What is the ending balance of Allowance for Bad Debts as of December 31, 2016? A. 171,300 B. 192,300 C. 191,700 D. 170,700
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- 12- Due to the concept of periodicity, interest, rent, etc. collected in the current period but concerning the future period. In which account are some incomes, such as, temporarily monitored? a) 380 Revenues for Future Months Hs. B) 181 Income Accruals Hs. NS) 642 Interest Income Hs. D) 649 Other Ordinary Income and Profits Hs. TO) 647 Rediscount Interest Income HsHi please assist2. Under the allowance method, an estimate of the total bad debts expected for the following year is made at the end of the current year. True or False
- If the Allowance for Doubtful Account has a Debit balance at the end of the period, then more 'actual bad debt' was recognized than 'estimated' O Net Income will be less than zero O estimated bad debt for the next period will not be necessary O AR balance will be zero 763C09. How much was Sasha Novikov’s adjusted accounts receivable on December 31, 2022? - 1,481,250 10. How much was the adjusted balance of Sasha Novikov’s allowance for bad debts on December 31, 2022? - 40,920 How much was the adjustment to bad debts expense? (Indicate before the answer if debit or credit: Eg. “Debit 50,000” or “Credit 50,000”) Please answerDon't give answer in image format
- 3-a. Compute the ratio of the warranty expense to net revenues for the three years. The Standard warranty liability had a balance of $221 at the beginning of 2016. (Round percentage answers to 2 decimal places (i.e., 0.1243 should be entered as 12.43).) Ratio of warranty expense to net revenues 2018 % 2017 % 2016 %(b) (c) (d) Allowance for Doubtful Accounts Accounts Receivable Cash Bad Debt Expense (To reinstate account previously written off) Bad Debt Expense Allowance for Doubtful Accounts (To record the recovery of the uncollectible account during the period) 6500 3300 6500 3300 00 00Problem 7-4 (Bad Debt Reporting) From inception of operations to 31 December 2019, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions were recorded based on analysis of customers with different risk characteristics. Bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account; and no year-end adjustments to the allowance account were made. Fortner's usual credit terms are net 30 days. The balance in Allowance for Doubtful Accounts was $130,000 at 1 January 2019. During 2019, credit sales totalled $9,000,000, the provision for doubtful accounts was determined to be $180,000, $90,000 of bad debts were written off, and recoveries of accounts previously written off amounted to $15,000. Fortner installed a computer system in November 2019, and an aging of accounts receivable was prepared for the first time as of 31 December 2019. A summary of the…
- Adjusting Allowance for Doubtful Accounts and Bad Debt Expense Merck & Company reported the following in its financial statements. $ millions Accounts receivable, net Allowance for doubtful accounts 2016 2017 2018 2019 $8,773 $8,591 $8,839 $8,473 244 199 149 108 Adjust the balance sheet and income statement to reflect a 1.97874% of Allowance for doubtful accounts to Gross accounts receivables for each year. Assume a tax rate of 20%. • Round answers to one decimal. • Use a negative sign to indicate if the adjustment decreases an account balance. 2016 2017 2018 2019 Adjusted allowance for doubtful accts. $ $ $ $ Income Statement Adjustments Bad debts expense Income tax expense at 20% Net Income Balance Sheet Adjustments Allowance for doubtful accounts Accounts receivable, net Deferred tax liabilities Retained EarningsParesPlease help me. Thankyou.