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Whitepunk [10]
3 years ago
6

The method that uses a certain percentage of each year's net sales to estimate the uncollectible account is called the:

Business
1 answer:
allsm [11]3 years ago
3 0

Answer:

Percentage of net sales method

Explanation:

By using the percentage of net sales method, a business assumes that a certain percentage of the year's net sales will be uncollectible. This method relies on historical correlation between sales and uncollectible account from previous periods and can be highly reliable if a strong correlation can be observed.

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Refer to the information above. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method
jeka94

Answer:

Depreciation expense in 2009 = $8,250

Depreciation expense in 2010 = $14,953.13

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value.

Refer to the above data. Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be:

The explanation of the answers is now provided as follows:

Depreciation rate = 150% / Estimated useful life = 150% / 8 = 0.1875

Since the half-year convention is assumed, it implies that only half of the first year which is 2009 depreciation will be claimed while the full depreciation will be claimed for the rest of the year. Therefore, we have:

Depreciation expense in 2009 = (Cost of the machinery * Depreciation rate) / 2 = ($88,000 * 0.1875) / 2 = $8,250

Book value at the beginning of 2010 fiscal year = Cost of the machinery - Depreciation expense in 2009 = $88,000 - $8,250 = $79,750

Depreciation expense in 2010 = Book value at the beginning of 2010 fiscal year * Depreciation rate = $79,750 * 0.1875 = $14,953.13

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