Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events. Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Use aging of accounts receivable to estimate the uncollectible accounts expense. What amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Percent Uncollectible Uncollectible Accounts Expense Amount Current $ 836,000 1% 0-30 276,000 3% 31-60 146,000 10% 61-90 101,000 30% Over 90 days 46,000 60% Total Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events. Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Use aging of accounts receivable to estimate the uncollectible accounts expense. What amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Percent Uncollectible Uncollectible Accounts Expense Amount Current $ 836,000 1% 0-30 276,000 3% 31-60 146,000 10% 61-90 101,000 30% Over 90 days 46,000 60% Total
Expert Answer:
Answer rating: 100% (QA)
To estimate the uncollectible accounts expense using the aging of accounts rec... View the full answer
Related Book For
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene
Posted Date:
Students also viewed these accounting questions
-
Multiple Choice Select the best answer and place it on the line next to the question number: 1. Bud Lime has $368,882 accumulated in a 401K plan. The fund is earning a low, but safe, 3% per year. Bud...
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
The AFL-CIO has undertaken a study of the yearly salaries (in thousands of dollars) of 30 administrative assistants. The organization wants to predict salaries from several other variables. The...
-
Johnson Awnings manufactures awning and uses a standard cost system. Johnson allocates overhead based on the number of direct labor hours. To follow are the company's cost and standards data:...
-
Suppose colors as indicated below represent numerals in a base 4 numeration system. Write the HinduArabic numerals equivalent to each of the following. = 3
-
Can you create a graphic of the Fairmont payroll systems company expenses that highlight general accounting clerk, Mary Perez, has company expenses for FICA (social security), Medicare and 401K,...
-
Premier Bank and Trust is considering giving Alou Company a loan. Before doing so, management decides that further discussions with Alou's accountant may be desirable. One area of particular concern...
-
1. Create a demand graph using the following table of values: PRICE QUANTITY 500 10 20 450 30 400 40 350 50 300 60 250 70 200 2. Create a supply graph using the following table of values: PRICE...
-
ABC Company acquired a building on January 1, 2016 for P9M. At that date, the building had a useful life of 30 years. On December 31, 2016 the fair value of the building was P9.6M and on December 31,...
-
(A) a suboptimal outcome in which each agent follows only his or her self-interest and everyone is worse o than if they cooperated. (B) a suboptimal outcome in which each agent follows the groups...
-
Discuss the reasons with appropriate examples why a shipowner may choose to appoint a third-party ship management company (3PL?
-
How does the Assistance and Access Act impact a Major Bank cybersecurity policy? Explain What are some Improvements and Changes necessary to the Major Bank cybersecurity policy as a result of the...
-
Defend the main FOUR (4) reasons why sea transport is widely adopted in international shipments with appropriate example?
-
Tell your peers why they should or should not use Microsoft Office 2021 instead of older Microsoft Access version such as Office 2019 or an earlier version?
-
A typical gasoline-powered vehicle requires about 3.7 MJ of primary energy (i.e. energy content of gasoline) to travel 1 km. How many kilograms of CO2 are produced annually by a vehicle that is...
-
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
-
1. Assess Matrixxs position that reports of adverse events associated with a pharmaceutical companys products cannot be material, absent a sufficient number of reports to establish a statistically...
-
1. Can an attorney in fact convey property to herself based on consideration of services rendered to the principal? 2. Can an attorney in fact sell a principals property to obtain funds to pay an...
-
1. Summarize the facts of this case. 2. State the applicable rule of law. The Orleans Parish School Board (School Board) in New Orleans, Louisiana, hired Johnson & Higgins, Inc. (J&H), in 1996,...
-
A free-trade equilibrium exists in which the United States exports food and imports clothing. U.S. engineers now invent a new process for producing clothing at a lower cost. This process cannot be...
-
A number of Latin American countries export coffee and import other goods. A longterm drought now reduces coffee production in the countries of this region. Assume that they remain exporters of...
-
Developing a new exportable natural resource can cause problems. One, discussed later in this chapter, is the problem of immiserizing growth: If you are already exporting and your export expansion...
Study smarter with the SolutionInn App