Reference no: EM131371120
Assignment
1. Halen Company's unadjusted trial balance at December 31, 2010, Included the following accounts. Debit Credit Allowance for doubtful accounts $4,000 Net Sales $1,200,000 Halen Company estimates Its bad debt expense to be 1 and 1/2% of net sales. Determine its bad debt expense for 2010.
2. An analysis and aging of Stuart Corp. accounts receivable at December 31. 2010. disclosed the following. Amounts estimated to be uncollectible $ 180,000 Accounts receivable 1,750,000 Allowance for doubtful accounts (per books) 125,000 What is the net realizable value of Stuart's receivables at December 31, 2010?
3. Shore Co. provides for doubtful accounts based on 3% of credit sales. The following data are available for 2010. Credit sales during 2010 $2,400,000 Allowance for doubtful accounts 1/1/10 17,000 Collection of accounts written off in prior years (customer credit was reestablished) 8,000 Customer accounts written off as uncollectible during 2010 30,000 What is the balance in the Allowance for Doubtful Accounts at December 31, 2010?
4. At the end of its first year of operations, December 31, 2010, Darden Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $950,000 Customer accounts written off as uncollectible during 2010 24,000 Bad debt expense for 2010 84,000 What should be the balance in accounts receivable at December 31, 2010, before subtracting the allowance for doubtful accounts?
5. The following accounts were taken from Bullock Inc.'s trial balance at December 31, 2010. Debit Credit Net credit sales $750,000 Allowance for doubtful accounts $14,000 Accounts receivable 310,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2010.
Instructions Answer the questions relating to each of the five independent situations are requested.
|
Identify and discuss the key steps in the closing process
: Identify and discuss the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Why did you select these steps and what makes them confusing?
|
|
Oats and corn are principal ingredients of the hog feed
: Nutrifeed, a hog feedlot operation near Houston, Texas blends ingredients to make low cost teed tor its hogs. Oats and corn are the principal ingredients of the hog feed. The current costs tor oats and corn are 12 cents and 7 cents respectively. Form..
|
|
Evaluate criminal justice in selected countries
: you will evaluate criminal justice in selected countries. Since mens rea refers to criminal intent, the concept of guilty but insane sounds like an oxymoron to most people. Chapters 1 and 3 in the course text discuss international perspectives on ..
|
|
What is the total cost of campaign
: A group of students in MSIS 3233 class is working on advertising the bedlam game 2016 (OSU Vs OU). There are three forms of advertisement possible: radio, television ad and newspaper. Each television ad costs $20,000 and reaches to 10,000 viewers (4,..
|
|
What should be the balance in account receivable at december
: At the end of its first year of operations, December 31, 2010, Darden Inc. reported. What should be the balance in accounts receivable at December 31, 2010, before subtracting the allowance for doubtful accounts?
|
|
Find two values x1 and x2
: Let X be a normally distributed random variable with mean 600 and variance 10,000. Find two values x1 and x2 such that P(X > x1) = 0.01 and P(X > x2) = 0.05.
|
|
Find the required amount of dollars to carry
: Pierre would like to carry overnight an amount of money such that the demand on 85% of the nights will not exceed this amount. Can you help Pierre find the required amount of dollars to carry?
|
|
Do you believe this to be a correct statement
: the Tamil Diaspora has created a transitional government and it serves as an incubator for radicalization (White, 2015 p.215).In your view, what does he mean? Do you believe this to be a correct statement?
|
|
Regional and international referral service
: Southeast Medical Center was established in 1920's, just before the Depression Located in the Southeast, a $ million bond financed the 250-bed facility. Major expansion projects in the 1950's increased the hospital to 600 beds. The hospital serves as..
|