Mario Company's Accounts Receivable balance at December 31 was $300,000 and there was a credit balance of $1,400 in the Allowance for Doubtful Accounts, The year's sales were $1,800,000. Mario estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end?
What will be an ideal response?
$271,600
You might also like to view...
A number of explanations have been offered for the low level of U.S. exports relative to other countries. All of the following can be considered as reasons for low level of exports except:
A) limited ambition by many American business owners. B) lack of knowledge of market opportunities abroad. C) perceived lack of necessary resources. D) marketing to home-country users is easier than exporting. E) a strong U.S. dollar translates into less affordable prices in export markets.
An agreement to pay a public officer something extra for performing his official duty is enforceable
a. True b. False Indicate whether the statement is true or false
Rushing had income of $144 million and average invested assets of $1,800 million. Its return on assets is:
A. 80%. B. 12%. C. 16.7%. D. 8.0%. E. 120%.
Which of the following is an example of a type II error?
A) convicting an innocent defendant B) returning your "dead" stereo for warranty repair when its malfunction was caused by it not being plugged in C) halting production to adjust a machine when your process was actually in control D) eating food that has spoiled