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2 years ago

Receivables; bad debts and returns; Symantec [LO7-4, LO7-5]

Business

1 answer:

Hitman42 [59]2 years ago

6 0

Answer:

1. Accounts receivable due = Accounts receivable + Allowances

2008

= 760,100 + 26,259

= $786,359

2009

= 840,810 + 23,936

= $864,746

2. Amount of receivable written off = Beginning balance for Allowance for doubtful accounts + Bad debt - Closing balance for allowance for doubtful accounts

= 9,200 + 3,400 - 9,148

= $3,452

3. Gross sales = Net Sales + Sales returns

Sales Returns = Closing balance for reserve for product returns + goods returned - Opening balance for reserve for product returns

= 14,788 + 3,440 - 17,059

= $1,169

Gross sales in 2009 = 6,244,800 + 1,169

= $‭6,245,969‬

4. Cash collected = Credit Sales - Goods returned - Bad debts written off - Ending receivables balance + Beginning receivables balance

= ‭6,245,969‬ - 3,440 - 3,452 - 864,746 + 786,359

= $‭6,160,690‬

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