What the dollar balances in Allowance for Doubtful Accounts

Assignment Help Accounting Basics
Reference no: EM132472781

Problem - A Company uses aging to estimate uncollectibles. At the end of the fiscal year, Accounts Receivable has a balance that consists of:

Dollar Value

Age of Account

Estimated Collectible

$195,000

< 30 days old

99%

70,000

30 to 60 days old

94%

40,000

61 to 120 days old

78%

14,000

> 120 days old

12%

Required - The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts?

Reference no: EM132472781

Questions Cloud

What would be the amount related to the bonds : What would be the amount(s) related to the bonds that Pujols would report in its statement of cash flows for the year ended October 31, 2013
What will be the dollar balances in the Allowance : After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar
What is the amount that cooper enterprises should report : What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015?
How much would save by holding the stock : If Helen's marginal tax rate is 35 percent, Determine how much would she save by holding the stock an additional month before selling?
What the dollar balances in Allowance for Doubtful Accounts : A Company uses aging to estimate uncollectibles. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts
How much money would strategy save : How much money would strategy save? What salary would she have to pay him to generate $9,000 after taxes (ignoring any Social Security, Medicare)
What salary would have to pay to generate after taxes : If Jonathon worked for his mother's sole proprietorship, what salary would she have to pay him to generate $9,000 after taxes
Compute the amount of fund ms bragg needs to borrow for june : Compute the amount of funds Ms. Bragg needs to borrow for June. The balance in the cash account as of May 31 is $50.000. Budgeted sales for June are $310.000.
Determine the dollar value of cost of goods sold : Required - Sales were 430 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the amount of depreciation expense recorded

Calculate the amount of depreciation expense recorded in Rose Company's 2021 income statement related to the machine. Do not use decimals in your answer

  Discuss the inventory and cost of goods valuation methods

Discuss the Inventory and Cost of Goods Valuation Methods including: comparing and contrasting Periodic and Perpetual Systems and the type of companies.

  Calculate the npv using an interest rate

You have an opportunity to purchase a truck that will last 3 years and cost 30,000 dollars. Calculate the NPV using an interest rate of 10 percent

  Compute indirect production costs allocated to each product

Compute the indirect production costs allocated to each product using the ABC system? Compute the indirect production costs allocated to each product.

  Calculate accounting profit before tax for the year ended

The company is expected to conduct profitable operations in the future. Calculate accounting profit before tax for the year ended 30 June 2011

  Compute the economic value added

XYZ Company's net operating profit before taxes is $180 million. The tax rate is 30%. XYZ's total assets (invested capital) are $1,000 million, and current liabilities are $100 million. Compute the economic value added (EVA)

  Prepare the appropriate journal entries from the purchase

Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year

  How much time will be needed to complete the unit

Hawkins Products, Inc., has found that new products follow a learning curve. How much time will be needed to complete the 8th unit

  What is the trend in the company net cash from operations

Use the Securities and Exchange Commission's EDGAR corporate filings database to search for and view the annual reports on Form 10-K of Google and Yahoo.

  Compute the company predetermined overhead rate

Medusa Products uses a job-order costing system. Compute the company's predetermined overhead rate

  Calculate the lowest price kfsb can bid for the order

KSFB has indicated that this one-time order will not be repeated. Calculate the lowest price KFSB can bid for the order and not reduce its net profit

  What amount must he invest today if his investment earns 8

what amount must he invest today if his investment earns 8 compounded annually? what amount must he invest if his

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd