A company has $99,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 4% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a (n) $890 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A company has $99,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
1) Vault cash is equal to $2 million, deposits by depository institutions at the central bank are $1 million, the monetary base is $15 million, and bank deposits are $35 million. Currency held by the nonbank public is A) $3 million. B) $12 million.
Answers (1)
Suppose that you go out and buy 100 lbs. of cucumbers that are 99% water. Unfortunately, you do not observe the rules of caring for your cucumbers so after some time they dehydrate until they are only 98% water. How much do they then weigh?
Answers (1)
On January 1 of the current year, the price of a stock is $42.50, whereas on December 31 of the current year, the price of the stock is $48.78. Determine the capital gain yield of the stock. a. 13.25% b. 14.78% c. 15.14% d. 16 33% e. 17.49%
Answers (1)
A taxpayer will be able to exclude all the income from their canceled debt if they: (A) Received a Form 1099-C with $17,400 in box 2 and $15,700 in box 7, and they were insolvent by $15,800. (B) Had $11,500 of debt canceled.
Answers (1)
The maximum commission allowed a loan broker who negotiates on a second trust deed of $4,500 for a term of five years is: a. 5% b. 10% c. 15% d. any amount
Answers (1)
New Questions in Business
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
Answers (1)
Nareen is single, 68 years old, and reports the following in 2018: a. $12,000 alimony received (divorced in 2010) b. $82,520 Schedule C profit c. $3,500 SEP (self-employed pension) plan contribution d. $7,150 qualified dividends e.
Answers (1)
Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007. What is the annual dividend on the preferred stock? a. $60 per shareb. $30,000 in totalc.
Answers (1)
a risk averse investor, which of the following four otherwise identical investment would you prefer? A. Security W, which exhibits a standard deviation of 2% and offers an average return of 12%. B.
Answers (1)