User Account

All Pages

What is the allowance for doubtful accounts on December

Assignment Help Accounting Basics
Reference no: EM132723782

Problem - The following data were taken from the records of Gigantic Company for the year ended December 31, 2020:

Sales on account 3,600,000

Notes received to settle accounts 400,000

Provision for doubtful accounts 90,000

Accounts receivable determined to be worthless 25,000

Purchase on account 3,900,000

Payments to creditors 3,200,000

Discount allowed by creditors 260,000

Merchandise returned by customers 15,000

Collections received to settle accounts 2,450,000

Notes given to creditors in settlement of accounts 250,000

Merchandise returned to suppliers 70,000

Payments on notes payable 100,000

Discounts taken by customers 40,000

Required - What is the allowance for doubtful accounts on December 31, 2020?

Reference no: EM132723782

Questions Cloud

Compare the benefits and risks associated with horizontal : 1) Describe how business-level strategies give a company a competitive advantage over actual and potential rivals ?
Define advocacy and representation : Define advocacy and representation. Explain how representation and advocacy are different from the process of decision-making
What does social responsibility mean to you personally : 1. What does social responsibility mean to you personally? 2. Do you think business organizations should be socially responsible? Explain.
Describe business-level strategies : Describe how business-level strategies give a company a competitive advantage over actual and potential rivals?
What is the allowance for doubtful accounts on December : Notes given to creditors in settlement of accounts 250,000 and Sales on account 3,600,000. What is the allowance for doubtful accounts on December
What is the amount of accounts payable at the end of january : On January 1st 2016 Johanna or Lady Leaf as she wanted. What is the amount of Accounts Payable at the end of January 31 (after AJE)? Use cash accounting.
Compare the benefits and risks associated with horizontal : Compare the benefits and risks associated with horizontal and vertical integration. Under what circumstances would a firm prefer one over the other?
What is the amount of phone expense at the end of january : Lady Leaf and her "Tea experience" business, What is the amount of Phone Expense at the end of January 31 (after AJE)? Use cash accounting.
What is the total amount of dividends which should be paid : There are ?1500 cumulative, $7? dividend, preferred shares outstanding. What is the total amount of dividends which should be paid

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