Home / Questions / Reconstructing transactions affecting accounts receivable and uncollectible accounts The s...
Reconstructing transactions affecting accounts receivable and uncollectible accounts. The sales, all on account, of Pins Company in 2008, its first year of operations, were $700,000. Collections totaled $500,000. On December 31, 2008, Pins Company estimated that 2% of all sales would probably be uncollectible. On that date, Pins Company wrote off specific accounts in the amount of $8,000. The balances in selected accounts on December 31, 2009, are as follows: On December 31, 2009, Pins Company carried out an aging of its accounts receivable balances and estimated that the 2009 ending balance of accounts receivable contained $11,000 of probable uncollectible. That is, the allowance account should have an $11,000 ending credit balance. It made adjusting entries appropriate for this estimate. Some of the $800,000 sales during 2009 were for cash and some were on account; the problem purposefully does not give the amounts. a. What was the balance in the Accounts Receivable, Gross, at the end of 2008? Give the amount and whether it was a debit or a credit. b. What was the balance in the Allowance for Receivable Accounts account at the end of 2009? Give the amount and whether it was a debit or a credit. c. What was bad debt expense for 2009? d. What was the amount of specific accounts receivable written off as being uncollectible during 2009? e. What were total cash collections in 2009 from customers (for cash sales and collections from customers who had purchased on acc
Apr 17 2020 View more View Less
What legal constraints limit the amount of cash dividends that may be paid by a firm?2. What aspects of U.S. tax laws tend to (a) encourage and (b) discourage large divi...
Mar 31 2020Shannon’s currently boasts a customer base of 1,750 customers that frequent the brewhouse on average twice per month and spend $30 per visit. Shannon’s current variable c...
Apr 23 20201. A link with transmission rate Rb is used to forward packets having random size , which is assumed to have geometric PMDProve that, if m = 1/p is large enough, the dist...
Jul 31 2020How did the bond market perform in 2016? Was it as expected? Why do you think it performed the way it did? How do you think it will perform in the coming year?During the ...
May 19 2018Which of the following is considered a method to help overcome personal barriers to effective communication? (A) Impulsive behavior (B) Poor administrative practices ...
Mar 26 2018Prove that integral 0 to 2pi the function dt/2+cos t is 2pi/rt3 using contour integration. >
Aug 06 2020Research paper on Gender Inequalities in Thailand. Must be APA New Times Roman 12, 3 full pages of text, use in-text citation and references , use one quote from the 2 ar...
Feb 03 2020Select the value of R in Figure P2−55 so that RAB = RL
Jun 15 2020Stone Energy Corporation’s 7.5% bonds due in 2022 were reported as selling for 82.95. Were the bonds selling at a premium or at a discount? Why is Stone Energy Corporatio...
Apr 01 2020Some people believe that most employees will act ethically even though they have a chance to take advantage of an incentive system through inappropriate behaviors. Do you agree?
May 06 2020