1- Choose a company from the US market-(If you wish you can choose the

On October 12 of the current year, a company determined that a customer's account receivable was uncollectible and that the account should be written off. Assuming the direct write-off method is used to account for bad debts, what effect will this write-off have on the company's net income and total assets? Mutiple Choice   Decrease in net income; no effect on total assets.    No effect on net income; no effect on total assets.   Decrease in net income; decrease in total assets.   Increase in net income; no effect on total assets.   No effect on net income; decrease in total assets

4. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 5. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible?  6. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?

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If a company uses the direct write-off method of accounting for bad debts,a. it will report accounts receivable on the balance sheet at their net realizable value.b. it is applying the matching principle.c. it will reduce the Accounts Receivable account at the end of the accounting period for estimated uncollectible accounts.d. it will record bad debt expense only when an account is determined to be uncollectible.

27.A company writes off as uncollectible an account receivable from a bankrupt customer.  The company has an adequate amount in its Allowance for Uncollectible Accounts.  What would be the effect of this transaction in the company's financial statements?     a. Operating expenses for the period will increase. b. Total current assets will decrease. c. Net profit for the period will not be affected. d. Net profit for the period will decrease.

Zach Allen is the accountant for a large retail company. It is now the end of the accounting period and time to prepare financial statements. Zach has requested that the company's sales manager give him an estimate of uncollectible credit sales for the period. Zach says that he needs this information so that he can record bad debt expense. The sales manager tells Zach to "not worry about it. You can just record the expense as the accounts become uncollectible." Comment on this situation and who you think is right. Do you see any problem with the "wait and record approach"?

Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Which accounts would be creditied on sept 21?

You are the staff accountant of ABC Company. Your work is mainly focuses on Accounts Receivable group. You record the accounts receivable and provide allowance for doubtful accounts based on company’s estimate. On Year 2012 the company suffered from loss due to environmental disobedience. The DENR fine them 1M pesos for the infraction of the sea. With this, the company revise its policy of recording allowance of bad debts from 5% to 2%. The company has significant account receivable for the year and collection for this accounts are highly possible. On your trending analysis report, you noticed that you rarely record and write off any bad debts as part of the policy.  You join the meeting with the new accounting policy and Hilary, the CFO said that the decrease of bad debts expense is immaterial to total accounts receivable. She insisted the accounting principles of materiality.  Your controller agrees and immaterial to present the changes in the financial statements and ask you to…

Your company just hired a new employee who is unsure about proper accounting procedures. There was a "sales transaction" on Sept. 4 with the terms 3/15, n/60, followed by a "refund" on Sept. 17, and the customer paid on Sept. 21. Is the customer entitled to a discount?

Guthrie Company receives orders from customers and records revenue at that time, even though it has not yet delivered products or services to the customers. what accounting assumption violate and how it should be done? Because of inflation, Cross Company adjusts its financial statements each year to show the current purchasing power for all items.what accounting assumption violate and how it should be done? David Thomas combines his personal transactions and business transactions when he prepares his company’s financial statements so that he can tell how well he is doing on an “overall” basis.what accounting assumption violate and how it should be done? At the end of each year, Vann Company reports its economic resources on a liquidation basis even though it is likely to operate in the future. what accounting assumption violate and how it should be done?

Q3. A company wants to use the allowance method to account for bad debts. You are assigned to explain to the company the different ways it can use to estimate bad debts.

On December 1, Anson's Drug Store concluded that a customer's $325 account receivable was uncollected and that the account should be written off. What effect will this write-off have on the company's net income and balance sheet totals assuming the direct write-off method is used to account for bad debts? a. decrease in net income; decrease in total assets b. no effect on net income; no effect on total assets c. increase in net income; no effect on total assets d. no effect on net income; decrease in total assets

The chief accountant for Bramble Corporation provides you with the following list of accounts receivable written off in the current year. Date March 31 June 30 September 30 December 31 Customer E. L. Masters Company Stephen Crane Associates Amy Lowell's Dress Shop R. Frost, Inc. Amount $7,500 6,600 6.900 Net income would be $ 9,100 Bramble follows the policy of debiting Bad Debt Expense as accounts are written off. The chief accountant maintains that this procedure is appropriate for financial statement purposes because the Internal Revenue Service will not accept other methods for recognizing bad debts. All of Bramble's sales are on a 30-day credit basis. Sales for the current year total $2,200,000. The balance in Accounts Receivable at year-end is $81,100 and an analysis of customer risk and charge-off experience indicates that 12% of receivables will be uncollectible (assume a zero balance in the allowance). (b) By what amount would income before taxes differ if bad debt expense was…

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Discuss the different methods available to account for bad debts. Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method (-

Match the terms with the definitions.

I'm needing help on these questions for my Homework. Can anyone please help me?

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.