Suzuki supply reports the following amount at the end of

Reference no: EM13612845

Suzuki supply reports the following amount at the end of 2012 (before adjustment) Credit sales for 2012 - $270,000 Accounts receivable, Dec 31, 2012 - 443,900 Allowances for uncontrollable accounts, Dec 31, 2012- 880 (credit)

1) Record the adjustment for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 8% of receivables will not be collected.

2) Record the adjustment for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.

3) Calculate the effect on net income (before taxes) and total assets in 2012 for each method.

Reference no: EM13612845

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