On january 1, year 2, kincaid company's accounts receivable and the allowance for doubtful accounts carried balances of $31,000 and $500, respectively. during the year kincaid reported $72,500 of credit sales. kincaid wrote off $550 of receivables as uncollectible in year 2. cash collections of receivables amounted to $74,550. kincaid estimates that it will be unable to collect one percent (1%) of credit sales.the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to:
Solved
Show answers
More tips
- F Food and Cooking 10 Reasons Why You Should Avoid Giving Re-Gifts: An Informative Guide...
- S Sport How to wrap boxing hand wraps? Everything you need to know!...
- A Animals and plants 5 Tips for Taking Care of Yews to Keep Them Green and Beautiful...
- H Health and Medicine How to Calm Your Nerves? Expert Tips That Actually Work...
- O Other What is a Disk Emulsifier and How Does it Work?...
- S Sport How to Pump Your Chest Muscle? Secrets of Training...
- C Computers and Internet How to Get Rid of 3pic Infector: Everything You Need to Know...
- S Style and Beauty How to Grow Hair Faster: Real Methods and Advice...
- C Computers and Internet How to Top Up Your Skype Account Without Losing Money?...
- C Computers and Internet How to Get Rid of Spam in ICQ?...
Answers on questions: Business
- B Business Excerpt from chasing the paulding light alexandra rowker, investigative journalist 2) a group of teenagers first reported a mysterious light outside of paulding, michigan in 1966....
- B Business Suppose a new study reveals major health benefits from the consumption of avocados, of which mexico is the world’s largest producer. as a result of the study, u.s. citizens start...
- B Business Adelivery company is considering adding another vehicle to its delivery fleet; each vehicle is rented for $150 per day. assume that the additional vehicle would be capable of delivering...
- B Business Abeer company used to fire an employee for drinking a competitor s beer in public. courts are increasingly ruling against such a justification for firing an employee. a. affirmative...
- B Business On january 1, the elias corporation issued 10% bonds with a face value of $116,000. the bonds are sold for $113,680. the bonds pay interest semiannually on june 30 and december 31...
- B Business Carl is the beneficiary of a $24,000 trust fund set up for him by his grandparents. under the terms of the trust, he is to receive equal installments from this fund at the end of...
- B Business Gordon purchased real estate for $900,000 and listed title to the property as gordon and fawn, joint tenants with right of survivorship. gordon predeceases fawn when the real estate...
- B Business Larry, a team lead, completed the performance analysis of his team members. before the team members could access it, larry was required to send the reports to a senior manager for...
- B Business Financial statement account identification mark each of the accounts listed in the following table as follows. a)in column 1 indicate in which statement income statement (is)or balance...
- B Business If a debt investment is sold, the investment account is a. debited for the cost of the bonds at the sale date. b. credited for the cost of the bonds at the sale date. c. credited...
Ответ:
$27,725
Explanation:
Given that,
kincaid company's accounts receivable = $31,000
Allowance for doubtful accounts at January 1 = $500
Wrote off receivables as uncollectible = $550
1% of credit sales
cash collections of receivables = $74,550
Accounts receivable:
= Accounts receivable at January 1 + Credit sales - Wrote off receivables as uncollectible - Cash collection of receivables
= $31,000 + $72,500 - $550 - $74,550
= $28,400
Accounts for Doubtful Accounts:
= Allowance for doubtful accounts at January 1 - Wrote off receivables as uncollectible + 1% of credit sales
= $500 - $550 + (0.01 × $72500)
= $500 - $550 + $725
= $675
Net realizable value of receivables:
= Accounts receivable - Accounts for Doubtful Accounts
= $28,400 - $675
= $27,725
Therefore, the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to $27,725.
Ответ:
The total amount of mechanical energy is merely the sum of the potential energy and the kinetic energy.
Explanation:
thank you .