Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2016, Chez Fred's credit sales and collections were $120,000 and $147.000, respectively. What was the balance of accounts receivable on January 1, 2016, If $190 in accounts receivable were written off during 2016 and if the allowance account had a balance of $480 on December 31, 2016? $47,000. $730. $51,190. O None of these answer choices are correct. Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2016, Chez Fred's credit sales and collections were $120,000 and $147.000, respectively. What was the balance of accounts receivable on January 1, 2016, If $190 in accounts receivable were written off during 2016 and if the allowance account had a balance of $480 on December 31, 2016? $47,000. $730. $51,190. O None of these answer choices are correct.
Expert Answer:
Answer rating: 100% (QA)
Correct Answer is 51190 Working to understand the answer is Particulars Collectio... View the full answer
Related Book For
Financial Accounting An Introduction to Concepts, Methods and Uses
ISBN: 978-1133591023
14th edition
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
Posted Date:
Students also viewed these general management questions
-
Van Dijk Corporation estimates the allowance for uncollectible accounts at 3% of the balance of accounts receivable. During 2020, Van Dijk wrote off $89,300 of accounts receivable and collected...
-
Describe the year-end adjustment to the allowance for uncollectible accounts in the year subsequent to establishing it
-
Describe the year-end adjusting entries to the allowance for uncollectible accounts in the year subsequent to establishing it.
-
Which of these is a true statement about silicate minerals? (a) Melting point decreases as silica percentage increases. (b) Melting point increases as silica percentage increases.
-
Suppose you observe the following situation: a. Calculate the expected return on each stock. b. Assuming the capital asset pricing model holds and Stock As beta is greater than Stock Bs beta by .25,...
-
Your boss has given you the incomplete circuit shown in Figure P31.101 and charged you with determining the greatest and smallest currents that can be drawn from the battery using this circuit. The...
-
Derive the stiffness matrix of the tapered bar element (which deforms in the axial direction) shown in Fig. 12.13. The diameter of the bar decreases from \(D\) to \(d\) over its length. P. E D X d...
-
On July 1, 2012, Kim Wheeler established an interior decorating business, Aztec Designs. During the month, Kim completed the following transactions related to the business: July 1. Kim transferred...
-
Explain what artificial intelligence analytics are and how they impact today's society, both positively and negatively CO3: Explain and assess the implications of big data analytics in political and...
-
Give an example of Thixotropic fluid and mention the value of flow behavior index (n).
-
a. Which two of the following records are closest to be places in the same cluster using K-mean clustering? ID 1 2 3 4 5 Data 2.9, 1.3, 1.6, -1.5 1.3, 2.0, 1.1, 0.8 0.0, 1.5, -3.2, 1.1 2.2, 1.1, 4.7,...
-
Create the two classes described by the following UML. For simplicity, both classes should be in the same file called AquariumUsage.java. (Neither of these two classes below should be declared...
-
Create a function, Efield, that computes the electric field at a point in space (x, y) due to a point charge qo located at position 7 = (xo, yo). Have your function output x- and y-components of the...
-
Consider the following code for two concurrent processes: Flag[0], Flag[1] = False; Process 0 while (true){ } L1: flag[0] = true; while (flag[1]) { Turn=0 process 1 while(true) { if (turn == 0) {...
-
2. Write a sketch in Arduino with two functions; the first function-1 find the value "y" in the equation: y = x - 30. The value "x" is entered by keyboard. The second function-2 test whether the...
-
Olowolayemo and Mrs . Ade both follow the life - cycle hypothesis: they smooth consumption as much as possible. They each live for five periods, the last two of which are retirement. Here are their...
-
ABC company leased new advanced computer equipment to STU Ltd on 1 January 2019.STULtd has to pay annual rental of $290,000 starting at 1 January 2019. It is a four years lease with ultimate rental...
-
During the year ended December 31, 2013, Cunningham Realty Partners sold a tract of land costing $80,000 for $120,000. The customer agreed to pay the purchase price in four equal annual installments,...
-
On January 1, 2013, assume that Levi Strauss opened a new textile plant to produce synthetic fabrics. The plant is on leased land; 20 years remain on the nonrenewable lease. The cost of the plant was...
-
A Japanese car manufacturer (JCM) reported Sales of Products of 22,670 billion for the year ended March 31, Year 7. The Cost of Products Sold was 18,356 billion. Assume that JCM made all sales on...
-
For the HiTech example (17.1), find the risk-neutral probability of default. Example 17.1 (A leveraged firm) The HiTech firm currently has a value of $1 mil- lion and is financed in part by a 5-year...
-
Construct a short rate lattice for periods (years) 0 through 9 with an initial rate of \(6 \%\) and with successive rates determined by a multiplicative factor of either \(u=1.2\) or \(d=9\). Assign...
-
Let \(V_{k s}\) be the value of an adjustable-rate loan initiated at period \(k\) and state \(s\) with initial principal of 100 . The loan is to be fully paid at period \(n\). The interest rate...
Study smarter with the SolutionInn App