Ask Experts Questions for FREE Help !
Ask
    emmywhodat's Avatar
    emmywhodat Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Feb 7, 2013, 09:10 AM
    Doubtful Accounts?
    The XYZ Corporation owns and operates casinos. As of December 31, 2009, The XYZ Corporation reported accounts and notes receivable of $741,000 and allowance for doubtful accounts of $157,092.

    Patient Care manufactures and sells a wide range of health care products. As of December 31, 2009, Patient Care reported accounts receivable of $850,000 and allowance for doubtful accounts of $29,750.

    Round all amounts to one decimal place.

    a. Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable as of December 31, 2009, for The XYZ Corporation.
    %

    b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable as of December 31, 2009, for Patient Care.
    %
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Feb 7, 2013, 09:22 AM
    I don't know why this is posted under Colleges/Univerisities when it appears to be homework. >moved<

    If it is: Ask Me Help Desk - Announcements in Forum : Homework Help
    “Read this first - Expectations for the Homework Help Board:
    Do not simply retype or paste a question from your book or study material

    We won't do your homework questions for you. You were given the assignment for you to learn.

    If you come up with your own answer and post it for us to critique that is within reason.

    If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that. But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.”
    emmywhodat's Avatar
    emmywhodat Posts: 8, Reputation: 1
    New Member
    		  
    #3

    Feb 7, 2013, 10:46 AM
    Quote Originally Posted by JudyKayTee View Post
    I don't know why this is posted under Colleges/Univerisities when it appears to be homework. >moved<

    If it is: Ask Me Help Desk - Announcements in Forum : Homework Help
    “Read this first - Expectations for the Homework Help Board:
    Do not simply retype or paste a question from your book or study material

    We won't do your homework questions for you. You were given the assignment for you to learn.

    If you come up with your own answer and post it for us to critique that is within reason.

    If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that. But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.”
    In my defense: I do have the homework filled out on my own on paper. I just can't get it right. I was just hoping for a clue on what I am doing wrong. I will repost with this clarification. Do you know if there is any way to edit? I wasn't trying to upset anyone. I just can't get a couple questions. I figured someone could lead me in the right direction at least. I explained this in my response to you on my other threads. I just got all these e-mails. I am sorry. I will be respectful of the policy in the future.
    emmywhodat's Avatar
    emmywhodat Posts: 8, Reputation: 1
    New Member
    		  
    #4

    Feb 7, 2013, 11:07 AM
    For this problem: I believe we just find the precentages but I am not 100% on that. For a I did 157,092/741,000 X ?/100 and got 21.2 %. For b I did 29,750/850,000 X ?/100 and got 3.5%. Can anyone tell me if I am at least on the right track?

    I was not trying to cheat (though I can see how one might think that). If you knew me in person you would know I am a very honest person. I will be more aware of the policy in the future.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #5

    Feb 7, 2013, 11:30 AM
    No problem, Emmy - and thank you for understanding. You wouldn't believe how many homework problems are posted every day.

    I'm an English major so you pretty much lost me when you fired up your computer... but someone will come along.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounts receivable and allowance for doubtful accounts [ 1 Answers ]

At the close of its first year of operations, December 31, 2010, Ming Company had accounts receivable of $540,000, after deducting the related allowance for doubtful accounts. During 2010, the company had charges to bad debt expense of $90,000 and wrote off, as uncollectible, accounts receivable of...

Doubtful Accounts [ 14 Answers ]

Based on the aging of its accounts receivable at December 31, Ribbon Company determined that the net realizable value of the receivables at that date is $760,000. Additional information is as follows: Accounts Receivable at December 31 ……………………$ 880,000 Allowance for Doubtful Accounts at...

Accounts Receivable and Allowance for Doubtful Accounts [ 2 Answers ]

IF a company sold$ 60000 of merchandise on credit.and Wrote off $10000 of uncollectible accounts receivable.Received $20000 cash in payment of accounts receivable. In adjusting the accounts , the company estimated that 0.5% of accounts receivable will be uncollectible. How can I account the ...

Doubtful Accounts [ 1 Answers ]

On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). Assume that this company's bad debts are...

Doubtful accounts [ 1 Answers ]

What effect does lowering the estimate for doubtful accounts have in the income statement and balance sheet?

View more questions Search