On December 31, 2003 AG Inc. had a workingcapital ratio (current ratio) of 2, and reported...
On December 31, 2003 AG Inc. had a workingcapital ratio (current ratio) of 2, and reported the following accounts; Cash $13,000 Accounts Payable $2,000 Accounts Receivable $4,000 Wages Payable $5,500 Allowance for Uncollectible Accounts ? Utilities Payable $500 Inventory $6,600 Interest Payable $4,000 Prepaid Insurance $600 Bonds Payable $13,000 Equipment (net) $24,000 Retained Earnings $3,600 Therefore, the balancein the Allowance for Uncollectible Accountswas:
$200
$300
$600
None of the other alternatives are correct
$0
Homework Answers
| Therefore, the balancein the Allowance for Uncollectible Accountswas $200 | |
| Dear Student | |
| Thank you for using Chegg | |
| Please find below the answer | |
| Statementshowing Computations | |
| Paticulars | Amount |
| Current Assets: | |
| Cash | 13,000.00 |
| Accounts Receivable | 4000 - x |
| Inventory | 6,600.00 |
| Prepaid Insurance | 600.00 |
| Current Assets | 24,200 - x |
| Current Liabilities: | |
| Accounts Payable | 2,000.00 |
| Wages Payable | 5,500.00 |
| Utilities Payable | 500.00 |
| Interest Payable | 4,000.00 |
| Current Liabilities | 12,000.00 |
| Current Ratio = CA/CL | |
| 2 = 24,200 -x /12,000 | |
| 24,000 = 24,200 -x | |
| x= 200 | |
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