Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. during 2018. its first year of operations, huec

1. During 2018. its first year of operations, Hueco Tank Industries recorded sales of $11,550,000...

70.2K

Verified Solution

Question

Accounting

image
1. During 2018. its first year of operations, Hueco Tank Industries recorded sales of $11,550,000 and experienced returns of $700,000. Cost of goods sold totaled $6,760,000. The company estimates that 6.75% of all sales will be returned. How much will Hueco Tanks report as net sales on its 2018 income statement? A. $12,329,625 B. $11,550,000 c. $10,850,000 D. $10,770,375 E. $4,790,000 2. Natalicio Limited's year-end balance in accounts receivable is $2,100,000. The allowance for uncollectible accounts had a beginning-of-year credit balance of $29,500. An aging of accounts receivable at the end of the year indicates a required allowance of $50,000. If bad debt expense for the year was $42,000, what was the amount of bad debts written off by Natalicio Limited during the year? A. $121,500 B. $62,500 C. $42,000 D. $37,500 E. $21,500 RI

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

1. The balance sheet consists of assets and liabilities and equity. With a focus on liabilities,...

Programming
1.2K views

PYTHON-- create a method that prints items from a stack in a top to bottom order

Physics
1.2K views

Note: Please acknowledge the list of possible answers for each question. The CORRECT answer is one...

Psychology
1.2K views

Identify three reasons for the increase in suicide rates in Fiji and the pacific. Relate your...

Biology
1.2K views

Think about the instances during the day when you drink water When is tap water...

Biology
1.2K views

Your patient obtained a Vibrio cholerae infection from drinking contaminated water. The organism releases vibriobactin...

Geometry
1.2K views

Suppose a student picks 3 points at random from Q R S T and W...

Basic Math
1.2K views

An iron tank is constructed in the form of an isosceles trapezoid. Each base angle...

Algebra
1.2K views

1 Draw the number line graph for the solutions to the 1 3 SR questions...

Accounting
1.2K views

please correct anything that i have wrong and fill in anything necessary. there are...

Accounting
1.2K views

Compute the financial ratios discussed in the chapter for Wholesome Foods for 2014 and 2015....

Accounting
1.2K views

On the statement of cash flows, cash receipts from the purchase of merchandise for resale...