A business has the following balances at the beginning of the year: Accounts receivable: 167500 Allowance for doubtful accounts: -25125 The following summary transactions occurred during the year. Sales for the year, 100% on credit: 315000 Cash collected on accounts receivable for the year: 313600 Write-offs of uncollectable accounts receivable: 20100 Received a cheque from a customer whose account was previously written off: 2010 Overall rate used to estimate the allowance for doubtful accounts at year end: 12% Using the information above, answer the following questions. Enter the digits only - no dollar signs, commas, or decimal points. IMPORTANT - enter your answer to the second question (the balance in the allowance) as a NEGATIVE number, with a minus sign (-) in front of the digits. What is the balance in the accounts receivable account at year end? A/ What is the balance in the allowance for doubtful accounts at year end? A What is the balance in the bad debt expense account at year end?

Q: Horizontal analysis is often referred to as the simplest approach of analyzing information. True…

A: Horozontal analysis also known as trend analysis is used to analyse and compare the data present in…

Q: Explain the features of HELOCs that differentiate them from HELs with example?

A: Home equity refers to the difference in the value of the home and the mortgage balance. In HELs and…

Q: Explain put–call parity relationship

A: Put-Call parity is the concept that defines the relationship between price of European call option…

Q: Explain red herring

A: Red herring It is an introductory prospectus recorded with the Securities and Exchange Commission…

Q: What is a limit order?

A: Limit order It is such an order to buy or trade a security at or superior to a predefined cost. The…

Q: Explain rebalance

A: Rebalancing is the strategy for realigning portfolio weightings. Rebalancing incorporates buying or…

Q: Explain the put call parity model. What are the advatages and disavantages of it?

A: Put-call parity characterizes the connection between calls, puts and the underlying assest price or…

Q: Project b npv is incorrect. MIRR is wrong for A and B.

A:

Q: Explain an example of faithful representation.

A:

Q: Explain what is meant by the term “system”. How do subsystems, systems and systems of systems…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: How does the Representational faithfulness is enhanced if information is free from error?

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Name two different ways that MPTBs can be overcollateralized

A: The MPTBs are viewed as hybrid securities. Such bonds have qualities of mortgage backed bond (MBB)…

Q: solution

A: The term "present value" (PV) refers to the value at the current time of a quantity of money or…

Q: Explain Replacement-Analysis Fundamentals?

A: Replacement-analysis fundamentalUnder this, the decision regarding the replacement of obsolete as…

Q: oal Seek is limited to a single parameter. Group of answer choices True False

A: Goal seek works only on a single parameter but it can used on multiple cells. If there are multiple…

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.