Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. colorado rocky cookie company offers credit terms

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016,...

60.1K

Verified Solution

Question

Accounting

Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $630,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $33,000 at the beginning of 2016 and $21,500 in receivables were written off during the year as uncollectible. Also, $1,300 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year.

1. What is the accounts receivable (net) in the 2016 year-end balance sheet?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use the information from the balance sheet and income statementin the popup? window, LOADING...?,...

Accounting
Q

What are the similarities and differences between the acquisition of language in human infants and the...

Biology
Q

tortoise shell cats that are identical twins are very unlikely to have the same splotchy mixture of...

Biology
Q

Re-organize the scrambled accounts into the income statement for Pet Land Inc., a pet food and...

Accounting
Q

di Below is a picture from a herd of wild horses in Wyoming Large populations...

Biology
Q

86 For given arrangement in horizontal plane the possible direction of magnetic field I Induced...

Physics
Q

2x 3 2 Find the area of the composite figure X 4x4 X 4

Geometry
Q

f(x) = log6 (x+6) ? 5What is the domain of the function?(-6,?)(-?, -6)(-?, ?)(6,?)What is...

Calculus
Q

Espa ol Two factory plants are making TV panels Yesterday Plant A produced 2000 fewer...

Algebra
Q

1 Carmen Smith made a recent presentation on teaching financial accounting using the internet. Most...

Accounting
Q

Widmer Watercrafts predetermined overhead rate for year 2015 is 200% of direct labor. Information on...

Accounting
Q

Jennifer is having a party and has invited her friends to her home. These social...

Accounting