Reference no: EM132885901
Question - At January 1, 2021, Underwood Imports Inc. reported the following on its statement of financial position:
Accounts receivable $1,760,000
Allowance for doubtful accounts 118,000
During 2021, the company had the following summary transactions for receivables:
1. Sales on account, $5,400,000; Cost of goods sold, $2,970,000; return rate of 2%
2. Selling price of goods returned, $80,000; cost of goods returned to inventory, $44,000
3. Collection of accounts receivable, $5,400,000
4. Write offs of accounts receivable deemed uncollectible, $160,000
5. Collection of accounts previously written off as uncollectible, $72,000
6. After considering all of the above transactions, total estimated uncollectible accounts, $104,000
Required -
(a) Prepare the T Accounts for Accounts Receivable and Allowance for Doubtful Accounts
Enter the opening balances
Post the above summary entries
Determine the ending balances
(b) Determine the carrying amount of the accounts receivable as of January 1 and December 31st.
(c) Show the statement of financial position presentation of the receivables as at December 31.
(d) Show the statement of incomes presentation of the revenue and expense accounts for the year ended December 31.
|
Key trends-technologies impacting adult learning
: Johnson et al. provide a list of key trends/technologies impacting adult learning. growing ubiquity of social media
|
|
Discuss about sustainable finance
: Discuss about Sustainable finance. Discuss about the funding options for early startups.
|
|
What approach would recommend for the client
: Describe what approach you would recommend for the client by using information you researched. You are a business consultant who works with new business owners.
|
|
Which are steps in developing sampling plan
: Which are the steps in developing a sampling plan? Describe them and explain why they are important.
|
|
Determine the carrying amount of the accounts receivable
: Write offs of accounts receivable deemed uncollectible, $160,000. Determine the carrying amount of the accounts receivable as of January 1 and December 31st
|
|
Evaluating team member performance
: -Jennifer, the Accounts Payable Manager of Company ABC, must complete performance appraisals for five (5) team members. Each team member performs the same tasks
|
|
Develop five open-ended questions
: Please help me develop these five questions that are for a family interview, these questions are meant to give me information about my family culture. thank you
|
|
Show amount of total unsecured liabilities
: Assets (pledged against debts of $91,000) 150,800 Assets (pledged against debts of $169,000) 65,000, Show amount of total unsecured liabilities
|
|
How protection organizations interact with one another
: How public and private fire prevention and protection organizations interact with one another and with other emergency services agencies.
|