The following data were selected from the records of Sykes Company for the year ended December...
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The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts. In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $10,500. c. Sold merchandise to K. Miller; invoice price, $31,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. $ 122,000 6,000 e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. Aannthe di 1. alland 300-t d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full within the discount period. g. Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund. k. After the discount period, collected $4,000 cash on an account receivable on sales in a prior year. 1. Wrote off a prior year account of $2,000 after deciding that the amount would never be collected. m. The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns. P6-1 Part 1 Required: 1. Using the following categories, indicate the effect of each listed transaction, including the write-off of the uncollectible account and the adjusting entry for estimated bad debts (ignore cost of goods sold). The first transaction is used as an example. (Round your answers to the nearest whole dollar amount. Any decrease in account balances should be indicated by a minus sign.) Transaction a. b. C. d. e. f. g. h. i. j. k. 1. m. Total Sales Revenue $ 260,000 Sales Discounts (taken) $ 260,000 $ Sales Returns and Allowances 0 $ 6 $ Bad Debt Expense 0 P6-1 Part 2 2. Show how the accounts related to the preceding sale and collection activities should be reported on the current year income statement. (Round your answers to the nearest whole dollar amount.) SYKES COMPANY Income Statement (partial) For the Year Ended December 31, Current Year Net sales revenue Selling, general, and administrative expenses
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Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
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The bank statement for the Mini Mart Corporation shows a balance of $ 1,330 on June 30, but the companys cash in bank account had a balance of $ 499 on the same date. Comparison of the amounts...
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Brothers Anthony and Christopher Gaber began operations of their tool and die shop (A & C Tools Inc.) on January 1, 2013. The companys fiscal year ends on December 31. The trial balance on January 1,...
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What are the purposes of (a) The statement of earnings, (b) The statement of financial position, (c) The statement of cash flows, (d) The statement of changes in equity?
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The gross profit ratio is equal to: (a) profit divided by net sales. (b) cost of sales divided by net sales. (c) net sales minus cost of sales, divided by net sales. (d) net sales minus cost of...
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What inventory cost flow method does Dominos Pizza Enterprises Ltd use for its inventories?
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Which inventory cost flow method produces the highest profit in a period of rising prices?
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