What is the ending balance of Accounts Receivable if the beginning balance was $50,000, sales on credit were $75,000, cash collections from customers were $60,000, and bad debt expense was $3,000? a) $52,000 b) $45,000 c) $98,000 d) $81,000 If a company's total assets are $500,000, total liabilities are $300,000, and common stock is $100,000 and $25,000 quarterly dividend payment, what is the amount of retained earnings? a) $50,000 b) $127,000 c) $150,000 d) $200,000

What is the ending balance of Accounts Receivable if the beginning balance was $50,000, sales on credit were $75,000, cash collections from customers were $60,000, and bad debt expense was $3,000? a) $52,000 b) $45,000 c) $98,000 d) $81,000 If a company's total assets are $500,000, total liabilities are $300,000, and common stock is $100,000 and $25,000 quarterly dividend payment, what is the amount of retained earnings? a) $50,000 b) $127,000 c) $150,000 d) $200,000

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

See similar textbooks

Similar questions

Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.
Give me answer
??
A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
i need the answer quickly
Company A has accounts receivable of $100,000, and it estimates that $5,000 will not be collected. What is the net realizable value of accounts receivable?
A 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
Help me to get correct answer
jjj
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000; cash collections from customers, $1,100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.
Company D had the following accounts receivable information: Beginning accounts receivable: $50,000 Sales on credit: $100,000 Cash collected from accounts receivable: $120,000 Ending accounts receivable: $60,000 Calculate the bad debt expense for Company D.