User Account

All Pages

What is the estimated loss from uncollectible accounts

Assignment Help Accounting Basics
Reference no: EM131763492

I need help with this accounting problem.

At the end of the current year, the trial balance of Kerry Hardware included the accounts and balances shown below. Credit sales were $7,000,000. Returns and allowances on these sales were $55,000. Assume that the firm bases its estimate of the loss from uncollectible accounts on 0.4 percent of net credit sales.

Accounts Receivable $ 650,000 Dr.
Allowance for Doubtful Accounts 4,500 Cr.

1. What is the estimated loss from uncollectible accounts for the current year?

2. What is the amount of the adjusting entry for the estimated loss from uncollectible accounts?

Reference no: EM131763492

Questions Cloud

What is the required rate of return on collectibles stock : Collectibles corp has a beta of 1.4abd a standard deviation return of 20%, the return on the market portfolio is 9% and the risk free rate is 4%.
What transfer price would you recommend : Question - Transfer pricing and outside opportunities. What transfer price would you recommend? Why? What recommendations do you have for programming division
Leaders can use power both constructively : In this module, you explored power and influence. As you know from your readings and professional experience, leaders can use power both constructively.
What is the cost of royals new common stock : The last dividend was $1.25 and dividends are expected to grow at an 8% annual rate. Floatations costs on new stock sales are 5% of the selling price.
What is the estimated loss from uncollectible accounts : What is the estimated loss from uncollectible accounts for the current year
Write a paper about crime scene investigation : Several crime scene preservation mistakes were made that day, but one of the mistakes discussed in this weeks' studies is specifically mentioned.
How much additional equity financing is required : Wagner Industrial Motors, which is currently operating at full capacity, has sales of $2,290, current assets of $630, current liabilities of $320.
Disadvantages to they have compared to commercial banks : Savings Institutions, Credit Unions, and Finance Companies have been successful as "niche lenders," that is, specializing in one or more specific areas.
Understanding of management and organizational behavior : How does an understanding of management and organizational behavior lead to organizational effectiveness and efficiency?

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