Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during its first year of operations, mack's plumbi

During its first year of operations, Mack's Plumbing Supply Co. had sales of $3,250,000, wrote...

70.2K

Verified Solution

Question

Accounting

During its first year of operations, Mack's Plumbing Supply Co. had sales of $3,250,000, wrote off $27,800 of accounts as uncollectible using the direct write-off method, and reported net income of $487,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1% of sales would be uncollectible. $

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

Medical Sciences
1.2K views

1. Which response serves to decrease body temperature if body temperature increases above its normal range? Question...

Basic Math
1.2K views

For a dosage of x cubic centimeters cc of a certain drug the resulting blood...

Statistics
1.2K views

For 20 25 Use Table A Standard Normal Distribution to find the proportion of observations...

Statistics
1.2K views

Evaluate each expression or state the the expression is not a real number DNE Part...

Calculus
1.2K views

A street light is at the top of a 20 ft tall pole A woman...

Algebra
1.2K views

The sum of the squares of the eigenvalues of the following matrix 4 OA 12...

Accounting
1.2K views

Sunland Company receives its annual property tax bill of $20,400 for the 2024 calendar year...

Accounting
1.2K views

A 6-year bond costs $9,000 and will pay a total of $2,700 interest over its...

Accounting
1.2K views

Week 4 Homework Assignment Please complete the below problems and submit your answers in the...

Accounting
1.2K views

2. DG Co has recorded the following total costs during the last five years. Required...

Accounting
1.2K views

18. In accounting for expendable fund entities, revenue is ordinarily not recognized until: A) it...

Finance
1.2K views

At the time of investing AUD20,000 in US shares, the AUD/USD is 0.6437. If over...