Your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Buick You decided to test the accuracy of the accounts receivable balance of $113,324 as shown in the ledger The following information is available for your first year in business (1)...

Computation of the Cost of goods sold Cost of Good ...

Your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has

Question:

Your clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Buick. You decided to test the accuracy of the balance of $113,324 as shown in the ledger. The following information is available for your first year in business.
(1) Collections from customers .......... $273,636
(2) Merchandise purchased ........... 442,240
(3) Ending merchandise inventory ........ 124,380
(4) Goods are marked to sell at 40% above cost
Compute an estimate of the ending balance of from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account.
Cost of goods sold ...............$
Apparent shortage ..............$

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...