FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Net credit sales for the month are $ 810000 . The accounts receivable balance is $ 170000 . The allowance is calculated as 5 %

Net credit sales for the month are $810000. The accounts receivable balance is $170000. The allowance is calculated as 5% of the receivables balance using the percentage-of-receivables basis. If the Allowance for Doubtful Accounts has a credit balance of $6000before adjustment, what is the balance after adjustment?



Step by Step Solution

★★★★★

3.52 Rating (145 Votes )

There are 3 Steps involved in it

Step: 1

Solution The correct answer is 8500 Explanation The e... blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

17th Edition

032459237X, 978-0324592375

More Books

Students also viewed these Accounting questions

Question

★★★★★
The accountant for Flowers-R-Us gathers the following data before making adjusting entries: Accounts Receivable balance $32,500 Allowance for Doubtful Accounts balance $150 Net credit sales $750,000...

Answered: 1 week ago

Question

★★★★★
Net credit sales for the month are $ 810000 . The accounts receivable balance is $ 170000 . The allowance is calculated as 5 % of the receivables balance using the percentage-of-receivables basis. If...

Answered: 1 week ago

Question

★★★★★
Credit sales for the year were $100,000. Collections on account were $88,000. Make the necessary summary journal entries to record this information.

Answered: 1 week ago

Question

★★★★★
Write a program HowMany that takes a variable number of command-line arguments and prints how many there are.

Answered: 1 week ago

Question

★★★★★
The report Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends (Nellie Mae, May 2005) estimated that 21% of undergraduates with credit cards pay them off each month...

Answered: 1 week ago

Question

★★★★★
When determining the effects of programs that redistribute income, can one reasonably assume that other things will remain constant?

Answered: 1 week ago

Question

★★★★★
What is self-disclosure, and why is it important? Critical T hinking

Answered: 1 week ago

Question

★★★★★
On January 1, 2015, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a...

Answered: 1 week ago

Question

★★★★★
There are two categories of mental response:Cognitions (thoughts, beliefs, judgments, ideas) Emotions (pleasure, pain, feeling mood) Select one: O a. False O b. True Price-meaning knowledge is an...

Answered: 1 week ago

Question

★★★★★
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight?s current benefits analysis is as follows: Company Cost (Current) Yearly Benefit Costs Employee...

Answered: 1 week ago

Question

★★★★★
(Related to Checkpoint 18.3) (Calculating the cost of short-term financing) You plan to borrow $10,000 from the bank to pay for inventories for a gift shop you have just opened. The bank offers to...

Answered: 1 week ago

Question

★★★★★
Bugs NoMore Company manufactures a product effective in controlling beetles. The company uses a standard cost system and a flexible budget. Standard cost of a gallon is as follows: Direct material: 2...

Answered: 1 week ago

Question

★★★★★
Your director at the department of Home Affairs has appointed you as the lead project manager for a project to rollout the new card type identification to all South African citizens, replacing the...

Answered: 1 week ago

Question

★★★★★
An Aluminum alloy die casting weighs 0.63 kg and the weight of the connected gating system = 0.25 kg. Hourly production rate of the die casting operation = 80 pcs/hr. The unit heating and pouring...

Answered: 1 week ago

Question

★★★★★
[Discrete Random Variables] According to an agreement between a smartphone producer and a retail company, the former delivers a large batch of smartphones of some given model. The retail company...

Answered: 1 week ago

Question

★★★★★
The trial balance before adjustment of Cyncrewd Inc. shows the following balances: Accounts receivable Allowance for doubtful accounts (AFDA) Credit sales Sales returns Dr. $225,000 Cr. 2,340 375,000...

Answered: 1 week ago

Question

★★★★★
Q. In January, a company incurred a total product cost of $465,000. Conversion costs were 70% of overall product costs, while prime costs were 60% of overall product costs. How much are direct labor...

Answered: 1 week ago

Question

★★★★★
In Problems, solve each system of equations. x + 2y + 3z = 5 y + 11z = 21 5y + 9z = 13

Answered: 1 week ago

Question

★★★★★
For each of the following independent situations, identify the relevant objective(s) of financial reporting that the company could be overlooking. Discuss each of these objectives. 1. The president...

Answered: 1 week ago

Question

★★★★★
On December 31, 2011, Hadley Company provides the following pre-audit income statement for your review: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Answered: 1 week ago

Question

★★★★★
The Atlas Company sells product T. During a move to a new location, the inventory records for product T were misplaced. The bookkeeper has been able to gather some information from the sales records...

Answered: 1 week ago

Question

★★★★★
=+a. Does a scatterplot of the data suggest it is reasonable to assume an approximate linear relationship between x and y?

Answered: 1 week ago

Question

★★★★★
=+a. Determine the equation of the least squares line for this data and then calculate and interpret the coefficient of determination.

Answered: 1 week ago

Question

★★★★★
=+d. Does a residual plot indicate any deficiency in a straight line fit? Explain your reasoning.

Answered: 1 week ago

Previous Question Next Question