Noble Ventures reported net income of $91,300 on its income statement. However, adjusting entries have not yet been made at the end of the month for utilities expense of $6,480 and accrued salaries of $9,150. Net income, as corrected, is $__.

Noble Ventures reported net income of $91,300 on its income statement. However, adjusting entries have not yet been made at the end of the month for utilities expense of $6,480 and accrued salaries of $9,150. Net income, as corrected, is $__.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please provide the answer to this general accounting question using the right approach.
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Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,280 at the beginning of 2021 and a $22,410 credit balance at the end of 2021 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expense equals actual write-offs), the income statement for 2021 would have included bad debt expense of $17,100 and revenue of $2,200 from the collection of previously written off bad debts.Required:Determine bad debt expense for 2021 according to the allowance method.
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Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had acredit balance of $17,280 at the beginning of 2018 and a $22,410 credit balance at the end of 2018 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expenseequals actual write-offs), the income statement for 2018 would have included bad debt expense of $17,100 andrevenue of $2,200 from the collection of previously written off bad debts.Required:Determine bad debt expense for 2018 according to the allowance method.