The following accounts receivable information pertains to Marshall Inc. Determine the estimated uncollectible bad debt from Marshall
Question:
The following accounts receivable information pertains to Marshall Inc.
Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method, and record the year-end adjusting journal entry for bad debt.
Transcribed Image Text:
Past-Due Category 0-30 days 31-90 days Over 90 days Accounts Receivable Total $84,550 32,230 22,170 Percentage Uncollectible 8% 16% 37%
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Bad debt expense 84550 X 8 32230 ...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
The following accounts receivable information pertains to Luxury Cruises. A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables...
-
The following accounts receivable information pertains to Select Distributors. A. Determine the estimated uncollectible bad debt for Select Distributors in 2018 using the balance sheet aging of...
-
The following accounts receivable information pertains to Envelope Experts. Determine the estimated uncollectible bad debt from Envelope Experts using the balance sheet aging of receivables method,...
-
Density is not routinely measured in the atmosphere. Why is this not a problem for atmospheric scientists?
-
Using Okun's law, fill in the four pieces of missing data in the table below. The data are hypothetical. Real GDP Potential GDP Natural Year (s silions) (s silbions)ent unera rate (%) rate 2012 2013...
-
Draw the demand, marginal revenue and marginal cost curves for a monopolist. Show the profit-maximizing level of output. Show the profit-maximizing price.
-
The following readings were taken during a test on a single-cylinder, four-stroke gas engine : Calculate (a) IP, (b) BP, (c) BSFC, (d) brake thermal efficiency, and (e) relative efficiency. Speed of...
-
Given the following data, on a separate sheet of paper create monthly and yearly income statements for this fast-food restaurant in New York City. a. Sales for the month of June were $300,000. Sales...
-
Bartman, Corp. observes that the Swiss franc (SF) is quoted at $0.6164/SF, while the Swedish krona (SK) is quoted at $0.1981/SK. What is the SK/SF cross rate?
-
You are considering a purchase of a 4-plex, which is located in a desirable neighborhood. The cost of the property is $500,000. Effective rents are expected to average $1500 per month. Every resident...
-
Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is...
-
Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. Income statement method B. Balance sheet method C. Direct write-off method D. Allowance...
-
When a partnership dissolves, the first step in the dissolution process is to ________. A. Allocate the gain or loss on sale based on income sharing ratio B. Pay off liabilities C. Sell noncash...
-
State and explain Carnot theorem.
-
Write the statement of Boyle's law.
-
In October 2021, the technology analysis intellectual property services firm TechInsights did a teardown and cost analysis of Apples iPhone 13 Pro phone model that was released in fall 2021.5...
-
Write the statement of Charle's law.
-
Write the statement of Gay-Lussac's law.
-
Use the identity for cos (A + B) to prove the identity cos 2A = cos2A - sin2 A.
-
6 (a) Briefly develop a mathematical model of the behaviour of a copper-twisted pair cable (b) Derive the magnetic energy from: w given that: K + w, where the - - k symbols have their usual meaning...
-
Bill and Mary plan to marry in December 2017. Bills salary is $32,000 and he owns his residence. His itemized deductions total $12,000. Marys salary is $39,000. Her itemized deductions total only...
-
Which of the following taxpayers must file a 2017 return? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self-employment income. b. Betty, age 67 and single, has a...
-
In the following situations, indicate whether the taxpayer qualifies as a head of household. a. Allen is divorced from his wife. He maintains a household for himself and his dependent mother. b. Beth...
-
The highest WACC is 11%, the baseline WACC is 7.4% and lowest WACCS is 2.8%. To derive a WACC that better accounts for extreme scenarios, you decide to assign the following probability weights: High-...
-
Give 2 examples of the ff: Statutory law Regulatory law Common law Include the title of each example and explain why you chose these examples ( 1 to 2 sentences ) . Note: Write your reference ( s )
-
The Adams family includes a financially well-informed couple, both aged 36, and two children aged 4 and 6. The family is financially sound but suffered badly during the tech meltdown in 2000. The...
Study smarter with the SolutionInn App