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olga nikolaevna [1]
3 years ago
12

At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balan

ce of $5,400; and sales for the year total $3,000,000. An analysis of receivables indicates the uncollectible receivables are estimated to be $45,000. a. Determine the amount of the adjusting entry for bad debt expense. $fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable. $fill in the blank 5
Business
1 answer:
melomori [17]3 years ago
4 0

Answer:

a) The amount of the adjusting entry for bad debt expense = $50,400.

b) The adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense are:

1. Adjusted Balance Accounts Receivable = $675,000

2. Allowance for Doubtful Accounts = $45,000

3. Bad Debt Expense = $50,400

c. Determine the net realizable value of accounts receivable = $630,000

Explanation:

A) Data and Calculations:

Accounts Receivable balance = $675,000

Allowance for Doubtful Accounts = $5,400 (debit)

Sales for the year = $3,000,000

Estimated uncollectible receivables = $45,000

Amount of adjustment for bad debt expense = $50,400 ($45,000 + $5,400)

b) The net realizable value of accounts receivable is determined by subtracting the amount of the Allowance for Doubtful Accounts ($45,000) from the balance of Accounts Receivable ($675,000).  This results to a realizable value of $630,000 ($675,000 - $45,000).

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The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed i
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Answer:

The reconciled balance is 7,294.14

Explanation:

bank statement      3,881.14

deposit in transit   9,555.88

oustanding check<u> (6,142.88)  </u>

bank statment        7.294,14

From the bank accout we deduct the outstanding check and increase by the deposit in transit.

accounting        922.55

interst                   77

service charge    (38.22)

note collected  6,815.00

check              <u>   (482. 19)  </u>

accounting      7.294,14‬

From the accounting we adjust for the transaciton which aren't know by the company:

the interest and service charge, the note colected and we also adjsut for mistake like the check not deducted.

in both we must reach the same final answer.

4 0
3 years ago
For each of the following corporate formations, (1) write the amount of gain or loss that will be recognized by the shareholders
Maslowich

Answer:

Back Stop, Inc.

1. The amount of gain or loss that will be recognized by the company:

a. $30,000 gain

b. $80,000 loss

2. The corporation's basis in the property after the transfer:

a. $150,000

b. ($80,000)

Explanation:

1) Data and Calculations:

a. Building $150,000 Capital, Kelly $120,000 Unrealized gain $30,000

b. Unrealized loss $80,000 Capital, Kelly $80,000

2) The building contributed by Kelly is worth $150,000 for the corporation.  However, the contribution by John is worth nothing in real terms.  Instead, an unrealized loss is being suffered by the corporation.

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3 years ago
Kant Corporation retires its $500,000 face value bonds at 102 on January 1, following the payment of interest. The carrying valu
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Answer and Explanation:

The Journal entry is shown below:-

Bonds payable Dr, $500,000

Loss on retirement of bonds Dr, $28,750  

($510,000 + $18,750 - $500,000 )

           To Cash $510,000 ($500,000 × 1.02)

          To discount on bonds payable $18,750 ($500,000 - $481,250)

(Being redemption is recorded)

Here we debited the bonds payable and loss on retirement of bonds as it decreased the liabilities and increased the loss and we credited the cash and discount on bonds payable as it decreased the assets and increased the liabilities

8 0
3 years ago
How long after taxes accepted will i get my refund?.
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Answer:

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3 0
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