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hichkok12 [17]
3 years ago
7

Wechsler Company uses the aging of accounts receivable method. The company performed an aging of accounts receivable on December

31 and gathered the following information: Accounts receivable $605,000 Unadjusted Credit balance in Allowance for Doubtful Accounts 84,000 Estimated Uncollectible Accounts Receivable 93,000 What is the amount of Accounts Receivable, Net that will be reported on the balance sheet at December 31?
a. $596,000
b. $512,000
c. $521,000
d. $419,000
Business
1 answer:
snow_lady [41]3 years ago
4 0

Answer:

The amount of accounts receivable Net = 512000

so correct option is b. $512,000

Explanation:

given data

Accounts receivable = $605,000

Doubtful Accounts  = $84,000

Accounts Receivable = $93,000

to find out

amount of Accounts Receivable, Net that will be reported on the balance sheet

solution

we know bad debt expense  is difference between 93,000 and 84,000 i.e 9000

so new balance of Allowance for doubtful debts = 93,000

so we can say The amount of accounts receivable Net is

The amount of accounts receivable Net = 605,000 - 93,000

The amount of accounts receivable Net = 512000

so correct option is b. $512,000

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The Quick service is one of the disadvantage method using in the management as it contain the fast serving of the food and lack of the various types of variety in the food menu.

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2 years ago
_____________ - a term referring to the fact that for many goods, as the level of production increases, the average cost of prod
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3 years ago
On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at t
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Answer and Explanation:

The amortization schedule is presented below:    

Date          Cash   Interest expense    Amortization Balance

                        A              B                           C = (A - B)

January 1, Year 1                                              $58,998

                                                                                                    D

End of Year 1 $3,944     $3,717                     $227                 $58,771

                                                                                                  E = D - C

End of Year 2  $3,944    $3,702.573            $241                 $58,530

End of Year 3  $3,944     $3,687.39            $257                 $58,273

End of Year 4  $3,944     $3,671                   $273              $58,000

Working notes:

For computing the missing amount first we have to find out the interest expense rate which is

= $3,717 ÷ $58,998

= 6.30%

For year 2,

The interest expense is

= $58,771 × 6.30%

= $3,702.573

For year 3,

The interest expense is

= $58,530 × 6.30%

= $3,687.39

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