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Harlamova29_29 [7]
3 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]3 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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Answer:

Freight Forwarder

Explanation:

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6 0
3 years ago
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
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