Umbrella com had the following balances on December 31, 2016, before the year end adjustments The aging of receivables yields these data Journalize Umbrellas entry to adjust the allowance account to its correct balance on December 31, 2016 Accounts Receivable 105,600 Allowance for Uncollecible Acco...

Journal DATE ACCOUNTS AND EXPLANATIONS POST Dr Cr REF 2016 Dec ...

Umbrella.com had the following balances on December 31, 2016, before the year-end adjustments: The aging of receivables

Question:

Umbrella.com had the following balances on December 31, 2016, before the year-end adjustments:

Accounts Receivable 105,600 Allowance for Uncollecțible Accounts 2,000 | Bal Bal

The aging of receivables yields these data:

1-30 Days $66,000 $24,000 $12,000 $3,600 $105,600 Age of Accounts 61-90 Over 90 31-60 Days Days Days Receivables Total A

Journalize Umbrella’s entry to adjust the allowance account to its correct balance on December 31, 2016?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

See More Books

Question Posted: Nov 17, 2017 09:01 AM

See More Questions

Umbrella.com had the following balances on December 31, 2012, before the year-end adjustments: The aging of receivables yields these data: Journalize Umbrellas entry to adjust the allowance account...
Limo.com had the following balances on December 31, 2013, before the year-end adjustments: The aging of receivables yields these data: Journalize Limo.corns entry to adjust the allowance account to...
Limo.com had the following balances on December 31, 2015, before the year-end adjustments: The aging of receivables yields these data: Journalize Limo.com's entry to adjust the allowance account to...
Timco is considering the construction of a new retail outlet. The construction cost will be 400000. Net working capital will increase by 10000. The depreciation is 10 year MACRS. The new location...
In Example 1 find a general solution for any ratio a = (flow rate) (tank size), tank sized being equal, Comment on the result.
Define each of the following workplace flexibility factors: Flextime: Compressed workweek: Job sharing: Telecommuting:
If 2000 students are randomly selected, how many would be expected to have an IQ score that is less than 90?
Why has the Internet lowered the switching costs for consumers?
Question 18 of 40 - / 2.5 View Policies Current Attempt in Progress The Selling Division's unit sales price is $30 and its unit variable cost is $15. Its capacity is 10000 units. Fixed costs per unit...
Twin-Cities, Inc., purchased a building for $600,000. Straight-line depreciation was used for each of the first two years using the following assumptions: 25-year estimated useful life, with a...
Bright Smile Dental Group started 2016 with Accounts Receivable of $134,000 and a credit balance in Allowance for Uncollectible Accounts balance of $9,000. The following information relates to Bright...
For each of the following notes receivable, compute the amount of interest revenue earned during 2016. Use a 360-day year, and round to the nearest dollar. Interest Period During 2016 11 months 75...
Create an Excel spreadsheet that graphs the portfolio return and standard deviation combinations found in Problem 5.12 for Home Depot and Lowe's. Data from Prob. 5.12 Use the table of annual returns...
Lucy is using a one-sample test based on a simple random sample of size = 24 to test the null hypothesis = 23.000 cm against the alternative hypothesis < 23.000 cm. The sample has mean 22.917 cm and...
A motorcyclist of mass 60 kg rides a bike of mass 40 kg. As she sets off from the lights, the forward force on the bike is 200N. Assuming the resultant force on the bike remains constant, calculate...
A load downward load P = 400 N is applied at B. It is supported by two truss members with member BA at an angle of 0 = 45 from horizontal and member BC at an 01 = angle of 02 25 from vertical....
Gross profit, defined as Net sales less Cost of products sold increased by $279 million in 2017 from 2016 and decreased by $2 million in 2016 from 2015. As a percent of sales, gross profit was 38.8%...
An electro-magnetic shield is to be made of galvanized steel with conductivity = 1.74 x 106 S/m, and magnetic permeability HR = 80. The thickness of cold rolled steel is in the following table. Gauge...
The man stands a distance d from the wall and throws a ball at it with a speed v 0 . Determine the angle at which he should release the ball so that it strikes the wall at the highest point...
According to a New York Times columnist, The estate tax affects a surprisingly small number of people. In 2003, . . . just 1.25 percent of all deaths resulted in taxable estates, with most of them...
Regal Freightway provides freight service. The companys balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Regal Freightway uses a separate accumulated depreciation account for each...
At the end of 2018, Zepher Corp. had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600, and accumulated...
Mesa Transport is a large trucking company. Mesa Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Mesa Transport acquired a Mack truck costing $330,000, with a...
Flexible manufacturing places new demands on the management accounting information system and how performance is evaluated. In response, a company should a. institute practices that reduce switching...
Revenue and expense items and components of other comprehensive income can be reported in the statement of shareholders' equity using: U.S. GAAP. IFRS. Both U.S. GAAP and IFRS. Neither U.S. GAAP nor...
Kirk and Spock formed the Enterprise Company in 2010 as equal owners. Kirk contributed land held an investment ($50,000 basis; $100,000 FMV), and Spock contributed $100,000 cash. The land was used in...

Umbrella.com had the following balances on December 31, 2016, before the year-end adjustments: The aging of receivables

Question:

Accounts Receivable 105,600 Allowance for Uncollecțible Accounts 2,000 | Bal Bal 1-30 Days $66,000 $24,000 $12,000 $3,600 $105,600 Age of Accounts 61-90 Over 90 31-60 Days Days Days Receivables Total Accounts Receivable Estimate Percentage Uncollectible. . x 1% x 6% x 53% x 2%

Step by Step Answer:

Journal DATE ACCOUNTS AND EXPLANATIONS POST Dr Cr REF 2016 Dec ...View the full answer

Financial Accounting

Students also viewed these Managerial Accounting questions