Kay Shin Co: prepare schedule of allowance for doubtful accounts
Not what you're looking for?
At January 1, 1993, the credit balance in the Allowance for Doubtful Accounts of Kap Shin Co. was $400,000. For 1993, the provision for doubtful accounts is based on a percentage of net sales. Net sales for 1993 were $70,000,000. On the basis of the latest available facts, the 1993 provision for doubtful accounts is estimated to be 0.8% of net sales. During 1993, uncollectible receivables amounting to $490,000 were written off against the allowance for doubtful accounts.
Prepare a schedule computing the balance in Shin's Allowance for Doubtful Accounts at 12-31-1993 (see attachment).
Purchase this Solution
Solution Summary
The solution presents a schedule of the computation of the balance in the allowance account as of 12-31-1993.
Solution Preview
The solution is in excel file attached.
Allowance for Doubtful ...
Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Introduction to Finance
This quiz test introductory finance topics.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.