Question

As of January 1, 2021, Farley Co. had a credit balance of $522,000 in its allowance...

As of January 1, 2021, Farley Co. had a credit balance of $522,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $650,000 of accounts receivable. Credit sales for 2021 were $19,400,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

Multiple Choice

  • $322,000.

  • $716,000.

  • $66,000.

  • $194,000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
As of January 1, 2018, Farley Co. had a credit balance of $520,000 in its allowance...
As of January 1, 2018, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $650,000 of accounts receivable. Credit sales for 2018 were $18,000,000. In its December 31, 2018, balance sheet, what amount should Farley report as allowance for uncollectible accounts? A) $230,000. B) $360,000. C) $590,000. D) $880,000. Here the correct answer is $230,000. As of January 1,...
20. As of January 1, 2021, Farley Co. had a credit balance of $525,000 in its...
20. As of January 1, 2021, Farley Co. had a credit balance of $525,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $646,000 of accounts receivable. Credit sales for 2021 were $18,400,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts? 21. As of January 1, 2021, Barley Co. had a credit balance of $536,000 in its allowance...
As of January 1, 2016, Farley Co. had a credit balance of $537,000 in its allowance...
As of January 1, 2016, Farley Co. had a credit balance of $537,000 in its allowance for uncollectible accounts. Based on experience, 4% of Farley's credit sales have been uncollectible. During 2016, Farley wrote off $635,000 of accounts receivable. Credit sales for 2016 were $19,800,000. In its December 31, 2016, balance sheet, what amount should Farley report as allowance for uncollectible accounts?
As of January 1, 2021, Barley Co. had a credit balance of $523,000 in its allowance...
As of January 1, 2021, Barley Co. had a credit balance of $523,000 in its allowance for uncollectible accounts. Based on experience, 2% of Barley's gross accounts receivable have been uncollectible. During 2021, Barley wrote off $653,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,150,000. In its December 31, 2021, balance sheet, what amount should Barley report as allowance for uncollectible accounts?
In 2017, the Dugan Co. had net credit sales of $1,500,000. On January 1, 2017, Allowance...
In 2017, the Dugan Co. had net credit sales of $1,500,000. On January 1, 2017, Allowance for Doubtful Accounts had a credit balance of $32,000. During 2017, $60,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage of receivable basis). If the accounts receivable balance at December 31 was $400,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2017?Bottom of Form
QUESTION 39 Stargell had a credit balance of $5,360 in its allowance for uncollectible accounts at...
QUESTION 39 Stargell had a credit balance of $5,360 in its allowance for uncollectible accounts at 1/1/20. Based on past experience, 1% of gross accounts receivable have been uncollectible. During the year, Stargell wrote off $6,660 of accounts receivable. Gross accounts receivable at 12/31/20 is $188,000. What amount should reported as allowance for uncollectible accounts in the year end balance sheet? A. 580. B. $3,180. C. $7,240. D. $1,880.
In 2018, Bramble Company had credit sales of $898000. On January 1, 2018, Allowance for Doubtful...
In 2018, Bramble Company had credit sales of $898000. On January 1, 2018, Allowance for Doubtful Accounts had a credit balance of $22400. During 2018, $36200 of uncollectible accounts receivable were written off. Past experience indicates that the allowance balance should be 12% of the accounts receivable become uncollectible. What should be the required adjustment to the Allowance for Doubtful Accounts at December 31, 2018 if the ending accounts receivable balance was $240000?
In 20x7 the Golic Co. had net credit sales of $900,000. On January 1, 20x7, the...
In 20x7 the Golic Co. had net credit sales of $900,000. On January 1, 20x7, the Allowance for Doubtful Accounts had a credit balance of $22,500. During 20x7, $36,000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $240,000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 20x7? Question 21 options:...
Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of...
Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $113,000 and $132,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $120 in accounts receivable were written off during 2021 and if the allowance account had a balance of $930 on December 31, 2021? Multiple Choice $32,000. $500. $65,620. None of these answer choices are correct.
in 2018, Oriole Company had net credit sales of $1125300. On January 1, 2018, Allowance for...
in 2018, Oriole Company had net credit sales of $1125300. On January 1, 2018, Allowance for Doubtful Accounts had a credit balance of $26100. During 2018, $42000 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 12% of the balance in receivables (percentage of receivables basis). If the accounts receivable balance at December 31 was $376000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2018? $45120 $29220 $119136...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT