Compute allowance and net accounts receivable

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Reference no: EM13980930

1- On December 10, 2015, Jennings, Inc. paid out total dividends of $450,000 (this was the only dividend payment made during the year). If Jennings reported Retained earnings of $2,168,000 for 2014 and Retained earnings of $2,380,000 for 2015, what was Jennings reported net income in 2015?

2- In 2015, Variman, Incorporated had Gross Accounts receivable of $36,200 and management estimated the Allowance for Doubtful accounts to be $2,500. Compute the ratio of Allowance of Doubtful accounts to Net Accounts receivable for Variman, Inc. for 2015 (that is, compute Allowance/Net Accounts receivable – record your answer as a percent rounded to one decimal place; for example, record 0.234567 as 23.5%).

Reference no: EM13980930

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