The balances of selected accounts taken from Dec. 31, 2020 of MM Co. are shown below:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The balances of selected accounts taken from Dec. 31, 2020 of MM Co. are shown below: AR 674,000 Allowance for doubtful accounts 24,000 The ff. transactions (in summary) affecting AR occurred the year ended Dec. 31, 2021: Sales (all on account, terms 2/10, 1/15, n/60) Cash received from customers Cash received includes the ff.: Customers paying w/in 10-day discount period Customers paying w/in 15-day discount period Recovery of accounts written off Customers paying beyond discount period 3,000,000 3,200,000 1,764,000 990,000 6,000 ? AR written off as worthless Credit memo for sales return It's the company's policy to provide for uncollectible accounts equal to 1% of sales. How much is the carrying value of the AR as of Dec. 31, 2021? 22,000 12,000 The balances of selected accounts taken from Dec. 31, 2020 of MM Co. are shown below: AR 674,000 Allowance for doubtful accounts 24,000 The ff. transactions (in summary) affecting AR occurred the year ended Dec. 31, 2021: Sales (all on account, terms 2/10, 1/15, n/60) Cash received from customers Cash received includes the ff.: Customers paying w/in 10-day discount period Customers paying w/in 15-day discount period Recovery of accounts written off Customers paying beyond discount period 3,000,000 3,200,000 1,764,000 990,000 6,000 ? AR written off as worthless Credit memo for sales return It's the company's policy to provide for uncollectible accounts equal to 1% of sales. How much is the carrying value of the AR as of Dec. 31, 2021? 22,000 12,000
Expert Answer:
Answer rating: 100% (QA)
First we need to calculate the total credit sales for the year 2021 Total credit sales Cash received ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
The balances of selected accounts of the Simon Company on December 31, 2016, are given below: Accounts Receivable ............................... $ 950,000 Allowance for Doubtful Accounts (credit)...
-
The balances of selected accounts of Spartan Sportswear Company on December 31, 2016, are given below. Credit sales totaled $38,480,000. The returns and allowances on these sales were $220,000....
-
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below: Accounts Receivable..........................................................................$ 425,000...
-
Let y vary directly with x. Complete the following. Find y when x = 1, if y = when x = 3.
-
Ceramics, Inc. reported the following balance sheet for the year 2004. Balance Sheet For the year ending December 31, 2004 Assets: Cash ................$ 2,000 Accounts payable ........... 500...
-
Julia has strictly convex preferences and she allocates all of her income to the purchase of good X and good Y. At her current income of $3000 per month, with price of X being $20 per unit and price...
-
A woman is emptying her aquarium at a steady rate with a small pump. The water pumped to a 12 -in.-diameter cylindrical bucket, and its depth is increasing at the rate of 4.0 in. per minute. Find the...
-
A school psychologist wishes to determine whether a new antismoking film actually reduces the daily consumption of cigarettes by teenage smokers. The mean daily cigarette consumption is calculated...
-
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable...
-
a) A venturimeter is in an installation of 100 mm diameter pipe carrying water. The maximum range available in water-mercury differential pressure gauge is 50 cm of mercury deflection. Find the...
-
Find the inverse for each function. Then graph the function and its inverse. If necessary, restrict the domain of f(x) so that the inverse is a function. 24-29. See Ch. 5 Answer Appendix. 24. f(x) =...
-
1. In the author's own words, what is the thesis. of this piece? 2.Ericcsonstarts off by discussing a day during which she admitted to lying multiple times. What is the effect of this introduction?...
-
Wight of the brass cube:66.92 PART A 1 2 3 5 6 7 8 9 10 N MAV+VAM y Length ruler (mm) 20 20.1 19.5 20.2 20.4 19.3 20.2 20.5 19.6 19.2 at al 199 |(al-d)| p accepted-p average Ap 179 178.9 179.5 178.8...
-
Suppose the rabbit population rand the wolf population w are governed by dr dt -=4r-2w dw dt =r+w (a) Describe the stability of the system (b) If initially, r=250 and w=100, what are the population...
-
Suppose you want to create a word document and save it on your computer. Structure how your computer is going to complete this process in at least 4 to 5 steps. All major components of the computer...
-
Describe the principles of test standardization.
-
There are three demanders and two suppliers in the market for miniature musical daiquiri umbrellas. The market is characteri by the tables. Demand Price Fred Mike Santangelo quantity quantity...
-
When a company has a contract involving multiple performance obligations, how must the company recognize revenue?
-
On March 17, All-Star Appliances was given an allowance of $1,175 by Uptown Kitchens, which issued Credit Memorandum 112. The allowance was for scratches on stoves that were originally purchased on...
-
Pacific Corporation has been authorized to issue 10,000 shares of 10 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 10,000 shares of common stock with...
-
On May 16, 2016, Reliable Company received a 90-day, 8 percent, $9,800 interest-bearing note from White Company in settlement of White's past-due account. On June 30, Reliable discounted this note at...
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a circular tube with outer radius \(5 t\) and wall thickness \(t\), loaded in bending (Fig....
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a channel section of thickness \(t\), overall flange width \(5 t\) and overall depth \(10 t\),...
-
Derive the expression for the shape-efficiency factor \(\phi_{B}^{e}\) for stiffness-limited design for a square box section of wall thickness \(t\), and height and width \(h_{1}=10 t\) bent about...
Study smarter with the SolutionInn App