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
19,737,199 questions answered
Popular Conversations
Evaluate the following expression. (81)0 0 1 8 User: ...
Weegy: Answer : If m=2 and n= -1 To evaluate m0 - n2 is 2(0) - -1 (2) = 0 - -2 = =+2 or simply 2 User: Evaluate the ...
3/2/2015 11:47:48 AM| 6 Answers
Simplify 7 · 6 · 2h · d.
Weegy: Please state your question again. The one that you have put cannot be understood by Weegy! User: Simplify 7 · ...
3/2/2015 1:02:06 PM| 5 Answers
Solve. -6b = -15
Weegy: -6b = -15 15 - 6b = 0 b = 5/2 User: Fill in the blank with the appropriate number. ____ - 39 = ...
3/1/2015 7:14:02 PM| 3 Answers
Describe the location of the point that has the following ...
Weegy: First Quadrant. User: Find the value of 7 + 32 (-5 + 1) ÷ 2. User: What is the fractional equivalent of ...
3/2/2015 10:04:10 AM| 3 Answers
-6 + (-2)
Weegy: (-6)^-2 = 1/(-6)^2; = 1/36 User: 2/5*2/5
3/1/2015 7:42:50 PM| 2 Answers
Because the soil was depleted during the time of the Dust Bowl many ...
Weegy: moved westward to coastal states User: How did environmental changes in the Great Plains lead to changes in ...
3/1/2015 8:28:08 PM| 2 Answers
(b3)2
Weegy: B3 was an American pop boy band from New York. They were formed in 2001 and were first produced by O-Jay of ...
3/2/2015 10:45:03 AM| 2 Answers
Weegy Stuff
S
L
P
L
P
P
Points 105 [Total 7991]| Ratings 0| Comments 105| Invitations 0|Offline
S
1
L
1
L
P
P
L
P
P
P
Points 69 [Total 16984]| Ratings 0| Comments 69| Invitations 0|Offline
S
1
L
L
Points 41 [Total 7542]| Ratings 0| Comments 41| Invitations 0|Offline
S
P
C
L
P
L
1
Points 31 [Total 7338]| Ratings 0| Comments 31| Invitations 0|Offline
S
Points 16 [Total 107]| Ratings 0| Comments 16| Invitations 0|Offline
S
Points 11 [Total 379]| Ratings 0| Comments 11| Invitations 0|Online
S
Points 10 [Total 240]| Ratings 1| Comments 0| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
S
Points 0 [Total 0]| Ratings 0| Comments 0| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.