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3 years ago

The following data were selected from the records of Sykes Company for the year ended December 31, 2014.

Business

1 answer:

stira [4]3 years ago

8 0

Answer:

Sales Revenue: 316,000

Sales Discounts Taken: 2680

Sales Returns and Allowances: 4000

Bad Debt Expense: 1155

Explanation:

A. Sales Revenue- 235,000

B. Sales Revenue- 11,500

C. Sales Revenue- 26,500

D. Sales Returns and Allowances- 500

E. Sales Revenue- 24,000

F. Sales Discounts (Taken)- 220

G. Sales Discounts (Taken)

(Sales discounts (taken) $98,000 ÷ (1 - 0.02) = $100,000 gross sales; $100,000 × 0.02 = $2,000)

H. Sales Discounts (Taken)- 530

I. Sales Revenue- 19,000

J. Sales Discounts (Taken) - (70)

Sales Returns and Allownaces- 3500

M. Bad Debt Expense

Credit sales ($11,500 + $26,500 + $24,000 + $19,000) =$81,000

Less: Sales returns ($500 + $3,500)= 4,000

______________________________

Net sales revenue

77,000

Estimated bad debt rate

× 1.5 %

_____________________________

Bad debt expense

+$1,155

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Answer:

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Answer:

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