Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2017, accounts receivable were $596,000 and the allowance account had a credit balance of $60,000. accounts receivable activity for 2018 was as follows:
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts ...” 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
Which financial statement shows money moving in and out of the company during a period of time?
Answers (1)
Mary, a CPA, prepared Gordon's tax return for the current year. In preparing his return, she took a deduction that is contrary to the Code.
Answers (1)
Fowler credit bank is offering 6.5 percent compounded daily on its savings accounts. you deposit $4,900 today. how much will you have in the account in 5 years?
Answers (2)
Gross investment is the : a. Expenditure on new plants, equipment, and residential construction, plus changes in business inventories. b. Consumption of capital in the production process. c. Wearing out of plant and equipment. d.
Answers (1)
Until recently the only view of corporate responsibility built into u. s. statutory and common law was making a profit:
Answers (1)
New Questions in Business
What re the advantages of a bank savings account
Answers (1)
Parent sold land to its subsidiary resulting in a gain in 2016, the year of transfer. The subsidiary sold the land to an unrelated third party for a gain in 2019.
Answers (1)
Suppose american winemakers convince the federal government to issue a directive to serve only domestically produced wine at governement functions. This would be an example of.
Answers (1)
If there are external benefits associated with the consumption of a good or service:a. The private demand curve will underestimate the true demand curveb. The market demand curve will be the vertical summation of the individual demand costsc.
Answers (1)
At chaparral steel, delivery times, sales, profits, and customer service and loyalty have been boosted by a system that gives customers electronic access to the mill's inventories. what is the name of this kind of system?
Answers (1)