Business, 07.03.2020 05:36 1846252

In 2017, Patterson Wholesale Company had net credit sales of $750,000. On January 1, 2017, Allowance for Doubtful Accounts had a credit balance of $18,000. During 2017, $30,000 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 $200,000, what is the required adjustment to Allowance for Doubtful Accounts at December 31, 2017?
A. $20,000.
B. $75,000.
C. $32,000.
D. $30,000

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 12:50

Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.

Answers: 3

Answer

Business, 22.06.2019 13:00

Dakota products has a production budget as follows: may, 16,000 units; june, 19,000 units; and july, 24,000 units. each unit requires 3 pounds of raw material and 2 direct labor hours. dakota desires to keep an inventory of 10% of the next month’s requirements on hand. on may, 1 there were 4,800 pounds of raw material in inventory. direct labor hours required in may would be:

Answers: 1

Answer

Business, 23.06.2019 00:00

Both renewable and nonrenewable resources are used within our society. how do the uses of nonrenewable resources compare to the uses of renewable resources?

Answers: 1

Answer

Business, 23.06.2019 01:00

Corporation had a japanese yen receivable resulting from exports to japan and a brazilian real payable resulting from imports from brazil. gracie recorded foreign exchange gains related to both its yen receivable and real payable. did the foreign currencies increase or decrease in dollar value from the date of the transaction to the settlement date?

Answers: 2

Answer

You know the right answer?

In 2017, Patterson Wholesale Company had net credit sales of $750,000. On January 1, 2017, Allowance...

Questions