Question and answer
The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based
on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.
Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
Get an answer
Original conversation
User: The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.

Weegy: Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
cham718|Points 110|

User: The method of accounting for losses from uncollectible accounts that produces a proper valuation of the accounts receivable on the balance sheet is (Points : 5) the allowance method based on aging the accounts receivable. the allowance method based on a percentage of net credit sales. the direct charge-off method. either the allowance method or the direct charge-off method.

Weegy: Percentage of total accounts receivable method. [ [ One way companies derive an estimate for the value of bad debts under the allowance method is to calculate bad debts as a percentage of the accounts receivable balance. ] ]
cham718|Points 110|

User: Which of the following statements is not correct? (Points : 5) The use of the direct charge-off method of recording losses from uncollectible accounts usually results in the balance in the Accounts Receivable account being overstated. The direct charge-off method of recording losses from uncollectible accounts is the method required by Federal income tax laws. The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle. All of these statements are correct.

Weegy: The answer is "The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle. "
Expert answered|bongche|Points 2735|

Question
Asked 7/27/2012 8:04:26 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
The method that must be used to record bad debt losses for tax purposes is the User: The balance of the Allowance for Doubtful Accounts account is reported as (Points : 5) a liability on the balance sheet. a deduction from Sales on the income statement. a deduction from Accounts Receivable on the balance sheet. an expense on the income statement. User: a deduction from Accounts Receivable on the balance sheet is reported for what User: An existing balance in ...
Weegy: An existing balance in Allowance for Doubtful Accounts is not considered when the estimate of loss is based on a percent of total sales. User: On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An aging analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for (Points : 5) $200. $800. $1,000. $1,200. Weegy: The answer is $3,000. User: A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for (Points : 5) $1,200. $1,500. $1,800. $3,000. Weegy: The answer is $1,500 (More)
Question
Expert Answered
Asked 7/27/2012 7:45:31 PM
0 Answers/Comments
18,781,816 questions answered
Popular Conversations
Identify the subjunctive verb in the sentences below. I don't know ...
Weegy: I don't know the answer. I wish I knew it. WISH is the subjunctive verb in the sentence.
12/17/2014 6:09:48 PM| 3 Answers
Which ordered pairs is the solution for the given system. x + 3y = ...
Weegy: A. (-1, 3) User: Solve the system, using substitution. 4x + y = 4 and y = 4 - 4x A. no ...
12/18/2014 11:09:21 AM| 3 Answers
Which of the following does not provide evidence that continents ...
Weegy: B. The existence of glacial grooves does not provide evidence that continents move. User: The most ...
12/18/2014 12:29:01 PM| 3 Answers
When you're creating garnishes, which of the following is the most ...
Weegy: Cucumber will do, but also you can use other fruits and vegetables too like watermelon, carrots, Red bell ...
12/17/2014 12:42:27 AM| 2 Answers
t Object]User: Poverty threshold is an income level above which ...
Weegy: ... then of the Social Security Administration- determines which households have insufficient ... income is ...
12/17/2014 5:44:53 AM| 2 Answers
Weegy Stuff
S
L
P
Points 1019 [Total 4863]| Ratings 0| Comments 1019| Invitations 0|Offline
S
L
Points 629 [Total 1320]| Ratings 1| Comments 619| Invitations 0|Offline
S
Points 624 [Total 624]| Ratings 1| Comments 614| Invitations 0|Offline
S
1
L
1
L
P
P
L
P
Points 617 [Total 14802]| Ratings 0| Comments 617| Invitations 0|Offline
S
P
C
L
P
L
1
Points 88 [Total 6407]| Ratings 1| Comments 78| Invitations 0|Offline
S
L
Points 64 [Total 1524]| Ratings 1| Comments 54| Invitations 0|Offline
S
1
L
L
Points 33 [Total 6700]| Ratings 0| Comments 33| Invitations 0|Offline
S
Points 23 [Total 29]| Ratings 0| Comments 23| Invitations 0|Offline
S
Points 22 [Total 22]| Ratings 0| Comments 2| Invitations 2|Offline
S
Points 21 [Total 21]| Ratings 0| Comments 21| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.