The following information is available on January 31, 2021. a. At the end of January, the company
Question:
The following information is available on January 31, 2021.
a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February fe only $100 each
b. The company estimates future uncollectible accounts. The company determines $4,500 of accounts receivable on January 31 are past due, and 40% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible.
c. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31.
d. Accrued income taxes at the end of January are $12.800.
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann