1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
snow_tiger [21]
2 years ago
15

The following information is available for Quality Book Sales's sales on account and accounts receivable:

Business
1 answer:
liberstina [14]2 years ago
8 0

Answer:

Quality Book Sales

1) Uncollectible accounts expense for Year 2 = $890

2) Net realizable value of receivables at the end of Year 2 = $69,650

B) The reason why the uncollectible accounts expense amount is different from the amount that was written off as uncollectible is:

(2) Uncollectible accounts expense is the actual amount that was determined in the current accounting period to be uncollectible.

Explanation:

a) Data and Calculations:

Accounts Receivable Balance, January 1, Year 2 =  $78,500

Allowance for Doubtful Accounts, January 1, Year 2 = 4,710

Sales on Account, Year 2  = 550,000

Collections of Accounts Receivable, Year 2  = 556,000

Uncollectibles written off = $2,850

Allowance for Uncollectible accounts = 0.5% of Sales ($550,000 * 0.5%)

= $2,750

1) Uncollectible accounts expense for Year 2 = $890 ($2,850 + $2,750 - $4,710)

2) Net realizable value of receivables at the end of Year 2 = $69,650

B) The reason why the uncollectible accounts expense amount is different from the amount that was written off as uncollectible is:

(2) Uncollectible accounts expense is the actual amount that was determined in the current accounting period to be uncollectible.

Accounts Receivable Account

Account Titles                   Debit     Credit

Beginning balance           $78,500

Sales                                550,000

Cash                                              $556,000

Allowance for Uncollectibles              2,850

Ending balance                                 69,650

Allowance for Uncollectible Accounts

Account Titles                   Debit     Credit

Beginning balance                         $4,710

Accounts receivable      $2,850

Uncollectible Accounts Expense      890

Ending balance                2,750

You might be interested in
A physician unfairly bills a patient. What tort violation is this?
AnnyKZ [126]

Answer:

The physician would be doing Malpractice.

4 0
3 years ago
Read 2 more answers
Easy question.........
madreJ [45]

Answer:

c

Explanation:

7 0
3 years ago
Read 2 more answers
Mason works at a toy assembly plant and is responsible for the various departments that perform different functions. he helps pe
julia-pushkina [17]

Based on the scenario above, Mason is likely to be the general manager. It is because he helps people in different departments in regards of specific tasks in which a general manager would do, while Julio is considered to be a functional manager because he makes sure that everyone in his department has the skills and training in which a functional manager is responsible of.

6 0
3 years ago
Necesito un susario de la uanl de aspirante con admisión rechazada
max2010maxim [7]

Answer:

ta bueno pue

Explanation:

6 0
3 years ago
Discuss the tradeoffs between fiber-optic and satellite communication in terms of costs, signal capacity, signaling method, inte
mylen [45]

Answer:

Explanation:

I will split this answer into two options...

Fiber Optic communications work by sending data through beams of light through a series of fiber cables. This allows for data transfer at incredibly high speeds and with an almost non-existent probability of data loss. Since cables need to be connected from one end-point to another this form of communication becomes more expensive and the capability of reconfiguration becomes incredibly difficult. The likelihood of failure is also very low due to the nature of the technology.

Satellite communication sends data wirelessly by beaming the data to satellites and then back down to the destination. This allows for data to be transferred worldwide but runs into the risk of interference, data loss, signal loss etc. Costs are much cheaper than Fiber Optics due to the lack of wiring. Multipoint capabilities are high since endpoints can be placed anywhere with a clear line of sight to the sky, which also means that reconfiguration capabilities are high as well.

5 0
2 years ago
Other questions:
  • n computing the current period's manufacturing cost per equivalent unit, the FIFO method of process costing considers: (CPA adap
    6·1 answer
  • John gets a job with a large firm that audits small businesses. while working there, he becomes friends with dave, who invites h
    6·1 answer
  • The data preparation technique used in market segmentation to divide consumers into different homogeneous groups is
    13·1 answer
  • A ________ marketing strategy develops products and promotions designed to please large groups of people
    7·1 answer
  • What do the two scenarios have in common? Check all that apply.
    12·2 answers
  • Donna and Matthew share an office. Donna was balancing her checkbook when she was called
    6·2 answers
  • Activity-based costing systems: Eliminate multiple-stage cost allocation. Accumulate overhead costs by departments. Have separat
    11·1 answer
  • Suppose the government launches a successful advertising campaign that convinces workers with high school degrees to quit their
    5·1 answer
  • A company reported average total assets of $1,240,000 in Year 1 and $1,510,000 in Year 2. Its net operating cash flow was $102,9
    10·1 answer
  • The following data have been recorded for the production of Product A-11 in the current period. Direct materials cost was $2,079
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!