Reference no: EM133157471
Question - The following selected transactions occurred during the year ended December 31, 2018:
Gross sales (cash and credit) 750,000
Collections from credit customers, net of 2% cash discount 245,000
Cash sales 150,000
Uncollectible accounts written off 16,000
Credit memos issued to credit customers for sales returns and allowances 8,400
Cash refunds given to cash customers for sales returns and allowances 12,600
Recoveries on accounts receivable written off in prior years (not included in cash received stated above) 5,421
At year-end, the company provides for estimated bad debt losses by crediting the Allowance for Bad Debts account for 2% of its net credit sales for the year.
Required -
1. What is the company's net credit sales in 2018?
2. What is the bad debts expense for 2018?
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