At December 31, 2020 before any year-end adjustments, accounts receivable had balance of $260000. Credit sales for 2020 are $610000, and allowance for uncollectible accounts had a credit balance of $7000. The credit manager prepared the following aging schedule for accounts receivable:

Age	Amount	% Estimated Uncollectible
030 Days	$110,000	4.50%
31-60 Days	$60,000	1.00%
61-90 Days	$50,000	10.00%
Over 90 Days	$15,000	41%

What is the bad debt expense for 2020? the correct answer is (9700)

A company received a bank statement with a balance of $6300. Reconciling items included a bookkeeper error where a $450 check written to a supplier was incorrectly recorded as $550, two outstanding checks totaling $860, a bank service charge of $29, a deposit in transit of $340, and bank interest revenue of $24. What is the adjusted bank balance? correct answer is (5780)

The following information is from the records of Daffodil Shop:

Accounts receivable, December 31, 2020	$25000 (debit)
Allowance for uncollectible accounts, December 31, 2020 prior to adjustment	$580 (debit)
Net credit sales for 2020	$93000
Accounts written off as uncollectible during 2020	$440

Bad debt expense is estimated by the aging-of-receivables method. Management estimates that $3350 of accounts receivable will be uncollectible. Calculate the amount of net accounts receivable after the adjustment for bad debts. correct answer is (21650)

The balance in accounts receivable was $65000 at the beginning of the year and $102000 at the end of the year. Credit sales for the year totalled $432000. During the year, $48000 in customer accounts were written off. How much cash was collected from customers during the year? correct answer is (347000)

Gary Computer Store had credit sales of $400000 in 2019. Before preparing end-of-year adjusting entries, allowance for uncollectible accounts had a debit balance of $3700. As of December 31, 2019, $390000 of accounts receivable remain uncollected. The credit manager of Gary prepared an aging schedule of accounts receivable and estimates that $34000 will be uncollectible.

What is the net realizable value of accounts receivable reported on the balance sheet as at December 31, 2019? correct answer is (356000)

The following information is available for Terry Company:

Allowance for uncollectible accounts at 12/31/2019	$11000
Credit sales during 2020	$490000
Accounts receivable written off during 2020	$8000

An aging analysis of accounts receivable showed that $18000 of A/R will be uncollectible.

What amount should Terry record as bad debt expense for the year ended December 31, 2020? correct answer is (15000)

On January 2, 2019, Payne Company acquired a machine for $330000 to be used in its manufacturing operations. The machine has an estimated useful life of 19 years, an estimated salvage value of $19000, and was estimated to be used for a total of 20000 hours. In 2020, the machine was used for 8000 hours. What is the depreciation expense for 2020 under the units of activity method? correct answer is (124400)

Rose Corp. acquired a new office machine on January 1, 2016, for $140000. The machine has a 10-year useful life and a $18000 estimated salvage value. On January 1, 2020, it is estimated that the remaining useful life of the machine will be 8 years and that the salvage value will be zero at the end of its useful life. Rose Corp. uses the straight-line method for depreciation. What is the depreciation expense for 2020: correct answer is ( 11400)

On July 7, 2020 Fiona Corp. purchased a factory with all its equipment for $593000. Market value for the land on which the factory building is constructed is $442000. Market values for the factory building and equipment are $228000 and $312000, respectively. How much of the purchase price will be allocated to the equipment account? correct answer is (188407)

On January 1, 2017, Ashley Auto Sales and Service purchased a vehicle for use in the business at a cost of $32000. The vehicle has a 12-year useful life with an expected salvage value of $5000. The company has a December 31 year-end and uses straight-line depreciation for all capital assets. On April 1, 2019, the company sold the vehicle for $7000.

What loss did Ashley Auto report on its 2019 income statement? correct answer is (19938)

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