asaadasaadasaad6601 asaadasaadasaad6601

23-12-2022
Business

Answered

A company uses the aging method and has the following receivables and estimates of uncollectible accounts at the end of the year before any adjusting entries: Due date Receivable Estimate of Uncollectible Not yet due $20,000 7% Less than 30 days past due $8,000 15% Greater than 30 days past due $3,000 40% What adjustment amount will be reported in the income statement uncollectible accounts, assuming the balance of allowance for uncollectible accounts was account is $250 (debit) before adjustment? O $3,800 O $3,550. O $4.050. O $1,910. O None of the above.

Answer :

Other Questions

Wallace owns a construction company that builds both commercial and residential buildings. He contracts to build a residential building for $800,000 for which h

Companies sometimes convert receivables to cash before they are due by selling them or using them as security for a loan. The reasons that a company may convert

As the recently appointed auditor for B Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020,

Blue Spruce Corp. reported net income of $2.4 million in 2022. Depreciation for the year was $164,000, accounts receivable decreased $333,800, and accounts paya

The LaGrange Company had the following budgeted sales for the first half of the current year: Picture The company is in the process of preparing a cash budget a

Last year a company had sales of $370,000, a turnover of 2.6, and a return on investment of 49.4%. The company's net operating income for the year was: $112,480

Northern Corporation sold goods to Eastern Enterprises for $1,000 on account. Cost of goods sold was $745. Northern uses a perpetual inventory system and spec

With regard to accounting for a merchandising company versus a service company, which of the following is true? a. The operating cycle of a merchandising compan

Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000. In the current year, Jimmer withdrew $17,000 from the Roth IRA to pay

On February 2, the corporation purchased goods from Martin Company for $76,700 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are