User Account

All Pages

What the amount of uncollectible accounts expense recognized

Assignment Help Financial Accounting
Reference no: EM132953415

On January 1, 2011 Grace Company had an $14,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2011, Grace provided $56,000 of service on account. The company collected $48,120 cash from account receivable. Uncollectible accounts are estimated to be 14% of sales on account.

Problem 1: The amount of uncollectible accounts expense recognized on the 2011 income statement is:

A. $7,840

B. $560

C. $1,960

D. $7,560

Reference no: EM132953415

Questions Cloud

Determine interest rate parity holds : The following information was available: spot rate for Japanese Yen: $0.009618; 1,460-day forward rate for Japanese Yen: $0.013560 (assume a 365 day year); U.S.
What are some typical negative loan covenants : 1. What are five key ratios that lenders consider? How do they differ? What is the most conservative ratio for a lender to apply?
What the amount of cash inflow from customers : The balance in Accounts Receivable, What the amount of cash inflow from customers that would appear in the operating section of the statement of cash flows is?
Compute the cost of dollar-denominated equity : The U.S. risk-free rate is currently 2 percent. The expected U.S. market return is 10 percent. ABC, Inc. is considering a project that has a beta of 1.4.
What the amount of uncollectible accounts expense recognized : What the amount of uncollectible accounts expense recognized on the 2011 income statement is? On January 1, 2011 Grace Company had an $14,000 balance
Calculate the company cost of equity : A U.S. company borrows U.S. funds at an interest rate of 9 percent per year. Its beta is 1.0. The long-term annualized risk-free rate in the U.S. is 4 percent.
Compute the country risk factor : Pierre Imports, a U.S. company, would like to assess the country risk of Bennfi. Pierre has identified the political and financial risk factors shown below.
Concepts and topical issues of international finance : Demonstrate a comprehensive knowledge and critical appreciation of the key concepts and topical issues of International Finance
What expenses for the period must have been : Retained Earnings at the beginning and ending, If revenues were $4,300 and dividends paid to stockholders were $1,000, expenses for the period must have been

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much will cost to purchase the bonds

You would like to purchase five 8.5 percent $10,000 bonds that are currently selling for 102. How much will it cost you to purchase these bonds?

  Presentation of financial statements

Presentation of financial statements - Approaches to cost control: beyond budgeting

  What are the expected rate of return and standard deviation

What are the expected rate of return and standard deviation of the portfolio? (Do not round intermediate calculations. Enter your answer as a percent)

  What is the amount of cash provided by operating activities

Dividends of $50,000 were paid during the year. Net income was $110,000. What is the amount of cash provided by operating activities?

  Why must individual funds be displayed in a government

Why must individual funds be displayed in a government's annual report. How are the same requirements relevant or not in not-for-profit

  Find what is the annual carrying costs of cheese inventory

The company is using Economic Order Quantity model in placing the orders. What is the annual carrying costs of cheese inventory.

  Find an equivalent interest rate compounded semi-annually

Using another concept we have looked at, how else could we determine the answer we got from (a) is equivalent to the given rate?

  Which community rating approach to health insurance premium

Which community rating approach to health insurance premium pricing? favors the government's contribution to the health savings account

  What rate the firm use to discount the project cash flows

If company is evaluating a new investment project that has the same risk as the firm's typical project, what rate should the firm use to discount project cash

  Elucidate the amount of goodwill or other intangible assets

Based on Nike Inc's acquisition of Converse (shoe company): elucidate the amount of goodwill or other intangible assets derived from the transaction and explain whether or not you support that this value was created as a result of the business co..

  What is the present value of regular end -of -month

What is the present value of regular end -of -month $150 payments to a 10 year annuity earning 2.1% annual interest compounded monthly?

  Compute the amount of purchasing department expense

The following is a partially completed lower section of a departmental expense allocation spreadsheet for Brickland.

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