A trial balance before adjustments included the following: Debit Credit 425,000 Sales Sales returns and allowance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A trial balance before adjustments included the following: Debit Credit €425,000 Sales Sales returns and allowance Accounts receivable Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 2% of net sales, the amount of the adjustment is: €14,000 43,000 If the estimate of uncollectible is made by taking 10% of gross account receivables, the amount of the adjustment is: A trial balance before adjustments included the following: Debit Credit €425,000 Sales Sales returns and allowance Accounts receivable Allowance for doubtful accounts 760 If the estimate of uncollectible is made by taking 2% of net sales, the amount of the adjustment is: €14,000 43,000 If the estimate of uncollectible is made by taking 10% of gross account receivables, the amount of the adjustment is:
Expert Answer:
Answer rating: 100% (QA)
To calculate the amount of the adjustment for the allowance fo... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
A trial balance before adjustment included the following: ________________________________Debit Credit Accounts receivable............................$128,000.......................................
-
The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...
-
Accounts Receivable A trial balance before adjustment included the following: Debit Credit 12/31/20X4 Accounts receivable $41,600 Allowance for doubtful accounts $2,000 Credit sales $430,000 Credit...
-
Broadmore Corporation acquired 75 percent of Stem Corporations common stock on January 1, 20X8, for $435,000. At that date, Stem reported common stock outstanding of $300,000 and retained earnings of...
-
An antenna with a pattern solid angle of 1.5 (sr) radiates 60 W of power. At a range of 1 km, what is the maximum power density radiated by the antenna?
-
Distinguish between quantitative and qualitative factors in decision making.
-
What is an environmental intervention? How are environmental interventions and eco-efficiency related?
-
A coil with 150 turns, a radius of 5.0 cm, and a resistance of 12 surrounds a solenoid with 230 turns/cm and a radius of 4.5 cm; see Fig 21-54. The current in the solenoid changes at a constant rate...
-
Part 2 - Break-even and What-if Analysis DATA SECTION (ONE FOR EACH SCENARIO, SIX SCENARIOS) Make data labels common for all data, looking somewhat as follows: SCENARIO #1 Selling price per unit...
-
Ellipses Corp is a small business that operates in Herndon, VA. The company is located at10 Period Lane, Herndon, VA 20170. Its federal Employer Identification Number is 77-7777777, and its...
-
All of the answers below are examples of aviation's contribution to direct tourism spending except _______. Purchase of air tickets Use of rental cars and trains Cleaning and Maintenance Visits to...
-
One of Warren Buffett's acquisition criteria is to invest in businesses "earning good return on equity." The return on equity (ROE) formula uses both net income and stockholders' equity. Why is it...
-
Users of financial statement information are vitally concerned with the company's strategic direction. Despite their understanding of this need for information, companies are reluctant to supply it....
-
Why is it important to disaggregate RNOA into operating profit margin (NOPM) and net operating assets turnover (NOAT)?
-
Gross profit margin (Gross profit/Sales) is an important determinant of NOPAT. Identify two factors that can cause gross profit margin to decline. Is a reduction in the gross profit margin always bad...
-
Finn Company purchases all of the common stock of Murray Company for \(\$ 375,000\) when Murray Company has \(\$ 150,000\) of common stock and \(\$ 225,000\) of retained earnings. If a consolidated...
-
The manager of Jones Petro is analyzing the relationship between operating costs, the dependent variable, and gallons of gasoline sold, the independent variable. Analyzing data for several months...
-
The electric field due to a line charge is given by where l is a constant. Show that E is solenoidal. Show that it is also conservative. E =
-
Chong Corp. purchased a machine on July 1, 2014, for $30,000. Chong paid $200 in title fees and a legal fee of $100 related to the machine. In addition, Chong paid $500 of shipping charges for...
-
The records for the Clothing Department of Ji-Woon's Department Store are summarized as follows for the month of January: 1. Inventory, January 1: at retail, $28,000; at cost, $l8,000 2. Purchases in...
-
Usually a comparison assignment involves comparing two similar companies that are reporting under different GAAP. Ideally, it would be better to compare the same company's financial reports prepared...
-
Nautical Marina needs to raise \(\$ 1.0\) million to expand the company. Nautical Marina is considering the issuance of either - \(\$ 1,000,000\) of \(8 \%\) bonds payable, or - 100,000 common shares...
-
The board of directors of Circuits Plus authorizes the issue of \(\$ 9,000,000\) of \(8 \%\). 25 -year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on...
-
The following transactions of Smooth Sounds Music Company occurred during 2020 and 2021 : {Requirement} Record the transactions in Smooth Sounds's journal. Explanations are not required. 2020 Mar. 3...
Study smarter with the SolutionInn App