Best Mart Inc. reported income before income taxes of $2,400 million. However, the company failed to record $2,100 million in accrued expenses during the period. What would the actual income before income taxes be after adjusting for the accrued expenses?
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- ABC Company has an accounts receivable balance of $50,000 at the beginning of the year and $70,000 at the end of the year. During the year, the company wrote off $5,000 in uncollectible accounts and recorded $10,000 in bad debt expense. What was the company's net realizable value of accounts receivable at the end of the year?What would have been the income before income taxes?How do I solve this?
- They recorded $134,560 in accounts receivable for the year and $323,660 in credit sales. The uncollectible percentage is 6.8%. What is the bad debt estimation for the year using the income statement method?Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- 7.Please answer all the tables in their entirelyAt the end of the prior year, Company reported the following information: Accounts Receivable (Gross) were $125,000 and Allowance for Doubtful Accounts were $2,400. During the current year, sales on account were $150,000, collections on account were $165,000, write-off of bad debts were $6,500, and the bad debt expense adjustment was $5,500. Show how the amounts related to Accounts Receivable would be reported on the balance sheet for the current year. Disregard income tax considerations.What is the net realizable value of accounts receivable on these accounting question?