Question: During the year, Clippers Inc., which uses the allowance method, made an entry to write-off a $4,000 uncollectible account. Before this entry was posted, the

During the year, Clippers Inc., which uses the allowance method, made an entry to write-off a $4,000 uncollectible account. Before this entry was posted, the balance in accounts receivable was $80,000 and the balance in the allowance account was $7,000. The net realizable value of accounts receivable after the write off entry was: a. $77 000 b. $76 000 c. $71 000 d. $80 000 e. $73 000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Can I please have worked out solutions (i.e. Journal entries, tcharts) and reasoning why the answer is the answer. Please list conceptual concepts. NAME: Do NOT open your exam until you are told to...

There are total 20 questions under the files.It is all about accouting 5110 Accounting 5110 - Fall 2015 Review Assignment 2 Due November 3, 2015 Section 1 by 8:40 am Section 2 by 3:10 pm Section 3 by...

Professor never gave us an answer key, here y'all go if you feel up to it. Use the following data for the next 5 questions Marie Co. uses a periodic inventory system. The purchases of a particular...

2 ) Materiality refers to a . the tangible nature of an item. b . representational faithfulness. c . the decision - making relevance of a piece of information. d . None of these describe materiality....

Please hurry up Question 13 (1 point) Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is due the first of each month, commencing May 1. Gray Inc....

Multiple Choice Accounting Questions (Simple) Please answer the questions below Question 12 For calendar year 2020, Gomez Corporation reported pre-tax income of $70,000.A recount of the companies...

1) The interest element for trade receivables a.must always be recognized and be accounted for. b.is included in the net realizable value of the receivables. c.becomes more significant as the time...

During the year, Oriole Inc., which uses the allowance method, made an entry to write off a $ 3 5 2 0 uncollectible account. Before this entry was posted, the balance in accounts receivable was $ 7 0...

Answer the following questions based on the data from Problem 14.73. a. Calculate the slope and the y intercept for the regression equation. b. Predict the order size of a 32 year old customer. c....

Should WMM lease or construct their own production facility Option 1: Construct Costs to incur: Actual expenditure towards buying land, construct building and getting ready for use $ 500,000 Taxes,...

[ - / 1 Points ] Find the indefinite integral. ( Use C for ( x 2 + 4 x - 5 e x ) d x

The operating results in summarized form for a retail computer store for 2010 are: Revenue: Hardware sales ...........$4,800,000 Software sales ........... 2,000,000 Maintenance contracts ...........

Do you think this might be the future of project management?

Ridenour Ltd. is preparing its first-quarter monthly cash budget for 2011. The following information is available about actual 2010 sales and expected 2011 sales: Tracing collections from prior year...

Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet...

Hard Core had budgeted sales of 190,000 feet of its concrete culvert products for June 2010. Each foot of product requires 4 pounds of concrete ($0.10 per pound) and 7.5 pounds of gravel ($0.04 per...

Determine if the overhead allocated to the product relates to a single plantwide overhead rate method, multiple production department factory overhead rate method, or activity-based costing...

Carbon footprint. In Chapter 6, Exercise 41, we considered the relationship between the carbon footprint (tons of CO2 per year) vs. the new Environmental Protection Agency (EPA) highway mileage for...

The Home Depot. Here are data that relate Sales at The Home Depot and Housing Starts, for quarters between 1995 and 2004. a) Would Kendalls or Pearson correlation be the more appropriate summary?...

Basebal salaries 2009. Baseball is big business, and the top salaries have become quite large. The highest salaries (in millions of dollars per season) for some notable players since 1980 are given...