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Entries for bad debt expense under the direct write-off and allowance methods
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2014:
Customer
Amount
Shawn Brooke
4650
Eve Denton
5180
Art Malloy
11050
Cassie Yost
9120
Total
30000
a. Journalize the write-offs for 2014 under the direct write-off method.
b. Journalize the write-offs for 2014 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during 2014. Based on past history and industry averages, ¾% of credit sales are expected to be uncollectible.
c. How much higher (lower) would Casebolt Company's 2014 net income have been under the direct write-off method than under the allowance method?
The accounting manager has presented the latest quarter's return on sales of 10 percent and asset turnover of 1.5. What is the company's current return on investment (ROI)?
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