Reference no: EM133169345
Question - Spain Inc. reported the ff information on 2022:
Accounts Receivable, January 1 2,500,000
Retained Earnings, January 1 4,600,000
Credit Sales, terms 2/10, n/30 9,000,000
Cash Sales 5,600,000
Collections within the discount period 4,900,000
Collections beyond the discount period 3,000,000
Allowance for doubtful accounts, January 1 230,000
Cost of Sales 70% of Gross Sales
Rent Expense 364,000
Depreciation Expense 126,000
Salaries Expense 233,000
Unrealized Gain on Trading Securities 87,000
Gain on re-issuance of Treasury Shares 99,000
In 2022, Spain decided to change their method of estimating doubtful accounts from 5% based on Gross Sales to 10% based on the ending balance of Accounts Receivable.
1. What is the Comprehensive Income of Spain in 2022?
2. What is the Net Income of Spain in 2022?
3. What is the Ending Balance of Spain in 2022?
4. What is the Doubtful Accounts Expense of Spain in 2022?
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