The following information is available for Quality Book Sales's sales on account and accounts recelvable: Accounts...
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The following information is available for Quality Book Sales's sales on account and accounts recelvable: Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 $124,800 3,410 813,000 844,020 After several collection attempts, Quality Book Sales wrote off $2,650 of accounts that could not be collected. Quality Book Sales estimates that 1.75 percent of sales on account will be uncollectible. Required a. Compute the following amounts: (1) Using the allowance method, the amount of uncollectible accounts expense for 2018. (Round your final answer to nearest whole dollar amount.) 2) Net realizable value of receivables at the end of 2018. (Round intermediate calculations final answer to nearest whole dollar amount.) The following information is available for Quality Book Sales's sales on account and accounts recelvable: Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 $124,800 3,410 813,000 844,020 After several collection attempts, Quality Book Sales wrote off $2,650 of accounts that could not be collected. Quality Book Sales estimates that 1.75 percent of sales on account will be uncollectible. Required a. Compute the following amounts: (1) Using the allowance method, the amount of uncollectible accounts expense for 2018. (Round your final answer to nearest whole dollar amount.) 2) Net realizable value of receivables at the end of 2018. (Round intermediate calculations final answer to nearest whole dollar amount.)
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Related Book For
Survey of Accounting
ISBN: 978-1259631122
5th edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay
Posted Date:
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