John Den Bear Company had a $150,000 beginning balance in Accounts Receivable and a $6,000 credit balance in the Allowance for Doubtful Accounts. During the year, credit sales were $600,000 and customers’ accounts collected were $590,000. Also, $4,000 in worthless accounts were written off. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts? Select one:
1 answer
Question:
John Den Bear Company had a $150,000 beginning balance in Accounts Receivable and a $6,000 credit balance in the Allowance for Doubtful Accounts. During the year, credit sales were $600,000 and customers’ accounts collected were $590,000. Also, $4,000 in worthless accounts were written off. What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts? Select one:
Answers
Answer:The correct answer is $154,000.Explanation:According to the scenario, the computation of the given data are as follows:We can calculate the net amount of receivables by using following formula:Net receivables = Accounts receivable account - Allowance accountsSo, Accounts receivable = Beginning balance + credit sales - cash collected - Amount written off = $150,000 + $600,000 - $590,000 - $4000= $156,000And Allowance accounts = Beginning allowance account - amount written off= $6,000 - $4,000= $2,000Now by putting the value, we getNet receivables = $156,000 - $2,000= $154,000.Hence, the net amount of receivables is $154,000.
Similar Solved Questions
1 answer
A submarine is located 400 400 feet below sea level. if it descends 325 325 feet, what is its new position
A submarine is located 400 400 feet below sea level. if it descends 325 325 feet, what is its new position...
1 answer
X2(x−y)5−y2(x−y)5 can be rewritten as (x+y)(x−y)a. What is the value of a ?
x2(x−y)5−y2(x−y)5 can be rewritten as (x+y)(x−y)a. What is the value of a ?...
2 answers
The question is down in the picture, please they best you can please
the question is down in the picture, please they best you can please...
1 answer
Removing language barriers to limited english-speaking populations is the main focus of:
Removing language barriers to limited english-speaking populations is the main focus of:...
1 answer
Percent change, "a price of a dirt bike dropped from $872 to $600"
Percent change, "a price of a dirt bike dropped from $872 to $600"...
2 answers
(30 Points) Which of the following statements about cobalt (Co) and nickel (Ni) is true? A. Nickel has a greater average atomic mass than cobalt does. B. Cobalt atoms have more electrons than nickel atoms do. C. Nickel atoms have more protons than cobalt atoms do. D. Nickel and Cobalt have the same number of neutrons.
(30 Points)
Which of the following statements about cobalt (Co) and nickel (Ni) is true?
A. Nickel has a greater average atomic mass than cobalt does.
B. Cobalt atoms have more electrons than nickel atoms do.
C. Nickel atoms have more protons than cobalt atoms do.
D. Nickel and Cobalt have the same ...
1 answer
You need 3 sticks of butter for every 24 cookies you bake.Complete the table using equivalent ratios.3. 24 165. 32
You need 3 sticks of butter for every 24 cookies you bake.Complete the table using equivalent ratios.3. 24 165. 32...
1 answer
Section 1 1. Choose the correct answer for the following expression: 12**2 14 - A. 144 B. 24 C. 132 D. 142
Section 1
1.
Choose the correct answer for the following expression: 12**2
14 -
A.
144
B. 24
C. 132
D.
142...
1 answer
In a market without price controls, producers can charge the _____, so that consumers will buy all of their products. I Need Help Please!! surplus price shortage price equilibrium price
In a market without price controls, producers can charge the _____, so that consumers will buy all of their products. I Need Help Please!!
surplus price
shortage price
equilibrium price...
1 answer
To make a stemplot of these rainfall amounts, round the data to the nearest 10, so that stems are hundreds of millimeters and leaves are tens of millimeters. Make two stemplots, with and without splitting the stems. Which plot do you prefer
To make a stemplot of these rainfall amounts, round the data to the nearest 10, so that stems are hundreds of millimeters and leaves are tens of millimeters. Make two stemplots, with and without splitting the stems. Which plot do you prefer...
1 answer
What industry did the government of Mexico nationalize ?
What industry did the government of Mexico nationalize ?...
1 answer
A certain igneous rock contains about 5% dark silicate minerals and is pinkish in color. The remainder of the rock is mostly plagioclase feldspar. What type of composition does this igneous rock have?
A certain igneous rock contains about 5% dark silicate minerals and is pinkish in color. The remainder of the rock is mostly plagioclase feldspar. What type of composition does this igneous rock have?...
1 answer
Define las 3 fases de la economia y explica en que espacios se localizan
define las 3 fases de la economia y explica en que espacios se localizan...
1 answer
The following two compounds can be distinguished by
the following two compounds can be distinguished by...
1 answer
12. The game of spoedball was developed by E.D. Mitchell
12. The game of spoedball was developed by E.D. Mitchell...
2 answers
Ten of the thirty students on the bus were boys. What percentage of the bus's travelers were boys?
Ten of the thirty students on the bus were boys. What percentage of the bus's travelers were boys?...
1 answer
Which of the following verbs IS conjugated with être? prendre rester cliquer marcher
Which of the following verbs IS conjugated with être?
prendre
rester
cliquer
marcher...