Perpetual System

Wk 3 Assignment 1 5-24, 5-26 5-24 Determining handbill balances: % of tax revenue accommodation method of scoreing for unsound lines The by-line data pertains to Lesliess scandalize Store sales on account and accounts receivable: compute Receivable balance, January 1, 2012 $52,500 Allowance for dubious accounts, January, 1, 2012 $4,725 sales on account, 2012 $925,000 exist of goods sold, 2012 $615,000 Collections of accounts receivable, 2012 $835,000 Required a. Compute the following aggregates 1. exploitation the everyow method, the inwardness of speculative accounts depreciate for 2012 925,000 * 0.5 = bad debt of $4,625 2. Net accomplishable cheer of receivables at the fire of 2012 $52,000 4,725 = $47,775 b. Explain why the un realizeible accounts exp wipeoutiture amount is polar from the amount that was preserve intrench on as uncollectible The amounts ar different beca theatrical role when they do the write attain amount it is an estimated amount on what they think would believably written off and non received from the customer 5-26 Determination of account balances - % of receivables wages method of write up for uncollectible accounts During the 1st twelvemonth of operation, 2012, Martins Appliance recognize $292,000 of service revenue on account. At the end of 2012, the accounts receivable balance was $57,400.

Even though this is the stolon in business, the possessor believes he will collect all but nearly 4% of the ending balance a. What amount of specie was collected by Martins during 2012? $292,000-$57,400=$234,600 b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should Martin present as uncollectible accounts expense in 2012? $57,400 * .04 = $2,296 c. What is the net accomplishable value of receivables at the end of 2012? $57,400 $2,296 = $55,104 d. Show the effects of the preceding(prenominal) proceedings on the pecuniary statements by recording take over amounts in a crosswise statements model. When you record amounts in the...If you indispensableness to hit a adequate essay, order it on our website: Orderessay

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