Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how do you answer a, b, and c? e6-34. reporting u

How do you answer a, b, and c? E6-34. Reporting Uncollectible Accounts and Accounts...

50.1K

Verified Solution

Question

Accounting

imageHow do you answer a, b, and c?

E6-34. Reporting Uncollectible Accounts and Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,2016, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0.5% 1-30 days past due 31-60 days past due .. 61-120 days past due $250,000 90,000 20,000 11,000 6,000 4,000 2 5 10 25 Over 180 days past due . Total accounts receivable .. . . $381,000 At the beginning of the fourth quarter of 2016, there was a credit balance of $4,350 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $3,830 in re- ceivables as uncollectible. What amount of bad debts expense will LaFond report for 2016? What is the balance of accounts receivable that it reports on its December 31, 2016, balance a. b. sheet? Set up T-accounts for both Bad Debts Expense and for the Allowance for Uncollectible Accounts. Enter any unadjusted balances along with the dollar effects of the information described (includ- ing your results from parts a and b). Explain the numbers in each of the T-accounts C

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

Basic Math
1.2K views

Part 1 The systolic blood pressure of adults in the USA is nearly normally distributed with a...

Programming
1.2K views

explain the types of solid waste in detail and sources of solid waste,factors that affects generstion...

Mechanical Engineering
1.2K views

given and sketch in steps the root locuse of transfer function by matlab and hand calculation G(s)=(s+3)/s(s+2) given...

Physics
1.2K views

ray of light falls on the surface of a spherical glass paper weight making an...

Physics
1.2K views

Three identical large metal plates each of area S are at distance d and 2d...

Geometry
1.2K views

What is tan 25 to the nearest hundredth O 0 91 O 0 47 O...

Calculus
1.2K views

A factory is discharging pollution into a lake at the rate of r t tons...

Accounting
1.2K views

Opportunity costs are Opportunity costs are: Multiple Choice eBook included in inventory. foregone...

Accounting
1.2K views

Outdoorsies has monthly operating expenses of: Salaries of $50,000 Sales commission ($6 per unit) Freight-out...

Accounting
1.2K views

Homework: napter Homework Save Score: 0.67 of 1 pt 11 of 1 1 (8 complete)...

Accounting
1.2K views

The price-earnings ratio for firms in the Standard \& Poor's 500 Index has averaged over...

Accounting
1.2K views

Wayne Company is considering a long-term investment project called ZIP.ZIP will require an investment of...