Business, 26.06.2021 17:30 Jolenesopalski

Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey’s Bike Shop experienced the following: Sales on account $ 260,000 Cash sales 580,000 Collections of accounts receivable 235,000 Uncollectible accounts charged off during the year 1,250 Required a. Assume that Joey’s Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31, Year 1, after all transactions and adjustments are posted? (3) What is the amount of uncollectible accounts expense for Year 1? (4) What is the net realizable value of accounts receivable at December 31, Year 1?

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 18:10

Grace period is a period of time before the credit card company starts charging late fees.truefalse

Answers: 1

Answer

Business, 22.06.2019 05:50

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Answers: 1

Answer

Business, 22.06.2019 12:30

Amap from a trade development commission or chamber of commerce can be more useful than google maps for identifying

Answers: 1

Answer

Business, 22.06.2019 13:10

You have recently been made a department head of the new regional office. in getting to know your departmental staff, you have noticed that one of your inexperienced employees is not following through on assigned tasks. she is enthused about her new job and wants to get ahead in the organization. which alternative represents the most effective leadership style: a. discuss the lack of follow-through with her and explore thealternative ways this problem can be solved. b. specify what she must do to complete the tasks but incorporate any suggestions she may have. c. define the steps necessary for her to complete the assigned tasks and monitor her performance frequently. d. let her know about the lack of follow-through and give hermore time to improve her performance.

Answers: 1

Answer

You know the right answer?

Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales,...

Questions