Uncollectible Accounts for Ed Co.
Not what you're looking for?
Ed Co. prepared an aging of its accounts receivable at December 31, 2004 and determined that the net realizable value of the receivables was $290,000. Additional information is available as follows:
Allowance for uncollectible accounts at 1/1/04?credit balance $ 29,000
Accounts written off as uncollectible during 2004 23,000
Accounts receivable at 12/31/04 320,000
Uncollectible accounts recovered during 2004 5,000
For the year ended December 31, 2004, Ed's uncollectible accounts expense would be
a. $18,000.
b. $23,000.
c. $11,000.
d. $19,000.
Purchase this Solution
Solution Summary
The solution examines uncollectible accounts.
Solution Preview
Estimated uncollectible expenses for 2004 should be (d) $19000 as explained below.
Account Receivable 31st Dec 2004 (Dr Bal) $320000
Add:: Amount previously written off Reversed $5000
Less: Amount recovered from the accounts previously written off ...
Purchase this Solution
Free BrainMass Quizzes
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.