Limo.com had the following balances on December 31, 2010, before the year- end adjustments: Accounts Receivable 104,000
Question:
Limo.com had the following balances on December 31, 2010, before the year- end adjustments:
Transcribed Image Text:
Accounts Receivable 104,000 Allowance for Uncollectible Accounts 1,300 The aging of receivables yields these data: Age of Accounts 1-30 31-60 61-90 Over 90 Total Accounts Receivable Estimate Percentage Uncollectible. 1% Days Days Days Days $70,000 $20,000 $10,000 $4,000 2% Receivables $104,000 x5% x 50% Journalize Limo's entry to adjust the allowance account to its correct balance on December 31, 2010.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Porser Company had the following balances in its accounting records as of December 31, Year 1: Assets Claims Cash ...................................................$26,000 Accounts payable...
-
Oaks Company had the following balances in its accounting records as of December 31, 2010. The following accounting events apply to Oaks's 2010 fiscal year: Jan. 1 Acquired an additional $70,000 cash...
-
Protea Ltd is an exporter of South African flowers. Together with a group of companies, Protea Ltd created a well-known name for delivering the most beautiful flowers worldwide. Protea Ltd (Protea)...
-
Jackson Corporation has borrowed $2 million from a local bank under a long-term debt agreement whereby the loan has to be repaid in two years' time. The agreement was violated and the debt became...
-
(a) Give the number of CGTFs used in a [4s2p/2s] calculation of C3H7OH. (b) Give the number of CGTFs used in a DZ calculation of C4H9OH.
-
Using the tax rates for the year 2006, determine the amount of federal income tax that is due for a C corporation that has a taxable income of $356,000.
-
Discuss the common pitfalls you would expect to encounter in negotiating your salary for your first job, and explain how you would best try to deal with them.
-
Matties Vineyards is a producer and wholesaler of three varieties of white wine. Sales data for November are given below: Required a. Compute the sales price variance for all three wines. b. Compute...
-
9. Convert the exponents (write in exponential form) ww c 33 34 (3x2) = 58 x 53 = 65 3-2
-
Match the term with its definition by placing the corresponding letter in the space provided: 1. A written promise to pay a specified amount of money at a particular future date 2. The date when...
-
Gorav Dental Group started 2010 with Accounts Receivable of $120,000 and an Allowance for Uncollectible Accounts balance of $6,000. The following information relates to Gorav Dentals 2010 operations:...
-
Refer to Problem C:13-24. Explain the negative tax considerations (if any) with respect to Balas making gifts of the assets that you recommended. In problem C: 13-24 Bala desires to freeze the value...
-
Donny Accounting provides accounting services. During the month of May 2022, the following transactions took place. May 1 Borrowed $6,000 cash from the bank. May 3 Provided services to a customer and...
-
What are the molecular mechanisms underlying the adaptive immune response, including somatic recombination, clonal selection, and immunological memory, and how do these processes enable vertebrates...
-
Relative Valuation Method Financial Information Earthlink (ELINK) Yahoo! (YHOO) eBay (EBAY) Microsoft (MSFT) 2003 shares outstanding 159,399,000 655,602,000 646,819,000 10,800,000,000 2003 fiscal...
-
Question 1A (3 marks) EXCEL, an equipment costing $100,000 has a useful life of 6 years. It has a resale value of $8,000. Annual costs will be $7,000 for each of the year. Another equipment, APLUS...
-
T merges into P under state law. T shareholders receive $ 4 0 0 , 0 0 0 of P stock and $ 1 0 0 , 0 0 0 of cash. T shareholder basis in their stock is $ 3 2 5 , 0 0 0 . How much gain do T shareholders...
-
Helium gas at 25C and 4 bars is contained in a glass cylinder of 100-mm inside diameter and 5-mm thickness. What is the rate of mass loss per unit length of the cylinder?
-
(a) What is the focal length of a magnifying glass that gives an angular magnification of 8.0 when the image is at infinity? (b) How far must the object be from the lens?
-
In which of the following scenarios might a taxpayer have California-source income resulting from a covenant not to compete? a. Income received is grouped together as one transaction. b. The business...
-
Actividad 3. Anlisis y reporte de caso: empleado herido mientras operaba una sierra circular
-
Which of the following is not a responsibility of the California Department of Tax and Fee Administration? a. administration of sales tax b. administration of use tax c. collection of cost recover...
Study smarter with the SolutionInn App