Solution-What the uncollectible accounts expense is

What the uncollectible accounts expense is

Reference no: EM132464176

Question problem 1: Prince Charming had annual sales of $2,000,000, and the January 1 Allowance for Uncollectibles had a credit balance of $50,000. $18,600 of accounts were written off during the year. Using the percentage of sales technique and a 5% rate, uncollectible accounts expense is:

a) $100,000.

b) $18,600.

c) $50,000.

d) $118,600.

e) None of these.

Reference no: EM132464176

Questions Cloud

Abnormal loss and abnormal gain account : The manufacture of product kei involves three production processes namely, welding, filling and spraying. Abnormal loss and abnormal gain account

Compute pension expense for the year : Compute pension expense for the year 2020. As part of your solution, show example of pension worksheet that shows the journal entry for pension expense

How do a journal entry for each transaction : Limited liability means that stockholders can only lose the amount of their investment. How do I discuss how this limited liability affects a corporation

Identify the specific circumstances under which auditors : What would you do under the following circumstances:your friend discloses to you highly confidential "market-moving" information regarding a soon-to-be

What the uncollectible accounts expense is : $18,600 of accounts were written off during the year. Using the percentage of sales technique and a 5% rate, uncollectible accounts expense is:

Compute the ending inventory under cash flow : Compute the ending inventory under the following cost flow assumptions. lower of cost or market (based on average cost),FIFO

Determine the depreciation expense and cost of timber sold : Concord Company owns 9,000 acres of timberland purchased in 2006 at a cost of $1,484 per acre. Determine the depreciation expense and cost of timber sold

Calculate variance between flexible budget and actual result : Given actual results and the operating rates, get a flexible budget for 1 month. Actual operating results for the month are provided.

Calculate the standard error for each of sampling scenarios : Calculate the standard error for each of these sampling scenarios.

User Account

All Pages

What the uncollectible accounts expense is

Reference no: EM132464176

Reference no: EM132464176

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT