Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. looney corp. has debit balances of $592,000 and $9

Looney Corp. has debit balances of $592,000 and $9,000 in accounts receivable and allowance for...

80.2K

Verified Solution

Question

Accounting

Looney Corp. has debit balances of $592,000 and $9,000 in accounts receivable and allowance for uncollectible accounts, respectively, and $0 bad debt expense before year end adjustment.

$359,000 of Looney's receivables are current, and Looney believes them to be 98% collectible.

$125,000 of Looney's receivables are 1-60 days past due, and Looney believes them to be 82% collectible.

The remainder of Looney's receivables are over 60 days past due, and Looney believes them to be 63% collectible.

What is Looney's bad debt expense for the year?

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A bag contains 3 red marbles, 1 green one, 1 lavender one, 2 yellows, and 3...

Statistics
Q

NAD^+(aq)+2H^+(aq)+2e^- --> NADH(aq)+H^+(aq) E= -0.320V Oaloacetate^2-(aq)+2H^+(aq)+2e^- --> malate^2-(aq) E= -0.166V a. Calculate the standard potential for the following...

Chemistry
Q

Describe the features of G-protein coupled receptors in which show drugs or ligand that -act as...

Medical Sciences
Q

ody Paragraph 2 Main Point Examples Details Explanations a As many video games are violent...

Biology
Q

Synthesis of one molecule of ATP from ADP requires 2691 Dosyle inner mitochondrial membrane orii...

Biology
Q

14b A small loop of area 8 mm is placed inside a long solenoid that...

Physics
Q

Use the Root Test to determine the convergence or divergence of the given series or...

Calculus
Q

Brown Company had the following adjusted trial balance! Credit Account Titles Cash Accounts Receivable Debit...

Accounting
Q

Enter the missing dollar amounts for the income statement for each of the following independent...

Accounting
Q

Define the six (6) updated indicators of national culture as defined by Hofstede. Apply them...

Accounting
Q

In 2007, Admire Company accrued, for financial statement reporting, estimated losses on disposal of unused...

Accounting
Q

Patrick purchased a machine for $23,000 for his company. He paid 5.00% of this amount...

Finance