Complete Questions:
The following account balances were extracted from the accounting records of Thomas Corporation at the end of the year: Accounts Receivable $1,105,000. Allowance for uncollectible accounts (credit) $37,000. Uncollectible-Account Expense $64,000
. What is the net realizable value of the accounts receivable?
A. $1,142,000
B. $1,169,000
C. $1,105, 000
D. $1,068,000
Explain
Answer:
Thomas Corporation
D. $1,068,000
Explanation:
1. Data and Calculations:
Accounts Receivable $1,105,000
less Allowance for uncollectible accounts (credit) $37,000
Net realizable value = $1,068,000
2. Thomas Corporation's Accounts Receivable balance is a debit balance and the Allowance for uncollectible accounts is a credit balance. Since the Allowance for uncollectible accounts is a contra account to the Accounts Receivable, when the two are netted, the balance is the net realizable value of the Accounts Receivable.
3. Thomas cannot include the Uncollectible-Account Expense of $64,000
in the computation of the net realizable value since it has been charged and closed to the income summary and as a temporary account, it cannot be treated as other permanent accounts.
Answer:
You can find your answer in attached document.
Explanation:
Answer:
Explanation:
a). The highest point of the house was hurt. It will be made sure about under Part A . The most outrageous proportion of game plan is $120,000. The cash estimation of hardship is $10,000. In this manner, the dollar whole receivable for adversity is $10,000.
b). The damage of window of the parlor will be made sure about under Part A course of action. The cash estimation of the damages is $400. From this time forward, the dollar proportion of mishap payable is $400.
c). The damages on account of impact of water radiator will be made sure about under Part C, singular property hurt. The most outrageous proportion of hardship will be half of inclusion A. The most extraordinary proportion of consideration will be $60,000 (half of $120,000). In any case, the genuine cash estimation of the incident is $2,000. In this way, the dollar proportion of setback will be $2,000
Answer:
The cash payments for Finch Company in the month of June is $185,600.
Explanation:
Cash payment : Cash payment is that payment which is deals only in cash or the payment is only paid in cash.
So,
To compute the cash payment for June month, the following things is need to be considered.
1. Manufacturing cost of April and May
All other cost like - insurance cost, property tax is not need to be considered because it is not related to may month.
So,
= 3÷4 of May month + 1÷4 of April month
= 3÷4 × $195,200 + 1÷4 × $156,800
= $146,400 + $39,200
= $185,600
Hence, The cash payments for Finch Company in the month of June is $185,600.
