At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $232,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $232,000 and in Allowance for Doubtful Accounts of $10,440. During the period, it had net credit sales of $928,000 and collections of $885,080. It wrote off as uncollectible accounts receivable of $8,468. Uncollectible accounts are estimated to total $29,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Your answer is correct. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) (d) Beg Bal (a) (b) (c) S eTextbook and Media Your answer is correct Cash Assets Accts. Rec. 232000 S 928000 885080 (685080) (8468) Allow. For Doubtful Accts (10440) 8468 I (27028) Attempts: 2 of 3 used Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45)) Ending balance in Accounts Receivable 266452 Ending balance in Allowance for Doubtful Accounts $ -29000 (e) eTextbook and Media What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period $ Attempts: 2 of 3 used At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $232,000 and in Allowance for Doubtful Accounts of $10,440. During the period, it had net credit sales of $928,000 and collections of $885,080. It wrote off as uncollectible accounts receivable of $8,468. Uncollectible accounts are estimated to total $29,000 at the end of the period. (Omit recording cost of goods sold.) (a-c) Your answer is correct. Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) (d) Beg Bal (a) (b) (c) S eTextbook and Media Your answer is correct Cash Assets Accts. Rec. 232000 S 928000 885080 (685080) (8468) Allow. For Doubtful Accts (10440) 8468 I (27028) Attempts: 2 of 3 used Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number eg -45 or parentheses eg. (45)) Ending balance in Accounts Receivable 266452 Ending balance in Allowance for Doubtful Accounts $ -29000 (e) eTextbook and Media What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period $ Attempts: 2 of 3 used
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Step 2: Determining the Knight family's tax bill We calculate the property tax for the Knight family by multiplying the fair cash value of their property by the property tax rate for each taxing...
-
The following are accounting items taken from the records of Sterling Company for 2016: Payment of dividends $24,000 Decrease in accounts payable $19,000 Decrease in accounts receivable $21,000...
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
when taking a lead role for supplier selection can often help Multiple select question. establish supplier quality standards. determine price. develop the engineering specifications. set conditions...
-
What is the average cost pricing rule? Why is it not an efficient way of regulating monopoly?
-
Twenty percent of babies in a particular city are born by a surgical procedure called a Cesarean section (C-section). You are interested in gathering information about hospital experiences of parents...
-
Distinguish between job costing process costing and batch costing fully explaining each approach.
-
Barbara is a sales representative for Global Fashions Inc. One of her best customers, George, places a large order for linen jackets for the coming spring season. Barbara knows that Global has had...
-
Assuming there is a 0.5 probability that a coin will land on heads, what is the probability that flipping coin will land on heads, then heads, then tails, and then heads again?
-
A manufacturer has 200 units in finished goods inventory at the end of the year. Using the per unit information provided below, compute the cost of finished goods inventory reported on the balance...
-
Given an array of integers, find the sum of its elements. For example, if the array , , so return . Function Description Complete the simpleArraySum function in the editor below. It must return the...
-
A major utility company, PowerGrid, is considering investing in renewable energy power plants to diversify its energy portfolio and meet the increasing demand for clean energy. However, they are...
-
Solve the given initial value problems. y'' - 4y' + 4y = 0, y(1) = 1, y'(1) = 1 y'' + 2y' + 2y = 0, y(0) = 2, y'(0) = 1
-
Write a sqlite3 program that creates a database test.db with a table horse_table with columns horse (text, the name of a horse) and age (int, the age of the horse). On the file data, txt, whose...
-
Hello, Profs. Please, I am currently working on a c# project "Eternal Quest program" to track various kinds of goals. However, I am faced with a syntax error in line 260 "(field) static Goal...
-
Explain and Give Example CHARACTERISTICS OF GOOD STRATEGIC LEADERS Vision, eloquence, and consistency Articulation of a business model Commitment Being well informed Willingness to delegate and...
-
Saccharin is an artificial sweetener that is used in diet beverages. In order for it to be metabolized by the body, it must pass into cells. Below are shown the two forms of saccharin. Saccharin has...
-
What is the drawback of company rankings based on EVA?
-
If EPS rises after a deal, does this necessarily imply value creation?
-
Can value be created by developing new products and new markets or by reducing costs?
Study smarter with the SolutionInn App