The data below is for Music Corporation for 2016. Accounts receivable January 1, 2016 $236,000 Credit sales

Fantastic news! We've Found the answer you've been seeking!

Question:

The data below is for Music Corporation for 2016. Accounts receivable—

January 1, 2016 $236,000

Credit sales during 2016 820,000

Collections from credit customers during 2016 590,000

Customer accounts written off as uncollectible during 2016 8,000

Allowance for doubtful accounts—January 1, 2016 8,700

Estimated uncollectible accounts based on an aging analysis 9,600

Refer to the data for Music Corporation. What is the balance of Accounts Receivable at December 31, 2016?

A.336000

B.448400

C.458000

D.466000

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

See More Books

Posted Date: Dec 12, 2022 06:26 AM

See More Questions

The trial balance of Fortaleza Boutique at December 31 shows Merchandise inventory R$21,000, Sales R$136,000. Sales Returns and Allowance R$4,000. Sales Discounts R$3,000, Cost of Goods Sold...
The trial balance of Dionnes Boutique at December 31 shows Merchandise Inventory $21,000, Sales $136,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400,...
The trial balance of Ogilvys Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest...
What is the type of the expressions computed on these two lines? 4 > 5 print (4>5)
Ritter Corporations accountants prepared the following financial statements for year-end 2012: RITTER CORPORATION Income Statement 2012 Revenue ..............................$750 Expenses...
In Figures, we assumed that the world price of a good was fixed, and not affected by the quantity of imports a country chooses. But if a country is large relative to the world market, its imports can...
What are the different types of schemes associated with complex frauds?
Dilithium Batteries is a division of Enterprise Corporation. The division manufactures and sells a long-life battery used in a wide variety of applications. During the coming year, it expects to sell...
ELLA'S ELECTRONICS ACCOUNTING PROJECT PART 2Adjusting InformationAt the end of February, the following information is determined:a. One month of the business insurance coverage has expired.b. At the...
Intrepid Industries is a U.S. corporation with $30 million of U.S. source pretax income and an Argentinian branch that has $10 million of pretax income, which is subject to an Argentinian tax rate of...
The FEL is a dietary guide that groups foods in terms of equivalent amounts of carbohydrates, protein, fat and energy. Hence, food in any group may be "exchanged" with other food in the same list or...
2. A government bond with face value $1,000 matures next year. This means that next year the government will send the bond holder a $1,000 cheque (the bond is not worth anything afterwards). If the...
Consider a bank that has assets of 150, capital of 50 and demand deposits of 100. Remember that deposits are liabilities of a bank. (i)Set up the banks balance sheet. What is the leverage and capital...
Rupert is planning to invest $400.00 per month. His goal is to have $1,200,000. He will earn 11.0% on his investments. How many months will it take to reach his goal? Group of answer choices 367.12...
The principal actors in international relations continue to be states. What are the four requirements for recognition as a state, and why is each of these requirements important
When Walmart decided to incorporate grocery stores into some locations to create supercenters, was this a business-level strategy of differentiation or a corporate-level strategy of diversification?...
Mirage Investments Ltd is a wealth management company with multiple locations in India. The top management plans to create a dynamic human resource department for managing employee relations. You...
CdF2 (s) Cd+ (aq) + 2 F- (aq) 1. A saturated solution of CdF2 is prepared. The equilibrium in the solution is represented above. In the solution [Cd+] eq = 0.0585 M and [F-] eq = 0.117 M. a....
Willis Corporation has Beginning Inventory $76,000; Purchases $486,000; Freight-in $16,200; Purchase Returns 55,800; Purchase Discounts $5,000; and Ending Inventory $69,500. Calculate Willis's cost...
Access the financial statements of BHP Billiton plc for the companys year ended June 30, 2012. Access the financial statements of Newfield Exploration Company for the company's year ended December...
During 2014, Jinnah Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Jinnah for a lump sum of $59,850 because it was discontinuing...
Test the overall significance of a regression model and identify the components of this test from your computer output.
Identify the sample.
Based on the strategy, what type of sampling technique will be used to identify the sample? a. Why did you choose this type of technique?

The data below is for Music Corporation for 2016. Accounts receivable January 1, 2016 $236,000 Credit sales

Question:

Expert Answer:

Jan 1 2016 Credit sales Bal Accounts receiv... View the full answer

Intermediate Accounting

Students also viewed these accounting questions