Tech Company has $800,000 gross accounts receivable and currently $5,000 in allowance. They estimate 2% will be uncollectible.
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- The Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?Blain Company has $20,000 of accounts receivable that are current, $10,000 that are between 0 and 30 days past due, $6,000 that are between 30 and 60 days past due, and $1,600 that are more than 60 days past due. Blain estimates that 2% of the receivables that are current will be uncollectible, 5% of those between 0 and 30 days past due will be uncollectible, 10% of those between 30 and 60 days past due will be uncollectible, and 50% of those more than 60 days past due will be uncollectible. Just prior to recognizing uncollectible accounts expense, Blain's allowance for doubtful accounts has a $200 positive balance. Assuming Blain uses the aging method to estimate uncollectible accounts expense, the amount of uncollectible expense will be Multiple Choice $1,900 $2,500 $2,100 $2,300A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1 to 30 days past due are 2% uncollectible; and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible. What is the net realizable value of the accounts receivable? $150,000 $148,000 $145,000 $143,000
- Theon Company has $4,000,000 of sales and $200,000 of accounts receivable for the year. The company estimates 2% of its sales will become uncollectible. If Allowance for Doubtful Accounts has a $900 credit balance, the adjustment to record uncollectible accounts for the period will require a debit to bad debt expense for: Group of answer choices $79,100 $80,000 $3,100 $80,900A company has $50,000 in accounts receivable. The company estimates that 5% of accounts receivable will not be collected. What is the net realizable value of accounts receivable?Domestic
- A company is getting ready to publish their annual financial statements. They have the following beginning balances: Beginning balance for gross accounts receivable (A) $2,000 beginning balance for Allowance for doubtful accounts (XA) $300 1.) They make $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible. If the income statement method is used, -Ending balance for the allowance for doubtful accounts= $1,300 -Bad debt expense=$1,000 2.) assume that no cash collections were made during the accounting period and continue to assume that the $10,000 In credit sales were made in the current period. Suppose that 5% of accounts receivable are typically not collectible. If the balance sheet method is used, Bad debt expense= $300 Ending balance for the allowance for doubtful accounts= $600 QUESTION: From your analysis in question 1 and 2, which method will result in a higher net income? Why?A company is getting ready to publish their annual financial statements. They have the following beginning balances: Beginning balance for gross accounts receivable (A) $2,000 beginning balance for Allowance for doubtful accounts (XA) $300 question: now supposed that the company recorded $50 in write-offs for the current accounting period. if the company makes $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible, using the income statement method, what is the bad expense now? please show work so I can understand the problemThe Allowance for uncollectible accounts currently has a debit balance of $200. The company's management estimates that 2.5% of net credit sales will be uncollectible. Net credit sales are $115,000. What will be the balance of the Allowance for uncollectible accounts reported on the balance sheet? a. $3,075 b. $3,275 c. $2,875 d. $2,675
- Augustino Company estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2018, the company’s credit sales and collections were $125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2018, if $180 in accounts receivable were written off during 2018 and if the allowance account had a balance of $750 on December 31, 2018? A. $25,820 B. $25,180 C. $31,180 D. $31,000Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $400,000; estimated uncollectible = 8%.2. Accounts 1–30 days past due = $50,000; estimated uncollectible = 15%.3. Accounts 31–90 days past due = $40,000; estimated uncollectible = 30%4. Accounts more than 90 days past due = $30,000; estimated uncollectible = 50%.At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $22,000 in its allowance for uncollectible accounts. Required:1. Estimate the appropriate 12/31/2021 balance for Zuo’s allowance for uncollectible accounts.2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts?3. Calculate Zuo’s 12/31/2021 net accounts receivable balance.A company has $235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,590 credit balance. If the company estimates 5% of credit sales will be uncollectible, what will be the amount of the journal entry to record estimated uncollectible accounts? O A. $4,160 O B. $7,590 O C. $19,340 O D. $11,750