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Harlamova29_29 [7]
4 years ago
14

At the end of the current year​ (before adjusting​ entries), Summer Corporation had a balance of $ 88 comma 000 in Accounts Rece

ivable and a credit balance of $ 11 comma 000 in Allowance for Uncollectible Accounts. Service revenue​ (all on​ credit) for the year totaled $ 470 comma 000. Read the requirementsLOADING.... Requirement 1. Using the​ percent-of-sales method, calculate the amount of​ Uncollectible-Account Expense if Summer Corporation estimates its​ uncollectible-account expense using a rate of 3​% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this​ scenario? Summer Corporation has $ of uncollectible-account expense using the percent-of-sales method. The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario. Requirement 2. Now assume that Summer Corporation uses the​ aging-of-receivables method. Summer Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance of $ 26 comma 000. Calculate the amount of its​ Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this​ scenario? Summer Corporation has $ of uncollectible-account expense using the aging-of-receivables method. The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario.
Business
1 answer:
Umnica [9.8K]4 years ago
5 0

Answer:

1. Using the​ percent-of-sales method, calculate the amount of​ Uncollectible-Account Expense if Summer Corporation estimates its​ uncollectible-account expense using a rate of 3​% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this​ scenario?

14100

Summer Corporation has $ of uncollectible-account expense using the percent-of-sales method.  

3100

Calculate the amount of its​ Uncollectible-Account Expense. What is the ending balance of the Allowance for Uncollectible Accounts under this​ scenario?

15000

The ending balance of the Allowance for Uncollectible Accounts is $ under this scenario.

Dont have enough information.

Explanation:

Account receivable 88000

Allowance for uncollectible -11000

 

Service revenue 470000

 

Estimate uncollectible 3%

Ending balance of the allowance 14100  

Expense 3100

 

Allowance for Uncollectible 26000

Uncollectible expense account 15000

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Full Question:

Directions: The following excerpts come from reports of child labor practices submitted to Parliament.

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Answer:

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Explanation:

In the excerpt, he clearly states:

<em>I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  </em>

<em />

Another phrase which supports his position states:

<em> I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, ... </em>

<em />

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