Business, 04.11.2021 14:30 valdezavery1373

At the end of the current year, the accounts receivable account has a debit balance of $666,000 and sales for the year total $7,550,000. a. The allowance account before adjustment has a debit balance of $9,000. Bad debt expense is estimated at 1/2 of 1% of sales.
b. The allowance account before adjustment has a debit balance of $9,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $28,800.
c. The allowance account before adjustment has a credit balance of $9,000. Bad debt expense is estimated at 3/4 of 1% of sales.
d. The allowance account before adjustment has a credit balance of $9,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $74,700.

Required:
Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 16:30

Aland development company purchases several acres of land adjacent to a wildlife reserve. it plans to build a new community, complete with shops and schools. green sands, a local environmental group, complains that the company's proposed building methods will disrupt the area's ecological balance. the company wants to respect the local ecology but also wants to build its development. the company decides to schedule a meeting with green sands's representatives to make choices about the property that are agreeable to both sides. which strategy would be most effective in this situation?

Answers: 2

Answer

Business, 21.06.2019 17:10

Four analysts cover the stock of fluorine chemical. one forecasts a 6% return for the coming year. the second expects the return to be negative 6%. the third predicts a return of 8%. the fourth expects a 2% return in the coming year. you are relatively confident that the return will be positive but not large, so you arbitrarily assign probabilities of being correct of 35 % comma 8 %, 17 %, and 40%, respectively, to the analysts' forecasts. given these probabilities, what is fluorine chemicals expected return for the coming year

Answers: 3

Answer

Business, 21.06.2019 20:20

The 2016 financial statements of the new york times company reveal average shareholders’ equity attributable to controlling interest of $837,283 thousand, net operating profit after tax of $48,032 thousand, net income attributable to the new york times company of $29,068 thousand, and average net operating assets of $354,414 thousand. the company's return on net operating assets (rnoa) for the year is: select one: a. 3.5% b. 6.9% c. 13.6% d. 18.7% e. there is not enough information to calculate the ratio.

Answers: 1

Answer

Business, 22.06.2019 05:00

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

Answers: 2

Answer

You know the right answer?

At the end of the current year, the accounts receivable account has a debit balance of $666,000 and...

Questions