Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. effect of doubtful accounts on net income during i

Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing...

60.1K

Verified Solution

Question

Accounting

image
Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $3,250,000, wrote off $27,800 of accounts as uncollectible using the direct write-off method, and reported net income of $487,500. Determine what the net income would have been if the allowance method had been used, and the company estimated that 1% of sales would be uncollectible

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

. NEED ANSWER ASAP / ANSWER NEVER USED BEFORE Discuss traditional costing and why a better approach...

Finance
Q

explain some distinguishing feature of non parametric tests?

Statistics
Q

In the inspection of tin plate produced by a continuous electrolytic process, 0.2 imperfection is spotted...

Statistics
Q

Q.For most animals, digestion of food occurs: a. in the cytoplasm of intestinal mucosal cells. b....

Biology
Q

I want to create an app which a user can talk to and get emotional feedback...

Psychology
Q

One kg mole of an ideal gas is compressed isothermally at 127°C from 1 atm to...

Mechanical Engineering
Q

an ionic solution a current consists of rm Ca 2 ions of charge 2e and...

Physics
Q

13 A student sits on a rotating stool holding two 3 5 kg masses When...

Physics
Q

10 yd Surface Area 16 yd 1 19 yd 769 06 yd Show Transcribed Text

Algebra
Q

Geometric Sequence What is the common ratio of the sequence 2 6 18 54 162...

Algebra
Q

Residual Income The Avila Division of Maldonado Company had operating income last year of $112,800...

Accounting
Q

The company had the following inventory at end-of-year prices: $1,230,000 in 2016 (base year), $1,345,000...

Accounting