User Account

All Pages

What the amount of allowance for bad debt as of december

Assignment Help Accounting Basics
Reference no: EM132704505

ABC Company had a January 1, 2016 credit balance in the Allowance for Doubtful Accounts of P10,000. During 2016, sales and sales return &allowances amounted to P5,100,000 and P100,000, respectively. ABC also wrote off P60,000 of accounts receivable and collected P5,000 on accounts previously written off. The balance of AR was 700,000 at 1/1/2016 and P800,000 at 12/31/16.

Question 1: If the estimate of uncollectible is made by taking 1.5% of net credit sales, the adjustments is?

Question 2: If the estimate of uncollectible is made by taking 10% of gross accounts receivable, the amount of allowance for bad debt as of December 31, 2016 is?

Question 3: If the estimate of uncollectible is made based on the required allowance per aging of P90,000, the amount of Bad debt expense is?

Reference no: EM132704505

Questions Cloud

Find what is the gain or loss related to the discounting : Lavalon company, If the discounting was made on a with recourse basis (secured borrowing), what is the gain or loss related to the discounting?
Discuss the nature and the result of case : Discuss the nature and the result of case that you selected. Indicate which case
Write brief action plan in regard to black women and girls : Please also include a brief action plan in regard to Black women and girls (Black female bodies). One full page Critical Response.
Genes on sex chromosomes : Assuming sex chromosome movement via meiosis, what is/are the possible chromosome(s) you would expect to see in the T cells?
What the amount of allowance for bad debt as of december : If the estimate of uncollectible is made by taking 10% of gross accounts receivable, the amount of allowance for bad debt as of December 31, 2016 is?
Write out the associated mrna : Find the difference that is not in the promoter. Write out the associated mRNA that will be made for both Sam's and Rufus' DNA from this difference.
What is the value for recognition of the equipment : A similar item of equipment cost the acquirer $118 000 last year. What is the value for recognition of the equipment under a business combination
Find what is the carrying value of the notes receivable : Find What is the carrying value of the notes receivable to be presented on the statement of financial position as of December 31, 2016?
Dilution series and the total volume of diluent : Write down the dilution series and the total volume of diluent used. Show using diagram

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the number of units that would have to be sold

Compute the number of units that would have to be sold in 2020 to reach the stockholders' desired pro?t level. Compute the number of units sold in 2019

  Create the employers september journal entries

Create the employer's September 30 journal entries to record the employer's payroll taxes expense and its related liabilities.

  Card shop inc csi is a small owner-managed greeting card

card shop inc. csi is a small owner-managed greeting card specialty store. due to the small size of the store the

  Compute the penalty the IRS can assess against Singh

The IRS used its own appraisers to set the value of the sculpture at $400,000. Compute the penalty the IRS can assess against Singh

  What date should Compass use to record sales

On July 1st, Compass agreed to provide catering for a wedding totaling $5,000 in sales. What date should Compass use to record sales

  American institute of certified public accountants

Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.

  Prepare a chart comparing the unit costs

Prepare another schedule showing the total costs attached to each of the completed jobs using the pool rates above to apply the overhead and the prime costs found in part 1. Break the information down into unit cost for material, labor and overhea..

  Explain closing process at end of accounting period

Explain difference between accrual basis accounting and cash basis accounting. Explain four-step closing process at the end of accounting period

  What would be the gross profit margin for the dish

A dish has a cost of £2.95 and a selling price of £11.80 including VAT. What would be the gross profit margin for the dish

  What are the principle advantages of a subchapter

Would you answer in above question be different if the shareholder had also lent the subchapter S corporation cash in an amount in excess of the shareholders' allocable share of losses and deductions, and if so how?

  Calculate gross profit and the gross profit ratio

Net sales for the year were $900,000 and cost of goods sold was $558,000 for the company's existing products.

  How might a company obtain a price index

How might a company obtain a price index in order to apply dollar-value LIFO?

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