During its first year of operations, Williams Plumbing Supply Co. had net sales of $6,500,000, wrote off
Question:
During its first year of operations, Williams Plumbing Supply Co. had net sales of $6,500,000, wrote off $40,000 of accounts as uncollectible using the direct write-off method, and reported net income of $590,000. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1¾% of net sales would be uncollectible.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 94% (17 reviews)
Net income 590000 Wrote off 40000 Net sales 6500...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income...
-
During its first year of operations, Turning Leaves Furniture Restoration, Inc., had sales of $312,000, all on account. Industry experience suggests that Turning Leaves Furniture Restorations...
-
During its first year of operations, Nunley Chocolates, LTD., Inc., had sales of $483,000, all on account. Industry experience suggests that Nunley Chocolates, LTD.s uncollectibles will amount to 2%...
-
CASE STUDY. Case Study Chapters 1 and 2. Please post both case studies in Assignment Drop Box as one MS Word apa formate document. Note: See template provided for case study papers. Chapter 1 - Listo...
-
If we examine Table 21.1, we find that the methylphenols (cresols) are less acidic than phenol itself. For example, This behavior is characteristic of phenols bearing electron-releasing groups....
-
Repeat Problem 6.5 for a Mealy-type FSM. Data From Problem 6.5. Derive a minimal state table for a single-input and single-output Moore-type FSM that produces an output of 1 if in the input sequence...
-
Calculate the range for each of the following sets of data: a. \(4,6,9\) b. \(14,17,11,19,12\) c. \(25,22,27,30,21,26,29\) d. \(10,8,4,16,9,7,9,13,6,11\) e. \(73,66,91,84,69,87,62,79,82,90\) f....
-
A five-year project has a projected net cash flow of $15,000, $25,000, $30,000, $20,000, and $15,000 in the next five years. It will cost $50,000 to implement the project. If the required rate of...
-
Decomposition of Vectors Question 1 Let u = (0) (5 points) 3 and v = -2 2 (a) (2 points) decompose u into two perpendicular vectors u = uu, such that u|| is parallel to v. (b) (2 points) decompose v...
-
Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16,380. All sales are subject to a 5% sales tax. Compute sales taxes payable, and...
-
Intermountain Technologies, a computer consulting firm, has decided to write off the $11,575 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements...
-
Qualcomm Incorporated is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories on September 26, 2010, in the...
-
The largest pumpkin pie on record was made in New Breman, Ohio, by the New Breman Giant Pumpkin Growers, in September 2010. The pie had a diameter of 240 inches. Find the exact area of the top of the...
-
Two identical boxes A and B slide over the same rough floor. Box B stops over a distance twice as long as that needed for box A. Assuming a constant frictional force \(F\) acting in both cases,...
-
The engine of a moving spaceship suddenly stopped working. What will happen to the motion of the space ship?
-
Besides layoffs, what other options might the executives have tried to reduce costs?
-
The boiling point of water on top of a mountain reduced to \(80^{\circ} \mathrm{C}\) compared to \(100^{\circ} \mathrm{C}\) at the sea level. Is the boiling point of water intensive or extensive?
-
Plot the specified output by using the RK4 method. \(\left\{\begin{array}{ll}\dot{x}_{1}=x_{2} & x_{1}(0)=1 \\ \dot{x}_{2}=-\frac{1}{3} x_{1}-x_{1}\left|x_{1} ight|-x_{2}^{3}-1+\frac{2}{3} e^{-t /...
-
Making use of class Results shown below, repeat the above program, this time writing/reading objects of class Result. (When displaying the names and marks that have been read, of course, you must...
-
A line l passes through the points with coordinates (0, 5) and (6, 7). a. Find the gradient of the line. b. Find an equation of the line in the form ax + by + c = 0.
-
One measure of the degree of competitiveness (or of oligopoly) is called a(n) ________.
-
During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b)...
-
Identify each of the following accounts of Sesame Services Co. as asset, liability, stockholders equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit....
-
During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash. a. Do the data indicate that Racoon Co. earned $49,850 during the month? Explain. b. If the balance of the cash...
-
How does lean production facilitate effective communication and collaboration across departments?
-
2. The idiophones in gamelan ensembles occur in pairs. The longest bar on a particular gamelan pair has a fundamental frequency (pitch) of 100Hz. Call this gamelan A. (a) (3 points) What are two...
-
The authors of The Creation of Inequality make the point that the Ice Age had barely thawed when some of our ancestors began "surrendering bits of equality." And that process unfolds across 15,000...
Study smarter with the SolutionInn App