Reference no: EM132743588
Country Store, Inc. provides credit to their favorite customers. On December 31, 2018, the controller of Country Store prepared the following "aging of receivables":
Days Outstanding Amount Uncollectible %
Not Yet Due $ 50,000 3.0 %
0 - 60 Days Past Due 20,000 5.0 %
> 60 Days Past Due 10,000 20.0 %
On January 1, 2018, the balance in "Allowance for Doubtful Accounts" was $ 3,000. During the year, Country Store "wrote-off" accounts in the amount of $ 4,000. Country Store made no collections on accounts that had previously been "written-off", and no "provisions for bad debts" were made during the year.
Problem 1: What is the desired balance in the "Allowance for Doubtful Accounts" On December 31, 2018?
Problem 2: Given your answer to Part 1, what is the appropriate Adjusting Entry to record "Bad Debt Expense" for the year-ending December 31, 2018?
|
How much cash was on hand at the end of January
: Cost of goods sold is $40,000, and there are no ending inventories or payables. How much cash was on hand at the end of January
|
|
Discuss the current types of stock
: The purpose of this assignment is to analyze stockholders' equity to recommend strategies for generating cash.
|
|
Definite direction to the readers
: Organization of argument - gives a definite direction to the readers, and has a thesis - The Things They Carried
|
|
Which elements of the case might involve issues
: Which elements of this case might involve issues of legal compliance? Which elements illustrate acting legally but not ethically?
|
|
What is the desired balance in the allowance for doubtful
: Country Store, Inc. provides credit to their favorite customers. What is the desired balance in the "Allowance for Doubtful Accounts" On December 31, 2018?
|
|
What are the risks associated with capital budgeting
: What are the risks associated with capital budgeting and the three that are the most significant risks.
|
|
Explain what is meant by corporate governance
: Explain what is meant by corporate governance and outline the ASX Corporate Governance Council's Principles of Good Corporate Governance.
|
|
What amount of Maintenance total cost is allocated
: Cafeteria Services has costs of $200,000 and Maintenance has costs of $150,000 before any allocations. What amount of Maintenance total cost is allocated
|
|
Show the allocation of dividends for all three years
: Timber Ridge Corporation was organized on January 1, 2015. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock.
|