Calculate gross receivables for the years given and then

Reference no: EM13485220

	2012	2011
from the income statement:
Net sales	729373	678960
from the balance sheet:
Accounts receivable, net	14919	15036
Customer deposits	65465	62649
from the disclosure on Allowance fro doubdful accounts:
Balance at the beginning of period	1171	1160
Additions (reductions) charged to income	9	11
Adjustments or deductions	-70	0
Balance at the end of period	1110	1171

a)Prepare a Finansial statements effect template entry to record accounts receivable written off as uncollectible in 2012

Also prepare the FSET entry to record the provision for doubtful accounts (dab debts expense) for 2012. What effect did these entries have on income for that year?

b)Calculate gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables.

Reference no: EM13485220

Questions Cloud

If a firms roe is low and management wants to improve it : if a firms roe is low and management wants to improve it explain how using more debt might

What is a firms fundamental or intrinsic value what might : what is a firms fundamental or intrinsic value? what might cause a firms intrinsic value to be different than its

As a part of the initial investment a partner contributes : as a part of the initial investment a partner contributes office equipment that had a cost of 20000 and accumulated

Bill beck bruce beck and barb beck formed the bbb : bill beck bruce beck and barb beck formed the bbb partnership by making capital contributions of 77400 301000 and

Calculate gross receivables for the years given and then : 20122011from the income statementnet sales729373678960from the balance sheetaccounts receivable net1491915036customer

In preparing the cash budget assume that the 52000 loan : faces au natural corp. a distributor of natural cosmetics is ready to begin its third quarter in which peak sales

If a capital market is not efficient what is the impact on : if a capital market is not efficient what is the impact on a firm seeking to raise capital in that market?

Flip earns a salary of 7500 per month during the year fica : flip earns a salary of 7500 per month during the year. fica taxes are 8 on the first 100000 of gross earnings. federal

Identify an improved method for allocating costs to the : flavors of cookies macaroon sugar and buttercream. the batch size for the cookies is limited to 1000 cookies based on

User Account

All Pages