During 2020, Incredibles Corp. had net sales of $500,000. As of December 31, 2020, before adjusting...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During 2020, Incredibles Corp. had net sales of $500,000. As of December 31, 2020, before adjusting entries, Incredibles had a $126,000 debit balance in accounts receivables, and a $1,300 credit balance in allowance for doubtful accounts. Incredibles Corp. estimates that 1% of its receivables will prove to be uncollectible. After adjusting entries, what would be the net realizable value of the accounts receivables reported on Incredible Corp.'s balance sheet at December 31, 2020? OA. $123,440 OB. $126,000 OC. $126,040 O D. $124,740 During 2020, Incredibles Corp. had net sales of $500,000. As of December 31, 2020, before adjusting entries, Incredibles had a $126,000 debit balance in accounts receivables, and a $1,300 credit balance in allowance for doubtful accounts. Incredibles Corp. estimates that 1% of its receivables will prove to be uncollectible. After adjusting entries, what would be the net realizable value of the accounts receivables reported on Incredible Corp.'s balance sheet at December 31, 2020? OA. $123,440 OB. $126,000 OC. $126,040 O D. $124,740
Expert Answer:
Answer rating: 100% (QA)
Here the Balance in Accounts Receivable 126000 Uncol... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
In 2010, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income...
-
In 2012, James Ford Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Ford prepares a multiple-step income...
-
In 2012, Stone Pony Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporations tax rate is 30%. The...
-
What is the main difference between n-type and p-type semiconductors?
-
Why may an expansion of the money supply have a relatively small effect on national income? Why may any effect be hard to predict?
-
A cube has vertices at the eight points (x, y, z), where each of x, y, and z is either 0 or 1. (a) Find the general equations of the planes that determine the six faces (sides) of the cube. (b) Find...
-
What is the significance of high frequency trading?
-
Internal rate of return (LO 4) Harrison Hammocks is considering the purchase of a new weaving machine to prepare fabric for its hammocks. The machine under consideration costs $88,235 and will save...
-
Exercise 9-11 Computing payroll taxes P2 P3 Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of...
-
Sandra works in British Columbia and is paid on a semi-monthly basis. She has a claim code of 1 on both her TD1 and TD1BC. She has the following types of earnings, benefits & deductions. She will...
-
Two BSC channels are connected in cascade as shown below: i. Find the resultant channel matrix; then, plot the final model. Determine the channel capacity. ii. 0.8 0.7 0.3 0.2 0.3 07 0.8
-
The following data were provided by the accountants of the home office and branch for the year ended December 31, 2015: Net sales to outside customer Beginning inventory Net purchases from outsider...
-
Should Ms Linn of Ocean Carrier purchase the capesize carrier? Assume that it is going to be sold for scrap after 15 years. The answer is NO because the NVP is negative. My question is how do you...
-
Thai Company purchased a new machine on May 1, 2010, for $25,000. At the time of acquisition, the machine was estimated to have a useful life of 10 years and an estimated salvage value of $1,000. The...
-
You have a two-year zero coupon bond that pays $250 which price today is $173.61. You have a two year coupon bond with a principal value of $100 and coupon rate of 15%. The spot rate for 1 year (r1)...
-
Maverick Technologies has sales of $ 3 , 0 0 0 , 0 0 0 . The company s fixed operating costs total $ 5 0 0 , 0 0 0 and its variable costs equal 6 0 % of sales, so the company s current operating...
-
The following message is displayed when you attempt to log in with an incorrect username or an incorrect password: Login incorrect This message does not indicate whether your username, your password,...
-
The graph of an equation is given. (a) Find the intercepts. (b) Indicate whether the graph is symmetric with respect to the x-axis, the y-axis, or the origin. -3 6 -6 3 x
-
Describe the procedure(s) involved in classifying deferred tax amounts on the statement of financial position.
-
Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2019. 1. Its line of amplifiers carries a 3-year assurance-type warranty against...
-
I9 2015, Elbert plc had net cash provided by operating activities of 531,000, net cash used by investing activities of 963,000, and net cash provided by financing activities of 585,000. At January 1,...
-
On December 31, 2017, Kim Company issued \(\$ 500,000\) of five-year, 12 percent bonds payable for \(\$ 538,609\), yielding an effective interest rate of ten percent. Interest is payable semiannually...
-
On January 1, Cheryl, Inc., entered into a lease contract. The lease contract was an eightyear lease for a sound system with \(\$ 28,000\) annual lease payments due at the end of each year. Cheryl...
-
Lyon Company had the following transactions: Apr. 8 Issued a \(6,000,60\)-day, six percent note payable in payment of an account with Bennett Company. May 15 Borrowed \(\$ 40,000\) from Lincoln Bank,...
Study smarter with the SolutionInn App