What is the amount of uncollectible accounts expense for

Reference no: EM13482896

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: EM13482896

Questions Cloud

An operating activity that the company likely engages in : all businesses are involved in three types of activities-financing investing and operating. listed below are the names

Assume that you are a manager and you have three potential : assume that you are a manager and you have three potential capital investment projects to choose from. funds are

Assume that the contribution margin ratio of the investment : westerville company reported the following results from last year 2013 operationssales 1000000variable expenses

Exotic cuisines employee stock optionsas a newly minted mba : exotic cuisines employee stock optionsexotic cuisines employee stock optionsas a newly minted mba youve taken a

What is the amount of uncollectible accounts expense for : classic auto parts sells new and used auto parts. although a majority of its sales are cash sales it makes a

Jodi horton president of the retailer crestline products : jodi horton president of the retailer crestline products has just approached the companys bank with a request for a

Indicate whether each of the following items is most : indicate whether each of the following items is most closely associated with the management discussion and analysis

An investment provides a 2 return semi-annually its : 1. an investment provides a 2 return semi-annually its effective annual rate is2. 4. 4.02. 4.04. 4.53.2. a year ago you

Forest outfitters is a retailer that is preparing its : forest outfitters is a retailer that is preparing its budget for the upcoming fiscal year. management has prepared the

User Account

All Pages