Classic auto parts sells new and used auto parts although a

Reference no: EM13569212

Classic Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2012, its first year of operations, Classic Auto Parts experienced the following: Sales on account-- $280,000 Cash sales--650,000 Collections of accounts receivable-- 265,000 Uncollectible accounts charged off during the year--1,200 Assume that Classic Auto Parts uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected.: -What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2012, after all entries and adjusting entries are posted? -What is the amount of uncollectible accounts expense for 2012? -What is the net realizable value of accounts receivable at December 31, 2012?

Reference no: EM13569212

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