The following account balances come from the records of Ourso Company: During the accounting period, Ourso recorded
Question:
During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable.
Required
a. Determine the amount of cash collected from receivables.
b. Determine the amount of uncollectible accounts expense recognized during the period.
Transcribed Image Text:
Beginning Balance Ending Balance Accounts Receivable Allowance for Doubtful Accounts $2,800 280 $3,600 350
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
a Analyze the Accounts Receivable account Accounts Receivable Beginning Bala...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Question Posted:
Students also viewed these Accounting questions
-
The following account balances come from the records of Teton Company. During the accounting period, Teton recorded $12,000 of service revenue on account. The company also wrote off a $150 account...
-
The following account balances come from the records of King Company: During the accounting period, King recorded $21,000 of service revenue on account. The company also wrote off a $180 account...
-
The following account balances come from the records of Stone Company: During the accounting period, Stone recorded $21,000 of service revenue on account. The company also wrote off a $180 account...
-
A Moving to another question will save this response. Question 9 1 L The absent of the logic action Release in the Resource Module means: The operator will rework the entity a. b. C. The operator...
-
A local office of the Department of Motor Vehicles (DMV) wishes to overcome the reputation of making citizens wait in line for extremely long times before being able to conduct their business....
-
Assume that an old-school horror movie spider is shaded like a sphere that is 30 feet in diameter. The spider needs 26 ml of oxygen per second per cubic centimeter. It can absorb 26.4 ml of oxygen...
-
The Joule-Thomson coefficient for any gas at inversion point is (a) 1 (b) 0 (c) 2 (d) 3
-
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company. Instructions Answer each of the following...
-
A slab door, 2m high, 0.75m wide, 40mm thick, and with a mass of 36kg, is fitted with an automatic door closer. The door opens against a torsion spring with a modulus of 10N-m/radian. Determine the...
-
The accompanying figure shows the graph of the velocity (ft/sec) of a model rocket for the first 8 sec after launch. The rocket accelerated straight up for the first 2 sec and then coasted to reach...
-
Holmes Cleaning Service began operation on January 1, 2016. The company experienced the following events for its first year of operations: Events Affecting 2016: 1. Provided $84,000 of cleaning...
-
Rosie Dry Cleaning was started on January 1, 2016. It experienced the following events during its first two years of operation: Events Affecting 2016 1. Provided $45,000 of cleaning services on...
-
Now that Bill has gotten another class under his belt, he wants to understand the relative impact, in percentage terms, of the changes in his business. So using the data from Problem 1 above:...
-
Lassie is 66 cm in height and 68 cmn in length. She stands with her face 10 meters from the plane of the thin convex lens whose focal length is 2.5 m. What is the height and length of Lassie's image?
-
A Darrieous rotor has an area of 1500 m 2 and operates at the optimal tip speed ratio. What is its power output in a wind with a velocity of 20 m/s?
-
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Mihwah Shameika Salary $ 10,000 $...
-
Phoenix Real Estate Development Limited is a hotel and resort developer based in Vietnam. Its current projects mainly involve developing time-share vacation property to middle class customers. The...
-
Use this information to answer the following questions: The account titles to be responded to are provided in no particular order. Assume that all accounts have normal balances according to whether...
-
An iron ball has a diameter of 6 cm and is 0.010 mm too large to pass through a hole in a brass plate when the ball and plate are at a temperature of 30 C. At what temperature (the same for ball and...
-
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
-
Suppose that the spot price of a euro is \($1.00,\) the one-year forward rate on euros is \($1.05,\) and the interest rate on 1-year euro-area deposits is 10 percent. What would the interest rate...
-
AutoZone, Inc., claims to be "the nation's leading specialty retailer and a leading distributor of automotive replacement parts and accessories." It sells replacement auto parts directly to the...
-
Understanding real-world annual reports Required Use the Topps Companys annual report in Appendix B to answer the following questions. a. How long did it take Topps to collect accounts receivable...
-
Selected data from Anthony Company follow. Required Compute the following: a. The accounts receivable turnover for 2008. b. The inventory turnover for 2008. c. The net margin for2008. Balance Sheet...
-
The following table show a mass diagram ordinates of a highway construction project. If the free haul distance is 600 ft and overhaul cost is $15 per station yard; a. Draw the mass diagram. Use the...
-
Describe a time when you took personal accountability for a conflict and initiated contact with the individual(s) involved to explain your actions. What steps did you take? What was the result?
-
Examine the role of process intensification in developing sustainable and environmentally friendly processes, considering the potential for using renewable feedstocks, reducing waste and emissions,...
Study smarter with the SolutionInn App