How does the use of calculated estimates differ between the aging of accounts receivable method and the percent-age of credit sales method?
Answer to relevant QuestionsA local phone company had a customer who rang up $ 300 in charges during September 2015 but did not pay. Despite reminding the customer of this balance, the company was unable to collect in October, November, or December. In ...Complete the following table by computing the missing amounts (?) for the following independent cases. Last year, Pastis Productions reported $ 100,000 in sales and $ 40,000 in cost of goods sold. The company estimates it would have doubled its sales and cost of goods sold had it allowed customers to buy on credit, but it ...a. 2014/July 1 Loaned $ 70,000 to an employee of the company and received back a one-year, 10 percent note. b. Dec. 31 Accrued interest on the note. c. 2015/July 1 Received interest on the note. (No interest has been ...During the year ended December 31, 2015, Kelly’s Camera Shop had sales revenue of $ 170,000, of which $ 85,000 was on credit. At the start of 2015, Accounts Receivable showed a $ 10,000 debit balance and the Allowance for ...
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