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Products "Made in the USA." Refer to Exercise (p. 119) and the Journal of Global Business (Spring 2002) survey to determine what "Made in the USA" means to consumers. Recall that 106 shoppers at a shopping mall in Muncie, Indiana, responded to the question, "Made in the USA" means what percentage of U.S. labor and materials?" Sixty-four shoppers answered, "100%." Define the population of interest in the survey.
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of$32,000 at the beginning of 2016 and $21,000 in receivables were written off during the year as uncollectible. Also,$1,200 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. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2016 year-end balance sheet?