Messages
Proposals
Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.
Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support
Problem 2 – Accounts Receivable A trial balance before adjustment included the following: Debit Credit 12/31/20X4 Accounts receivable $41,600 Allowance for doubtful accounts $2,000 Credit sales $430,000 Credit sales returns $15,000 Required: a) What adjusting journal entry is needed for uncollectible accounts assuming it is determined based on 1% of net credit sales? b) What adjusting journal entry is needed for uncollectible accounts assuming it is determined based on 5% of gross accounts receivable? c) The strength of the income statement approach used in part (a) is that it provides better _______________ of expenses with applicable _______________. d) The strength of the balance sheet approach used in part (b) is that it provides a more accurate net _______________ value. Problem 3 – Accounts Receivable Excerpts from Bobcat Swank’s 20X4 annual report follow: $ in Millions Income Statement 20X4 20X3 Revenues……………………………………………………………………………….. $47,800 $43,000 Bad debt expense.……………………………………………………………….. $311 $276 Balance Sheet Receivables, less allowance for doubtful accounts of $310 and $272, respectively……………………………………………………………. $4,365 $3,582 Required: Answer the following questions assuming that: 1) Bobcat Swank uses the income statement approach to estimate bad debt expense and 2) all revenues are credit sales. a) How much of accounts receivable was written off during 20X4? Solve using a T-Account. b) What was the amount of cash collected on receivables during 20X4? Solve
| Writer | Writer Name | Amount | Client Comments & Rating |
|---|---|---|---|
ONLINE |
Instant Homework Helper |
$36 |
She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! |
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
Custom Original Solution And Get A+ Grades
| Writer | Writer Name | Offer | Chat |
|---|---|---|---|
ONLINE |
Top Grade TutorI am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time |
$68 | Chat With Writer |
ONLINE |
Top Academic GuruI will cover all the points which you have mentioned in your project details. |
$96 | Chat With Writer |
ONLINE |
Write My CourseworkI have read your project details. I can do this within your deadline. |
$15 | Chat With Writer |
ONLINE |
Exam AttempterI have read your project details. I can do this within your deadline. |
$19 | Chat With Writer |
ONLINE |
Calculation GuruYou can award me any time as I am ready to start your project curiously. Waiting for your positive response. Thank you! |
$45 | Chat With Writer |
ONLINE |
Finance Homework HelpHello, I an ranked top 10 freelancers in academic and contents writing. I can write and updated your personal statement with great quality and free of plagiarism |
$88 | Chat With Writer |
Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.