For the year ended december 31 2007 mays bad debt expense, Ask an Expert

Accounting

May Co. prepared an aging of its accounts receivable at December 31, 2007 and determined that the net realizable value of the receivables was $300,000. Additional information is available as follows:

Allowance for uncollectible accounts at 1/1/07-credit balance: $ 34,000

Accounts written off as uncollectible during 2007: 23,000

Accounts receivable at 12/31/07: 325,000

Uncollectible accounts recovered during 2007: 5,000

For the year ended December 31, 2007, May's bad debt expense would be ??

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450104

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - 1 on january 1 2017 germany ltd a canadian

Question - 1. On January 1, 2017, Germany Ltd. (a Canadian public company) issued a series of bonds in order to raise money for future projects. The bonds paid 5% interest per year, and mature on January 1, 2027. Germany ...

Question - greg owns and operates an illegal gambling

Question - Greg owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent - $28,000 Bribes - $80,000 Travel - $16,000 Utilities - $24,000 W ...

Question - lucky treasures enterprises issued 9 8-year

Question - Lucky Treasures Enterprises issued 9%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2013 and are issued on that date. The discount ra ...

Question - lilly owns a hair dressing business she

Question - Lilly owns a hair dressing business. She purchases the following items for sole use in the hair dressing business: One special stand alone hairdryer on the 1st of July at a cost of $12,000. It has an estimated ...

Question - marvin and simone are a retired couple living on

Question - Marvin and Simone are a retired couple living on income from their investments and Social Security benefits. During the current year, they receive the following: Consulting fee from Burton industries $35,000 I ...

Question - given2018 pretax accounting income 4000002018

Question - Given 2018 Pretax Accounting Income: $400,000 2018 Municipal Bond Interest Income Included in Pretax Accounting Income: $20,000 2018 Warranty Expense of $70,000 for Accounting Purposes 2018 Actual Warranty Cos ...

Questions -question 1 - on 20 september 2005 louisa paid

Questions - Question 1 - On 20 September 2005 Louisa paid $500,000 for an investment property and incurred the following costs: In October 2005 stamp duty and legal costs on acquisition $25,000 In June 2010 Louisa added ...

Question - discuss the construct of the time value of money

Question - Discuss the construct of the time value of money and how it relates to investing. A substantial initial response consisting of a minimum of 100 words, using proper grammar, spelling, and punctuation, as well a ...

Question solve the following questions by using excel

Question: Solve the following questions by using Excel formula. Show me your data 1. If you deposit $20,000 in a bank account that pays 15% interest annually, how much will be in your account after 6 years? 2. If you are ...

Question what were the causes of the global financial

Question: What were the causes of the global financial crisis? Has the global financial crisis strengthened the global banking system? 5-6 pages. The response must be typed, single spaced, must be in times new roman font ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert