Business, 14.03.2020 01:27 alexisger6089

Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Domino began 2016 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $76,500 and $5,800, respectively. During the year, the company wrote off $4,640 in uncollectible accounts. In preparation for the company's 2016 estimate, Domino prepared the following aging schedule:

Number of Days Past Due Receivables Amount % Likely to be Uncollectible
Current $ 104,000 1%
0-30 45,000 5%
31-60 9,920 10%
61-90 4,440 25%
Over 90 3,800 50%
Total $ 167,160

What will Domino record as Uncollectible Accounts Expense for 2016?

$6,132

$1,512

$7,292

$4,640

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:40

Torino company has 1,300 shares of $50 par value, 6.0% cumulative and nonparticipating preferred stock and 13,000 shares of $10 par value common stock outstanding. the company paid total cash dividends of $3,500 in its first year of operation. the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is:

Answers: 2

Answer

Business, 22.06.2019 05:00

Identify an organization with the low-total-cost value proposition and suggest at least two possible measures within each of the four balanced scorecard perspectives.

Answers: 3

Answer

Business, 22.06.2019 09:30

The 39 percent and 38 percent tax rates both represent what is called a tax "bubble." suppose the government wanted to lower the upper threshold of the 39 percent marginal tax bracket from $335,000 to $208,000. what would the new 39 percent bubble rate have to be? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places,e.g., 32.16.)

Answers: 3

Answer

Business, 22.06.2019 14:30

Turtle corporation produces and sells a single product. data concerning that product appear below: per unit percent of sales selling price $ 150 100 % variable expenses 75 50 % contribution margin $ 75 50 % the company is currently selling 5,600 units per month. fixed expenses are $194,000 per month. the marketing manager believes that a $5,300 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change?

Answers: 1

Answer

You know the right answer?

Domino Company uses the percent of receivables method to estimate uncollectible accounts expense. Do...

Questions

Business, 11.05.2021 03:20

TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the...