Question
In: Accounting
Super Company had the following data for recent year. Cash Sales $120,000 Credit Sales 650,000 Accounts...
Super Company had the following data for recent year.
Cash Sales $120,000
Credit Sales 650,000
Accounts receivable determined to be uncollectible 4,500
Allowance for doubtful. accounts 15,000(cr)
Management estimates that 2.5% of the credit sales will not be collected
A) Prepare the journal entry to record the write off the uncollectible accounts
B) Prepare the journal entry to record the estimate of bad debt expense?
C) Prepare the journal entry for the recovery of $2,000 of previously written off.
D) What is the balance of the allowance for doubtful accounts after all the adjustment
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Bradford Plumbing had the following data for a recent year: Credit sales $547,900 Allowance for doubtful...
Bradford Plumbing had the following data for a recent year:
Credit sales $547,900 Allowance for doubtful accounts, 1/1 (a
credit balance) 8,740 Accounts receivable, 1/1 42,340 Collections
on account receivable 489,770 Accounts receivable written off
14,250 Bradford estimates that 1.9% of credit sales will eventually
default. Required: 1. Compute bad debt expense for the year
(rounding to the nearest whole number). $ 2. Determine the ending
balances in accounts receivable and allowance for doubtful
accounts. Ending Balance Accounts receivable $...
Seager Company budgeted the following credit sales during the current year: September, $100,000; October, $120,000; November,...
Seager Company budgeted the following credit sales during the
current year: September, $100,000; October, $120,000; November,
$110,000; December, $111,000. Experience has shown that cash from
credit sales is received as follows: 10% in the month of sale, 60%
in the first month after sale, 25% in the second month after sale,
and 5% is uncollectible. How much cash should Seager Co. expect to
collect in November from all current and past credit sales. (1
point). Check: Cash collected in November...
For a recent year, McDugal's company-owned restaurants had the following sales and expenses (in millions): Sales...
For a recent year, McDugal's company-owned restaurants had the
following sales and expenses (in millions):
Sales $36,000
Food and packaging $8,820
Payroll 9,500
Occupancy (rent, depreciation, etc.) 12,180
General, selling, and admin. expenses 5,500
Other expense 720
Total expenses (36,720)
Operating income (loss) $(720)
a. What is McDonald's contribution margin? Enter your answer in
million, rounded to one decimal place.
b. What is McDonald's contribution margin ratio? Round your
percentage answer to one decimal place.
c. How much would operating...
For a recent year, McDugal's company-owned restaurants had the following sales and expenses (in millions): Sales...
For a recent year, McDugal's company-owned restaurants had the
following sales and expenses (in millions): Sales $20,200 Food and
packaging $7,702 Payroll 5,400 Occupancy (rent, depreciation, etc.)
3,998 General, selling, and admin. expenses 3,100 Other expense 400
Total expenses (20,600) Operating income (loss) $(400) Assume that
the variable costs consist of food and packaging, payroll, and 40%
of the general, selling, and administrative expenses. a. What is
McDonald's contribution margin? Enter your answer in million,
rounded to one decimal place....
On Dec 31, 2016, Riyadh Company had accounts: Credit sales &nb
On Dec 31, 2016, Riyadh Company had accounts:
Credit sales
$2,500,000
Ending accounts receivable
800,000
Sales
discousnts
120,000
Sales returns and
allowances
280,000
Beginning accounts
receivable
750,000
Allowance for doubtful accounts
(credit)
12,000
The aging schedule (aging method) for the company’s accounts
receivable is shown in the following table:
# of Days Outstanding
Amounts
Estimated % Uncollectible
0-30
$ 100,000
2%
31-60
300,000
4%
61-90
300,000
6%
Over 90
...
A company had credit sales $30,000 and cash sales of $23,000 during the month of May....
A company had credit sales $30,000 and cash sales of $23,000
during the month of May. Also during May, the company paid wages
of $24,000 and utilities of $9,000. It also received payments from
customers on account totaling $4,400. What was thecompany's net
income for the month?
A. 53,000
B. 20,000
C. 86,000
D. 23,000
Which accounts are increased by debits?
A.
Accounts Receivable and Utilities Expense.
B.
Accounts Payable and Service Revenue.
C.
Salaries Expense and Common Stock.
D....
(ACCOUNTS RECEIVABLE) The following data about Zeta Company’s accounts related with credit sales are available for...
(ACCOUNTS RECEIVABLE) The following data about Zeta Company’s
accounts related with credit sales are available for 2019.
“Net Sales” during 2019 (all on credit) 750,000
TL
“Accounts Receivables”, on 1.1.2019 45,000
TL
“Allowance For Uncollectible Accounts”, on 1.1.2019
10,000 TL (Credit)
Collection of accounts receivables during 2019 580,000
TL
Customer accounts written off as uncollectible during 2019
2,000 TL
*Assuming that Zeta Company provides for doubtful accounts based
on %4 of the credit sales. Required:
a) Make the relating adjusting...
On November 30, 2016, Davis Company had the following account balances: Debit Credit Cash $3,090 Accounts...
On November 30, 2016, Davis Company had the following account
balances:
Debit
Credit
Cash
$3,090
Accounts Receivable
9,900
Allowance for Doubtful Accounts
$100
Inventory
17,750
Supplies
1,400
Land
9,000
Buildings and Equipment
42,000
Accumulated Depreciation
4,200
Accounts Payable
10,700
Common Stock
20,000
Retained Earnings (1/1/2016)
42,400
Dividends
2,000
Sales Revenue
69,700
Cost of Goods Sold
36,860
Salaries Expense
12,500
Advertising Expense
8,100
Other Expenses
4,500
During the month of December, Davis entered into the following
transactions:
Date
Transaction
Dec. 4...
The December 31, 2016, balance sheet of the Kramer Company had Accounts Receivable of $650,000 and...
The December 31, 2016, balance sheet of the Kramer Company had
Accounts Receivable of $650,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2017, the following
transactions occurred: sales on account $1,550,000; sales returns
and allowances, $100,000; collections from customers, $1,250,000;
accounts written off, $35,000; previously written off accounts of
$8,000 were collected.
Journalize the 2017 transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually.)
Account Titles and Explanation...
1. For a recent year, Wicker Company-owned restaurants had the following sales and expenses (in millions):...
1. For a recent year, Wicker Company-owned restaurants had the
following sales and expenses (in millions):
Sales$15,300
Food and packaging$4,706
Payroll3,900
Occupancy (rent, depreciation, etc.)4,034
General, selling, and administrative expenses2,200 $14,840
Income from operations$460
Assume that the variable costs consist of food and packaging,
payroll, and 40% of the general, selling, and administrative
expenses.
a. What is Wicker Company's contribution
margin? Round to the nearest million. (Give answer in millions of
dollars.)
$ _____________________________ million
b. What is Wicker Company's...
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