Find What is the amount of bad debts expense

Assignment Help Accounting Basics
Reference no: EM132731250

The following information is from the records of Mountainview Camera Shop:

Accounts receivable, December 31, 2024 $84,000 (debit)

Net credit sales for 2024 160,000

Accounts written off as uncollectible during 2024 17,000

Cash sales during 2024 43,000

Problem 1: The company uses the direct write-off method for bad debts. What is the amount of bad debts expense?

A. $59,000

B. $84,000

C. $43,000

D. $17,000

Reference no: EM132731250

Questions Cloud

What is Simone debt-equity ratio : The Simone Company has net income of $146,650. Total assets are $975,000 and the return on equity is 20%. What is Simone's debt-equity ratio
How much does it owe in taxes : Bait and Tackle has taxable income of $340,000. How much does it owe in taxes? What is its average tax rate
How about a hacker space local to your area : Have you considered joining a local Linux user group or your local ISSA chapter? How about a hacker space local to your area (Unallocated Space is local to.
What will be the amount of adjustment in the allowance : the? company's management estimates that uncollectible accounts will be $12,000. What will be the amount of adjustment in the Allowance for Bad Debts? account
Find What is the amount of bad debts expense : Accounts receivable, December 31, 2024 $84,000. The company uses the direct write-off method for bad debts. What is the amount of bad debts expense?
Explain how much a project manager earns in your area : Find three different job postings in the area you live in for a Project Manager. What are the items in the three job ads that are the same?
Find What is the maturity value of the note : On August 14, Park Avenue Bank lent $210,000 to City Coffee Shop on a 75 day, 4?% note. What is the maturity value of the note?
How much a project manager earns in your area : Find three different job postings in the area you live in for a Project Manager. What are the items in the three job ads that are the same?
What will be the balance of allowance for bad debts : Net credit sales for the year amounted to $300,000. What will be the balance of Allowance for Bad Debts on the December? 31, 2025 balance? sheet?

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd