Sanders inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. at the end of 2018, its balance for accounts receivable is $35,000. the company estimates that of this amount, $4,000 is not likely to be collected in 2019. in 2019, the actual amount of bad debts is $2,900. record, if necessary, an adjustment for estimated uncollectible accounts at the end of 2018 and the actual bad debts in 2019.
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Ответ:
no entry at the 2018 year-end. The Company uses direct method
bad debt expense 2,900 debit
accounts receivable 2,900 credit
--to record bad debt expense for 2019--
Explanation:
direct write-off method: we only do the adjustment of bad debt once it is determinated as uncollectible.
We do no entry at the end of 2018
on 2019 we recocgnize the bad debt expense and decrease account receivable.
Ответ:
1. Sales Revenue
Always first in an Income Statement.
2. Cost of Goods Sold
Subtracted from Revenue to find Gross Profit.
3. Gross Profit on Sales
Profit net of Cost of Goods sold.
4. Operating expenses
Expenses from the company's operations including wages and depreciation. Subtracted from Gross Profit to find Operating income.
5. Income from operations
Gross profit net of operating expenses.
6. Other revenues and gains
Added to Operating Income.
7. Income from continuing operations before income taxes
8. Income taxes
Subtracted to find income from continuing operations.
9. Income from continuing operations
10. Discontinued operations
Income from divisions and activities that have been discontinued.
11. Net Income