Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 25, 2024

At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $55,000 and the allowance for uncollectible accounts

At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $55,000 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? PLease explain why A is the correct answer.

Correct Answer A. $46,200

B. $37,400

You Answered C. $8,800

D. $55,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Why would a person fear success?

Answered: 1 week ago

Question

★★★★★

Last year, your client, Roberto Dinero, mailed an automatic extension for his tax return on April 15. He enclosed a check for $ 10,000 with the extension request. The IRS cashed the check on April...

Answered: 1 week ago

Question

★★★★★

the accounts in the ledges of swifty delivery service contain the following balances on july 31, 2022. all accounts have normal balanced

Answered: 1 week ago

Question

★★★★★

Please answer each of the follwing quesions about floating point numbers and floating point arithmetic A. Convert each of the following floating-point numbers into IEEE single-precision...

Answered: 1 week ago

Question

★★★★★

1: Conflicts can arise between shareholders and bondholders. Outline and evaluate the causes of conflict that might arise and suggest possible solutions. Question 2: Some analysts believe that...

Answered: 1 week ago

Question

★★★★★

Ms. Marcy Van Horne's salary for 2021 is $126,000. Other Information: 1. Ms. Van Horne received a performance bonus of $25,000, one-half of which was paid in 2021, with the remaining one-half not due...

Answered: 1 week ago

Question

★★★★★

1.1 Cascade Peaks Construction: Bathroom Given the information in the scenario: i. Identify the non-conforming construction method ii. Briefly explain why the drawings do not conform to NCC's...

Answered: 1 week ago

Question

★★★★★

A rocket is launched from the ground and travels in a straight path. The angle of inclination of the rocket's path is 1.35 radians. (That is, the rocket's path and the ground form an angle measuring...

Answered: 1 week ago

Question

★★★★★

Suppose we have a uniform beam that is 60 centimetres long, and is simply supported at both ends. If the beam has a load of f(x) = 11 N/m applied to it, and has a flexural rigidity of 10,000 Nm,...

Answered: 1 week ago

Previous Question Next Question