Business
Business, 30.05.2020 20:02, tyrielle8729

G Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 % 31-60 days 290,000 2 61-90 days 111,000 15 91-120 days 70,000 30 More than 120 days 94,000 60 Total receivables $1,300,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If an amount box does not require an entry, leave it blank. c. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? $

answer
Answers: 2

Other questions on the subject: Business

image
Business, 21.06.2019 23:00, emilyswinge4421
James has set the goal of achieving all "a"s during this year of school. which term best describes this goal
Answers: 2
image
Business, 22.06.2019 20:10, janayflowers042
Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken
Answers: 2
image
Business, 23.06.2019 02:50, afropenguin2853
Marcus nurseries inc.'s 2005 balance sheet showed total common equity of $2,050,000, which included $1,750,000 of retained earnings. the company had 100,000 shares of stock outstanding which sold at a price of $57.25 per share. if the firm had net income of $250,000 in 2006 and paid out $100,000 as dividends, what would its book value per share be at the end of 2006, assuming that it neither issued nor retired any common stock?
Answers: 1
image
Business, 23.06.2019 06:50, lilGi0
It is most important to account for factors like warranties and durability when purchasing durable goods or very expensive items
Answers: 1
Do you know the correct answer?
G Seaforth International wrote off the following accounts receivable as uncollectible for the year e...

Questions in other subjects:

Konu
Mathematics, 29.07.2019 23:40