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  • accounting uncollectible accounts expense question?

    Can somebody help me with this basic accounting question for school?

    The Steven Co. estimates its Allowance for Doubtful Accounts by aging its

    accounts receivable. At the end of 1998 its accounts receivable were aged

    as follows:

    0-30 days $1,000,000

    31-90 days 500,000

    over 90 days 100,000

    The company estimates that all amounts outstanding for 30 days or less will

    be collected but the 5% of the amounts outstanding between 31 and 90 days

    and 50% of the amount outstanding over 90 days will eventually be

    uncollectible. The balance in the Allowance for Doubtful Accounts at the

    beginning of 1998 was $50,000. During 1998, $35,000 of uncollectible

    accounts were written off.

    The Uncollectible Accounts Expense for 1998 is

    a) $35,000

    b) $75,000

    c) $60,000

    d) none of the above

    The correct answer is c)$60,000. Can someone tell me how they got that answer? Thanks a lot.

    1 AnswerHomework Help7 years ago
  • accounting note payable question?

    Can somebody please explain to me how they got the solution?

    The Blue Bends Co. signed a 12%, $40,000 note payable on September 1,

    1998 due on February 28, 1999. If the accounting year ends on December

    31, how much is the interest expense for 1999, the year the note was repaid?

    a) $4,800

    b) $800

    c) $2,400

    d) $1,600

    e) none of the above

    The answer is b) $800. But how did you get it? Thanks for your help.

    1 AnswerHomework Help7 years ago
  • What are some good accounting practice sites or workbooks?

    I'm taking an intro course to accounting and my college textbook is pure crap in that it describes concepts but doesn't ask trivial questions that enable us apply our knowledge. What are some good sites that have questions relating to these following concepts?

    present & future value of annuity

    amortization

    dividends

    preferred shares

    common shares

    retained earnings

    debit/credit

    contra assets & revenues

    allowances for bad debt

    etc.

    There are many more. Thanks for the help!

  • accounting bank reconciliation question?

    The following information was available to the accountant of Acme Company when preparing the monthly bank reconciliation:

    Cash balance per bank

    $2,600

    Outstanding checks

    950

    NSF check returned with the bank statement

    150

    Deposits in transit

    1,250

    Bank service charges

    75

    Notes receivable from customer, collected by bank

    850

    The cash balance of Acme Company prior to beginning the bank reconciliation was

    Choose one answer.

    a. $3,975.

    b. $2,125.

    c. $2,275.

    d. $1,975.

    The correct answer is $2,275. But can somebody pls tell me how they got this answer? Thanks.

    2 AnswersHomework Help8 years ago
  • basic accounting question?

    The following information was taken from the 2007 income statement of Milburn Company: Pretax income, $12,000; Total operating expenses (not including income taxes), $21,000; Sales revenue, $120,000; Beginning inventory, $11,000; and Purchases, $90,000. Compute the amount of the ending inventory.

    Choose one answer.

    a. $87,000.

    b. $14,000.

    c. $16,000.

    d. $12,000.

    The correct answer is $14,000, but can someone pls tell me how they got it?

    2 AnswersHomework Help8 years ago
  • Help for an accounting question?

    On October 1, 2006, Jayhawk Company paid $7,200 for a two-year insurance policy on the building. The accounting period ends December 31. At the end of 2006, the financial statements should report

    On the Balance Sheet On the Income Statement

    A)Prepaid insurance, $7,200 Insurance expense, $0.

    B)Prepaid insurance, $0 Insurance expense, $7,200.

    C)Prepaid insurance, $6,300 Insurance expense, $900.

    D)Prepaid insurance, $900 Insurance expense, $6,300.

    E)None of the above is correct.

    Which is the correct answer and how did you get that answer?

    Thanks for your help.

    1 AnswerHomework Help8 years ago
  • Basic accounting question?

    At the end of 20D, Dallas Company made the following adjusting entry to record $10,000 accrued (unpaid) wages:

    a. $10,000 debit to wages expense and a $30,000 debit to wages payable.

    b. $30,000 debit to wages expense and a $10,000 debit to wages payable.

    c. $40,000 debit to wages expense and a $10,000 debit to wages payable.

    d. $50,000 debit to wages expense and a $10,000 debit to wages payable.

    Which one is it and how did you find the answer?

    Thanks.

    2 AnswersOther - Business & Finance8 years ago
  • What should my protest paper be about?

    I have to write a protest paper, could be any social issue. What's are some good topics?

    5 AnswersCurrent Events9 years ago
  • What should my protest paper be about?

    I have to write a protest paper, could be any social issue. What's are some good topics?

    4 AnswersMedia & Journalism9 years ago
  • In movies, when characters get fired, they carry a box with their crap in it. What is this box called?

    For example:

    In Bruce Almighty, Bruce carries a box with his stuff to his car when he gets fired.

    In Catwoman, Halle Berry carries a box with her stuff when she gets fired.

    4 AnswersMovies9 years ago
  • What is an appropriate credit card to apply for for Canadian university students?

    I am in university, and I have a youth debit account for TD Canada Trust.

    2 AnswersFinancial Aid9 years ago
  • What requirements do I need to teach English abroad?

    I am living and going to school in Canada at York University in Toronto. What requirements and degree would I need to teach English as a second language in a different country such as Italy, Vietnam, Japan, or Korea?

    4 AnswersOther - Education9 years ago
  • What requirements do I need to teach English abroad?

    I am living and going to school in Canada at York University in Toronto. What requirements and degree would I need to teach English as a second language in a different country such as Italy, Vietnam, Japan, or Korea?

    2 AnswersTeaching9 years ago
  • Is it common in Vietnam for one cousin to have a crush on another?

    I'm Vietnamese(Canadian-born), and so is my sister. She told me that she has a Vietnamese friend (also Canadian) whose cousin from Vietnam is in love with her.. and that I should be careful around my cousin from Vietnam. I did not believe that he was interested in me when she told me but now I am curious.. Although it's taboo in Canada, is it not taboo here? And why?

    1 AnswerSingles & Dating9 years ago
  • Is it common in Vietnam for one cousin to have a crush on another?

    I'm Vietnamese(Canadian-born), and so is my sister. She told me that she has a Vietnamese friend (also Canadian) whose cousin from Vietnam is in love with her.. and that I should be careful around my cousin from Vietnam. I did not believe that he was interested in me when she told me but now I am curious.. Although it's taboo in Canada, is it not taboo here? And why?

  • Is it common in Vietnam for one cousin to have a crush on another?

    I'm Vietnamese(Canadian-born), and so is my sister. She told me that she has a Vietnamese friend (also Canadian) whose cousin from Vietnam is in love with her.. and that I should be careful around my cousin from Vietnam. I did not believe that he was interested in me when she told me but now I am curious.. Although it's taboo in Canada, is it not taboo here? And why?

    3 AnswersOther - Vietnam9 years ago
  • Which University of Ottawa residence is better- Brooks or Hyman Soloway?

    I'm going to the University of Ottawa next year and I'm going to choose one of thses residences. They're both apartment style but have slightly different layouts. Which one is better for location, environment, facitilies, roomy, etc?

  • Want to transfer from UTM commerce to Rotman Commerce on St.George campus?

    I applied for the commerce program at University of Mississauga by mistake, and got accepted. I want to be in the Rotman Commerce program instead, but the problem is, it's on the St. George campus. Is there any way I can switch programs before the start of my program?

    3 AnswersOther - Education9 years ago
  • Sample reference letters?

    I've volunteered at a nun's home and I need to write a reference letter for applying to college, and then send it to the nun's so they can sign it. How do I write it?

    2 AnswersHomework Help10 years ago