At January 1, 20X7, Gear Co. had a credit balance of $180,000 in its allowance for uncollectible accounts. Based on past experience, 3% of Gear's credit sales have been uncollectible. During 20X7, Gear wrote off $210,000 of uncollectible accounts. Credit sales for 20X7 were $4,500,000. In its December 31, 20X7 balance sheet, what amount should Gear report as allowance for uncollectible accounts? a. $135,000
b. $105,000
c. $320,000
d. $210,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “At January 1, 20X7, Gear Co. had a credit balance of $180,000 in its allowance for uncollectible accounts. Based on past experience, 3% of ...” 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
True or false? An investment portfolio is the collection of stocks, bonds, and other securities a person owns.
Answers (1)
Which statement is most accurate? A. Markets can sometimes fail. B. Markets can theoretically fail, but not in reality. C. Market failure is a myth. D. Market failure is an unproven hypothesis.
Answers (1)
The beginning inventory for ProKnows Ltd. consisted of 20 units at $4 each. During March, 40 more units of inventory were purchased for $5 each, and during May, an additional 40 units were purchased for $6 each.
Answers (1)
Trinity takes home $5200 per month from her job as a pharmacist. if her only debt obligations are a car loan payment of $750 and a mortgage payment of $980 every month, is she in danger of credit overload?
Answers (2)
The value-added method involves taking the cost of intermediate outputs (i. e., outputs that will, in turn, be used in the production of another good) and subtracting that cost from the value of the good being produced.
Answers (1)
New Questions in Business
April Stigum will receive a 6 year annuity of $2,000 per year, beginning 7 years from today. In other words, the first payment will be made at the end of year 7.
Answers (1)
What is the one trait that you have that you believe would be an asset to any employer?
Answers (1)
Delta Technologies, Inc., operates in a perfectly competitive market and has experienced economies of scale because of advanced technologies that have allowed it to make production more efficient. Delta Technologies, Inc.
Answers (1)
Institutions specialize in raising money for governments and corporations by issuing securities.
Answers (2)
When heavy rain ruined the banana crop in central america, the price of bananas rose from $1.00 a pound to $2.00 a pound. growers sold fewer bananas, but their total revenue remained unchanged.
Answers (1)