This topic contains a solution. Click here to go to the answer

Author Question: On June 30, the accountant for Team Shirts was reviewing items related to accounts receivable. The ... (Read 57 times)

rachel9

  • Sr. Member
  • ****
  • Posts: 495
On June 30, the accountant for Team Shirts was reviewing items related to accounts receivable. The following information was gathered for June:
 
  a. The April 1 balance in the Allowance for uncollectible accounts was (1,200).
  b. 300 owed by the Power Pugs had been written off in June.
  c. Credit sales for June were 7,000. The accountant for Team Shirts estimated that 3 of the sales would eventually be uncollectible.
 
  1. What is the amount of bad debts expense for June? On which financial statement is it found?
 
  2. What will be the amount in the Allowance for uncollectible accounts at June 30? On which financial statement is it found?

Question 2

The self-employment tax rate is double the rate of
 a. Social Security and Medicare taxes.
   b. FUTA taxes.
   c. SUTA taxes.
   d. property taxes.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blfontai

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

1. Bad debts expense = 210 (7,000 x 3) and is found on the income statement.
2. Allowance for uncollectible accounts = (1,110) (=(1,200) + 300 + (210)) appears on the balance sheet.

Answer to Question 2

a




rachel9

  • Member
  • Posts: 495
Reply 2 on: Jul 5, 2018
Excellent


  • Member
  • Posts:
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

For a complete list of videos, visit our video library