Question
PLEASE SHOW ALL YOUR WORK! PLEASE ANSWER THEM ALL! THANK YOU! The following information relates to Kate Company Beginning inventory 150 units at $2 each
PLEASE SHOW ALL YOUR WORK! PLEASE ANSWER THEM ALL! THANK YOU!
The following information relates to Kate Company
Beginning inventory 150 units at $2 each
Purchases 450 units at $5 each
At the end of the period , Kate had 190 units left in inventory. Kate sold the remaining units for $24 each.
How many units did Kate have available for sale? 150+450-190 IS WRONG
=========================================
On December 31, 2017, Extreme Fitness has adjusted balances of $80,580 in Accounts Receivable and $2,564 in Allowance for Doubtful Accounts. Assume that on February 2, 2018, Extreme Fitness received a payment of $975 from one of the customers whose balance had been written off.
What amount would the company report as its accounts receivable balance on February 2, 2018? 80580-2564-975 IS WRONG
============================================
Young and Restless Corporation (YRC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered current and have a 3% uncollectible rate. Accounts more than 60 days are considered delinquent and have a 20% uncollectible rate.. YRCs Allowance for Doubtful Accounts currently has an unadjusted debit balance of $576
If YRC has $59,620 of current accounts and $7,200 of delinquent accounts, how much should be reported as Bad Debt expense? 59620*.03 + 7200*.20 + 576 IS WRONG
================================================
Potato Company began the period with an accounts receivable balance of $2,693 and a balance in the allowance for doubtful accounts of $494
The following transactions occurred in Potato Company
a. During the period, customer balances are written off in the amount of $668
b. At the end of the period, bad debt expense is estimated to be $749.
What is the Net Accounts receivable after these transactions? 2693-668-749 IS WRONG
===============================================
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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