As of January 1, 2021, Barley Co. had a credit balance of $521,000 in its allowance for uncollectible accounts. Based on experience, 1% of Barley's gross accounts receivable have been uncollectible. During 2021, Barley wrote off $651,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,050,000.
In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “As of January 1, 2021, Barley Co. had a credit balance of $521,000 in its allowance for uncollectible accounts. Based on experience, 1% of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A lender is assessing customers for loans. The credit scores of four customers are below. Ida Corrine Bruce Roland 820 550 390 610 Which person will the lender assess as having the lowest risk? Ida Corrine Bruce Roland
Answers (2)
In addition to focusing on reducing costs and increasing revenue, Oswald Enterprises strives to provide livable wages and great benefits for their employees, they donate to local outreach programs, and they have a recycling program to decrease
Answers (1)
Under the doctrine of strict product liability, a manufacturer can be held liable:
Answers (1)
On August 31, 2018, the general ledger of The Dean Acting Academy shows a balance for cash of $7,944. Cash receipts yet to be deposited into the checking account total $3,338, and checks written by the academy but not yet processed by the bank total
Answers (1)
During a routine office inspection, a dre investigator finds a minor violation that does not endanger the health, safety, or welfare of the public and is a first-time violation.
Answers (2)
New Questions in Business
religious persecution is wrong bc why should religious ppl be killed bc they have a different believe. its makes no sense.
Answers (1)
Melvin receives stock as a gift from his uncle. No gift tax is paid. The adjusted basis of the stock is $19,000 and the fair market value is $25,000. Melvin trades the stock for bonds with a fair market value of $22,000 and $3,000 cash.
Answers (1)
Petra's basis was $50,000 in the PAM Partnership interest just before she received a proportionate nonliquidating distribution consisting of land held for investment (basis of $40,000, fair market value of $60,000) and inventory (basis of $40,000,
Answers (1)
Nolte Co. has 4,500,000 shares of common stock outstanding on December 31, 2014. An additional 200,000 shares are issued on April 1, 2015, and 480,000 more on September 1. On October 1, Nolte issued $6,000,000 of 9% convertible bonds.
Answers (1)
Your friends own a lawn care business. They own their own equipment and trailers to transport it. Eventually they buy out another local lawn care company and double their customers. This is an example of 1. ending an oligopoly2.
Answers (1)