Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Domino began 2016 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $76,500 and $5,800, respectively. During the year, the company wrote off $4,640 in uncollectible accounts. In preparation for the company's 2016 estimate, Domino prepared the following aging schedule:
Number of Days Past Due Receivables Amount % Likely to be Uncollectible
Current $ 104,000 1%
0-30 45,000 5%
31-60 9,920 10%
61-90 4,440 25%
Over 90 3,800 50%
Total $ 167,160
What will Domino record as Uncollectible Accounts Expense for 2016?
a. $6,132
b. $1,512
c. $7,292
d. $4,640
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 12:20, KindaSmartPersonn
Bdj co. wants to issue new 22-year bonds for some much-needed expansion projects. the company currently has 9.2 percent coupon bonds on the market that sell for $1,132, make semiannual payments, have a $1,000 par value, and mature in 22 years. what coupon rate should the company set on its new bonds if it wants them to sell at par?
Answers: 3
Business, 22.06.2019 13:20, ooEVAoo
Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.
Answers: 1
Business, 22.06.2019 20:00, arifkarimi9214
A$100 million interest rate swap has a remaining life of 10 months. under the terms of the swap, the six-month libor is exchanged semi-annually for 12% per annum. the six-month libor rate in swaps of all maturities is currently 10% per annum with continuous compounding. the six-month libor rate was 9.6% per annum two months ago. what is the current value of the swap to the party paying floating? what is its value to the party paying fixed?
Answers: 2
Do you know the correct answer?
Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Do...
Questions in other subjects:
Geography, 29.07.2019 23:30
English, 29.07.2019 23:30
Mathematics, 29.07.2019 23:30
History, 29.07.2019 23:30
History, 29.07.2019 23:30
