Business, 22.03.2021 20:20 soom6080

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 01 to 3031 to 6061 to 90Over 90 Accounts receivable$570,000 $396,000 $90,000 $36,000 $18,000 $30,000 Percent uncollectible 1% 2% 5% 7% 10% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 11:20

Which stage of group development involves members introducing themselves to each other?

Answers: 3

Answer

Business, 22.06.2019 11:40

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?

Answers: 3

Answer

Business, 22.06.2019 16:50

Arestaurant that creates a new type of sandwich is using (blank) as a method of competition.

Answers: 1

Answer

Business, 22.06.2019 20:10

Assume that a local bank sells two services, checking accounts and atm card services. the bank’s only two customers are mr. donethat and ms. beenthere. mr. donethat is willing to pay $8 a month for the bank to service his checking account and $2 a month for unlimited use of his atm card. ms. beenthere is willing to pay only $5 for a checking account, but is willing to pay $9 for unlimited use of her atm card. assume that the bank can provide each of these services at zero marginal cost.refer to scenario 17-5. if the bank is unable to use tying, what is the profit-maximizing price to charge for a checking account

Answers: 3

Answer

You know the right answer?

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Tot...

Questions