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Neo, Tutor
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Experience:  BS Accounting
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A) How should the balances of Progress Billings &

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A)     How should the balances of Progress Billings & Construction in Progress be shown at reporting dates prior to the completion of a long-term contract? (For example, as income, deferred account, inventory, income if credit balance and loss if debit balance, current asset, etc.)
B)     A company sold $20,000 in factored receivables for $18,350.Assume bad debt balance to be $500. What is the loss from factoring? (I don't understand factoring at all.)
C)     “A” company sold merchandise on credit to “B” company for $1,000 on July 1, with terms of 2/10, net/30. On July 6, B returned $200 worth of merchandise claiming the materials were defective. On July 8, A received a payment from B and credited Acct. Rec. for $450. On July 24, B paid the remaining balance on account. What was the total cash received from B during July?
D)     Based on aging of accounts receivable at Dec. 31, a company determined that the net realizable value of the receivables at that date is $760,000.           Additional info: Acct. Rec. Dec. 31 $880,000, Allowance for Doubtful Accounts Jan. 1 $128,000 (CR), & Accounts written off as uncollectible during the year $88,000. What is this company's doubtful accounts expense for the year end Dec. 31?

Hi Melina,

Good day!

For letter A, problem,

Balances of Progress Billings & Construction in Progress at reporting dates prior to the completion of a long-term contract should be shown at net, as current asset if it has debit balance and current liablity if it has credit balance.

For problems, B to D, Please download the HERE.

I hope this could help.

Thank you!

Neo and 2 other Homework Specialists are ready to help you
Customer: replied 9 years ago.
Reply to Neo's Post: For question D, is the answer you came up with 120,000 or 80,000?

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