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    ssrangel12's Avatar
    ssrangel12 Posts: 1, Reputation: 1
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    #1

    Mar 29, 2016, 06:41 PM
    Steinert Company has the following items at year-end: Cash in bank$35,000 Petty cash5
    At the close of its first year of operations, December 31, 2014, Ming Company had accounts receivable of $1,080,000, after deducting the related allowance for doubtful accounts. During 2014, the company had charges to bad debt expense of $180,000 and wrote off, as uncollectible, accounts receivable of $80,000. What should the company report on its balance sheet at December 31, 2014, as accounts receivable before the allowance for doubtful accounts? (Points : 2)
    $880,000
    $980,000
    $1,180,000
    $1,340,000
    kcomissiong's Avatar
    kcomissiong Posts: 1,166, Reputation: 276
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    #2

    Mar 29, 2016, 08:03 PM
    This is pretty obviously an accounting assignment, which the users aren't going to complete for you. What we will do is to help you where you are going wrong or go over your work. Of course, that requires you to show your work first. If you'd d that, we'd be happy to help you. I do hope you'll continue to use the site, and will take time to familiarize yourself with the rules of the forums you are interested in for the best experience.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #3

    Mar 29, 2016, 09:18 PM
    How long is a piece of string? There is incomplete information here we don't know what the unadjusted receivables were at 1 Jan 2014 and so must assume that these transactions are the only bad debts. This is not reasonable
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