Nofar Itd reported gross accounts receivables and allowance of doubtful accounts of $230,000 and $12,500 respectively....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nofar Itd reported gross accounts receivables and allowance of doubtful accounts of $230,000 and $12,500 respectively. One of Nofar Itd customers who owes $4,500 declared bankruptcy and ceased its operation due to the corona virus pandemic. What will be the reported receivables amount on Nofar Itd balance sheet following that event? a. $222,000 b. s225,500 C. $213,000 d. $230.000 e. $217,500 Nofar Itd reported gross accounts receivables and allowance of doubtful accounts of $230,000 and $12,500 respectively. One of Nofar Itd customers who owes $4,500 declared bankruptcy and ceased its operation due to the corona virus pandemic. What will be the reported receivables amount on Nofar Itd balance sheet following that event? a. $222,000 b. s225,500 C. $213,000 d. $230.000 e. $217,500
Expert Answer:
Answer rating: 100% (QA)
E 217500 is the correct alternative Explanation Journal entry fo... View the full answer
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
Posted Date:
Students also viewed these accounting questions
-
Corona Company's balance sheet accounts follow: What is Corona Company's days' sales in inventory ratio for 2014, assuming net sales and gross profit for the period were $1,706,786, $1,122,812...
-
On December 31, 2013, when its Allowance for Doubtful Accounts had a debit balance of $1,400, Hunt Co. estimates that 9% of its accounts receivable balance of $90,000 will become uncollectible and...
-
On December 31, 2014, Toro Company's Allowance for Doubtful Accounts had an unadjusted credit balance of $31,000. The accountant for Toro has prepared a schedule of the December 31, 2014, accounts...
-
Consider X[k] be the N-point DFT of an N-point sequence x[n]. (20 %) x [n] = {1, -2, 1, 3} x [n] = {0, 2, -1,0,0,4} (a) Determine the linear convolution x [n] * x [n] (5%) (b) Determine the...
-
Jason brought home eight ducks from his last hunting trip in northern Ontario. His friend Harry dislikes any type of hunting, and to discourage Jason from further hunting, Harry has presented him...
-
Explain the following terms: a. Calling population b. Reneging c. Jockeying d. Balking e. Queue discipline
-
Describe the wide variety of legal issues that occur in the emergency department setting.
-
You are given the following payoff table: (a) Assume that your utility function for the payoffs is U(x) = x. Plot the expected utility of each alternative versus the value of p on the same graph. For...
-
(a) Make a marketing communication campaign for this product by describing the detail of the campaign (the key campaign message + communication objective + marketing communication tools such as...
-
Refer to the FY2016 income statement and balance sheet for General Mills, Inc. (GMI), along with the forecasted FY2017 income statement that you computed in the last exercise. Use that information...
-
Tarzan Health Center has no debt but is considering two plans to add leverage. Plan A - issue P200,000 bonds Plan B - issue P300,000 bonds The proceeds from both proposals shall be used to return the...
-
Based on these exhibits, please make an Excel template for analysis of the Redhook Ale Brewery loan application . Specifically, what do you think of David Mickelson's projections? Hint: consider the...
-
Two charges, q=2.1 mC and q2-3.3q are placed along x axis so that q is at the origin and q2 is at point (9.4, 0) cm. Where along the x axis is the net electric field equal to zero? Enter the...
-
A charged sphere in static equilibrium is resting on a horizontal surface. Directly above it is another charged sphere (also in static equilibrium) that is hanging from a 2,115 N/m spring. The 26 kg...
-
P 288 ne 2010 8 A uniform solid is made of a hemisphere with centre O and radius 0.6 m, and a cylinder of radius 0.6 m and height 0.6 m. The plane face of the hemisphere and a plane face of the...
-
3. (a) Find the Euler's angle of a reference frame in "y-convention' whose x and y axes are 5+j+3k and -21 +43 +2k respectively. 1
-
An agency's productivity has fluctuated as follows during the last four years: During year 2, productivity increased 4% from year 1. During year 3, productivity decreased 2% from year 2. During year...
-
If |62x|>9, which of the following is a possible value of x? A. 2 B. 1 C. 0 D. 4 E. 7
-
A local pharmacy has two checkout stations available to its customers: a regular checkout station and an express checkout station. Customers with six or fewer items are assumed to join the express...
-
We are continually hearing reports on the nightly news about natural disastersdroughts in Texas, hurricanes in Florida, floods in California, and so on. We often hear that one of these was the worst...
-
Based on historical data, the probability that a major league pitcher pitches a no-hitter in a game is about 1/1300. a. Use the binomial distribution to determine the probability that in 650 games 0,...
-
A study of photosynthesis in phytoplankton in the open ocean used short pulses of laser light to trigger photosynthetic reactions. The investigators system used 0.10 mW pulses of 640 nm laser light...
-
One molecule of ATP provides 0.30 eV when it is used to power cellular processes. Photosynthesis in a typical plant requires 8 photons at 550 nm to produce 1 molecule of ATP. What is the overall...
-
Osries support for the current tax year came from the following sources: Did Osrie provide more than 50% of his own support? Osrie's wages $9,000 (Osrie spent $6,000 of these funds.) Osrie's mother...
Study smarter with the SolutionInn App