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

Question

1 Approved Answer

plz help 18 Pharoah Inc uses the percentage of sales approach to estimate its allowance for expected credit losses. Credit sales for the year was

plz help image text in transcribed
18
Pharoah Inc uses the percentage of sales approach to estimate its allowance for expected credit losses. Credit sales for the year was $1620000 and management estimates 1.75% of credit sales to be uncollectible. What would be the balance in the allowance for expected credit losses account if the fiscal year opening balance was $36000 ? $28350$64350$7650$36000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Auditing A Practical Approach

Auditing A Practical Approach

Authors: Robyn Moroney

1st Canadian Edition

978-1118472972, 1118472977, 978-1742165943

More Books

Students also viewed these Accounting questions

Question

★★★★★
The Department of Defense is concerned about the number of Harrier crashes. The Air Force argues that the crashes result because many of these planes are piloted by marines. The data for this claim...

Answered: 1 week ago

Question

★★★★★
How does the interactionist approach to language learning differ from the nativist (LAD) approach?

Answered: 1 week ago

Question

★★★★★
5. Thinking of an object only in terms of its typical use is known as . A broader, related tendency for old problem-solving patterns to persist is known as a .

Answered: 1 week ago

Question

★★★★★
A four - year financial project is forecast to have net cash inflows of $20,000; $25,000; $30,000; and $50,000 in the next four years. It will cost $75,000 to implement the project, payable at the...

Answered: 1 week ago

Question

★★★★★
View Policies Current Attempt in Progress Bonita Inc. issued 52,040,000 of convertible 10-year bonds on July 1, 2020. The bonds provide for 11% interest payable semiannually on January 1 and July 1...

Answered: 1 week ago

Question

★★★★★
Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's operations in July appear below: The company measures its activity in terms of flights. Customers can...

Answered: 1 week ago

Question

★★★★★
ToFrom Trucking serves two segments of customers. One segment (A) is willing to pay $3.50 per cubic foot but wants to commit to a shipment with only 24 hours' notice. The other segment (B) is willing...

Answered: 1 week ago

Question

★★★★★
(a) Let Z be a standard normal. Find Pr(-1.96 3). (c) Let X be a t-distribution with df=10. Estimate Pr(-2.2 X*)=.05? (e) Let X be a F10,00 distribution. What value X* solves Pr(X>X*)=.05?

Answered: 1 week ago

Question

★★★★★
Time: 75 minutes Problem 1 (2 points) Calculate I = fc(1+ y)dl, where C is the under half of the circle 2+ y = 4.

Answered: 1 week ago

Question

★★★★★
Build a LP model for the following scenario, but don't solve the LP model that you made. A company manufactures two products whose unit profits are $17 and $15, respectively. The company has budgeted...

Answered: 1 week ago

Question

★★★★★
What is the intercept for the regression equation to forecast demand, in the worksheet: Food Truck Demand?

Answered: 1 week ago

Question

★★★★★
4. Will technology eliminate the need for HR managers?

Answered: 1 week ago

Question

★★★★★
OUTCOME 1 Explain how human resources managers and other managers can have rewarding careers by helping their firms gain a sustainable competitive advantage through the strategic utilization of...

Answered: 1 week ago

Question

★★★★★
OUTCOME 2 Explain how good human resources practices can help a firms globalization, corporate social responsibility, and sustainability efforts.

Answered: 1 week ago

Previous Question Next Question