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OnAugust1,2016, Azore,Inc.,soldequipmentandacceptedasix-month, 8%,$30,000notereceivable. Azore's year-endisDecember31. If Azore, Inc., fails to make an adjusting entry for the accrued interest on December 31, 2016,
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Snead Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2016, the balance of accounts receivable is $210,000 and the allowance for uncollectible accounts has a credit balance of $3,000 (before adjustment). An analysis of accounts receivable produced the following age groups:Current ...........................................................$160,00060 days past due .............................................43,000Over 60 days past due.....................................7,000$210,000Based on past experience, Snead estimates that the percentage of accounts that will prove to be uncollectible within the three age groups is 4%, 10%, and 18% respectively. Based on these facts, the net receivables on the balance sheet as of December 31, 2016, are.
Snead Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2016, the balance of accounts receivable is $210,000 and the allowance for uncollectible accounts has a credit balance of $3,000 (before adjustment). An analysis of accounts receivable produced the following age groups:Current ..................................................................$160,00060 days past due ....................................................43,000Over 60 days past due.............................................7,000$210,000Based on past experience, Snead estimates that the percentage of accounts that will prove to be uncollectible within the three age groups is 4%, 10%, and 18% respectively. Based on these facts, the adjusting entry for uncollectible accounts should be made in the amount of
Milo Companyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$100,000andmanagementestimates 4%willbeuncollectible.Allowancefor Doubtful Accountspriortoadjustmenthasacreditbalanceof$3,000.ThebalanceofAllowanceforDoubtfulAccounts,afteradjustment,willbe
Milo Companyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$100,000andmanagementestimates 4%willbeuncollectible.Allowancefor Doubtful Accountspriortoadjustmenthasacreditbalanceof$3,000.Theamountofexpensetoreportontheincomestatementwillbe
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