Reference no: EM131764944
Question: On May 31, Rosetree Floral Supply had a $160,000 debit balance in Accounts Receivable and a $6, 400 credit balance in Allowance for Uncollectible Accounts. During June, Rosetree made: Sales on account, $560,000 Collections on account, $601,000. Write-offs of uncollectible receivables, $8,000
Requirements: 1. Record sales and collections on account. Then record uncollectible- account expense (2% of credit sales) and write-offs of customer accounts for June using the allowance method. Show all June activity in Accounts Receivable, Allowance for Uncollectible Accounts, and Uncollectible-Account Expense (post to these T-accounts).
2. Suppose Rosetree used a different method to account for uncollectible receivables. Record sales and collections on account. Then record uncollectible-account expense for June using the direct write- off method. Post to Accounts Receivable and Uncollectible-Account Expense and show their balances at June 30.
3. What amount of uncollectible-account expense would Rosetree report on its June income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason.
4. What amount of net accounts receivable would Rosetree report on its June 30 balance sheet under each of the two methods? Which amount is more realistic? Give your reason.
|
A presentation about the culture of a particular ethnic
: Research and develop a presentation about the culture of a particular ethnic group different from your own (for example, Asian, Euro-American).
|
|
Prepare the entries to record the mortgage lean
: Detwiler Orchard issues a $610,270, 8%, 15-year mortgage note to obtain needed financing for a new lab. Prepare the entries to record the mortgage lean
|
|
Acting as agent for undisclosed principal
: Parke-Bernet Galleries, acting as agent for an undisclosed principal, sold a painting to Weisz.
|
|
Communication plan for continuous change management
: Discuss and critically evaluate the different types of organisational change - Develop a Communication Management Plan that should be used by Mercer Medical
|
|
What amount of uncollectible-account expense rosetree report
: What amount of uncollectible-account expense would Rosetree report on its June income statement under each of the two methods?
|
|
How do you interpret the ending of the story with reference
: How do you interpret the ending of the story with the reference to "the one who walk away from the Omelas"? Who might these people who walk away represent?
|
|
Why these goals are appropriate and realistic
: An explanation of why these goals are appropriate and realistic in terms of your curricular, extracurricular, professional, and personal experiences.
|
|
What would be the net present value
: If an investment is made now for $21,002.00 that will generate a cash inflow of $2,520.24 a year for the next 4 years, what would be the net present value
|
|
How we should live our lives as a result
: The second half of the paper will be you arguing if there is a point to life, what it is, and how we should live our lives as a result.
|