subject
Business, 01.07.2020 15:01 oscar4hunnid

At December 31, 2018, the Accounts Receivable balance of GPC Technology is $200,000. The Allowance for Bad Debts account has a $11,020 debit balance. GPC Technology prepares the following aging schedule for its accounts receivable: Begin by determining the target balance of Allowance for Bad Debts by using the age of each account Total Age of Accounts 31-60 61-90 Days Days $ 65,000 $ 55,000 5.0 7.0 1-30 Days 70,000 0.6 % Balance Over 90 Days $ 10,000 50.00
1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018
2. Show how GPC Technology will report its net accounts receivable on its December 31, 2018, balance sheet.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 00:10, laya35
What are the forecasted levels of the line of credit and special dividends? (hints: create a column showing the ratios for the current year; then create a new column showing the ratios used in the forecast. also, create a preliminary forecast that doesn’t include any new line of credit or special dividends. identify the financing deficit or surplus in this preliminary forecast and then add a new column that shows the final forecast that includes any new line of credit or special dividend.) now assume that the growth in sales is only 3%. what are the forecasted levels of the line of credit and special dividends?
Answers: 1
image
Business, 22.06.2019 03:00, JadaaJayy
Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?
Answers: 2
image
Business, 22.06.2019 11:00, aiueo946
Aprofessional does specialized work that's primarily: degree based. medical or legal. well paying. intellectual and creative
Answers: 2
image
Business, 23.06.2019 10:00, savannahvargas512
Top flight is a commuter airline service that provides short flights to neighboring citles around houston, texas. to determine the quantity of planes it will purchase, top flight needs to examine the for its flights at the prices it intends to charge and at the times it intends to flight. a. supply b. demand c. equilibrium price d. break-even point
Answers: 2
You know the right answer?
At December 31, 2018, the Accounts Receivable balance of GPC Technology is $200,000. The Allowance f...

Questions in other subjects:

Konu
World Languages, 05.10.2019 23:00