User Account

All Pages

What is the net realizable value of sorter company accounts

Assignment Help Accounting Basics
Reference no: EM131778332

Question - Recording Bad Debts At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off.

(a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable.

(b) What is the net realizable value of Sorter Company's accounts receivable before the write-off of the Ordonez receivable?

(c) What is the net realizable value of Sorter Company's accounts receivable after the write-off of the Ordonez receivable?

Reference no: EM131778332

Questions Cloud

Determine the earnings per share of common stock : Determine the earnings per share of common stock, assuming that the income before bond interest and income tax is (a)$3,000,000
Pangaea and support his theory of continental drift : 1. What pieces of evidence did Wegener use to reconstruct Pangaea and support his theory of continental drift?
Construct a pro forma income statement and balance sheet : Using a publicly held company, access the company's Web page on the Internet - construct a pro forma income statement and balance sheet for the company
Research the laws associated with physician -assisted : Research the laws associated with physician-assisted suicide.What is your state's or province's position on physician-assisted suicide?
What is the net realizable value of sorter company accounts : What is the net realizable value of Sorter Company's accounts receivable after the write-off of the Ordonez receivable
Evaluate the initial purchase : Evaluate the initial purchase to determine whether either goodwill or incremental asset values need to be reflected within the equity method procedures
Find the aggregate marginal damage for the public bad : Two types of consumers (workers and retirees) share a community with a polluting cheese factory. The pollution is nonrival and nonexcludable.
Assess your feelings about the process : What ethical factors and principles did you consider when completing the documents? Assess your feelings about the process.
Fdr fireside chats : Roosevelt worked hard to gain the trust of the common man, and the new technology of the radio proved to be one of his most effective tools.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Nominal rate on investment

If the current inflation rate is 4.2% and you are earning a real rate of return on an investment of 3.8%, then the nominal rate on this investment is closest to:

  Determine danny and mary taxable income

Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income.

  Contingency that should be accrued

Which of the following is a contingency that should be accrued?

  Twener under each of the following assumptions

Prepare the journal entry to record the admission of K. Twener under each of the following assumptions.

  Suppose the face value of the note equals

Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60 day, 12% note.

  Differences between allowance-liability-contingent

Explain the differences between an allowance, a liability, a contingent liability, an obligation, a provision, an accrual, a fund and a reserve. State which set of accounting rules you have been using as the context for your answer.

  Compute krin inventory turnovers for fiscal years

Compute Krin's inventory turnovers for fiscal years ending January 31, 2015 and February 1, 2014 using Inventory turnover using cost of sales and LIFO inventory

  Discuss the company statement of financial position

At the end of the current year, Joshua Co. has a defined benefit obligation of $335,000 and pension plan assets with a fair value of $345,000.

  If a 6000 10 percent 10 year bond was issued at 104 on

if a 6000 10 percent 10 year bond was issued at 104 on october 1 2011 how much interest will accrue on december 31 if

  On july 1 2010 finley corporation reacquired 1000 shares of

in january 2010 finley corporation a newly formed company issued 10000 shares of its 10 par common stock for 15 per

  Payment of interest and related amortization

(a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2012. (c) The accrual of interest and the related amortization on December 31, 2012.

  Harrington inc is introducing a new product in its line of

harrington inc. is introducing a new product in its line of household appliances. household products generally have 10

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