours Variance
What should be the balance of the discount on notes payable : What should be the balance of the Discount on Notes Payable account on the books of Ivanhoe at December 31, 2021 after adjusting entries are made
What are the dividends received by preferred stockholders : The board of directors declared and paid a $3500 dividend in 2020. In 2021, $23200 of dividends are declared and paid. What are the dividends received
Determine the cost gap : Estimated market demand 1,200 units in its first year of launching. Determine the cost gap for the '3 Kingdom'

Reviews

Write a Review

Accounting Basics Questions & Answers

  West palm company engaged in the following transactions

west palm company engaged in the following transactions involving promissory notes. may 3 sold engines to mittal

  Literature review – stakeholder theory

Literature Review – Stakeholder Theory. Climate change has the potential to have huge consequences for the governments, customers, and the general population

  Discuss confidentiality and privacy of a system

For which of the following engagements is there likely to be a consideration for confidentiality and privacy of a system

  The management of keeter corporation would like to

the management of keeter corporation would like to investigate the possibility of basing its predetermined overhead

  Was the overhead over or underapplied for the year

kenwood, Inc, uses a predetermind overhead rate based on direct laboor- hours to apply manufacturing overhead to jobs. at the beginning of the year.

  Research on whistle-blowing

Pick one of the following terms for your research: Whistle-blowing, motivation, decentralization, group norms, or needs.include defination

  What amount should be classified as fund-raising costs

Printing of annual report $35,000. What amount should be classified as fund-raising costs in the society's activity statement

  Walmart corporation is the largest retailer in the world

Wal-Mart Corporation is the largest retailer in the world

  Determine the combined present value as of december

Question - Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each

  How do record transactions in journal of whitney plumb

Recorded depreciation as follows: Communication equipment is depreciated. Record the transactions in the journal of Whitney Plumb Associates.

  Increase in value of outstanding stock affect venus

Assuming Venus Corporation did not issue any more common stock in 2006, how does the increase in value of its outstanding stock affect Venus?

  What will be the effect of these two changes

Variable period costs include selling commissions equal to 2% of revenue. What will be the effect of these two changes on the special order profit

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