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Problem - During its first year of operations, Marvel Led had credit sales of $4 million, of which $750,000 remained uncollectable at year end. The credit manager estimates that $80,000 of these receivables will become uncollectable.
a) Prepare the journal entry to record the estimated uncollectable. Assume the allowance account has a nil balance.
b) Prepare the current assets section of the statement of financial position for Marvel Led, assuming that in addition to the receivables it has cash of $120 000, inventory of $95 000, and prepaid expenses of $13 000.
c) Calculate the credit risk ratio and receivables turnover for Marvel Ltd.
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