Woulk Company has a debit balance of $8,000 in its Allowance for Doubtful Accoun

Question

Woulk Company has a debit balance of $8,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, Woulk estimates that $60,000 of its receivables are uncollectible. The amount of bad debt expense which should be reported for the year is: $8,000. $52,000. $60,000. $68,000. Under the allowance method, writing off an uncollectible account affects only balance sheet accounts. affects both balance sheet and income statement accounts. affects only income statement accounts. is not acceptable practice. Xenox Company had net credit sales during the year of $1,300,000 and cost of goods sold of $800,000. The balance in accounts receivable at the beginning of the year was $185,000, and the end of the year it was $140,000. What was the accounts receivable turnover? 4.9 7.0 8.0 9.3 A 90-day note dated May 18 has a maturity date of August 18. August 16. August 17. August 19. A company that receives an interest bearing note receivable will debit Notes Receivable for the maturity value of the note. credit Notes Receivable for the maturity value of the note. debit Notes Receivable for the face value of the note. credit Notes Receivable for the face value of the note.

Explanation / Answer

16 B $52000

60000-8000= 52000

17 A affects only balance sheet accounts

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