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Questions -
Q1. A trial balance before adjustments included the following: Sales - 425,000; sales returns and allowances - 14,000; accounts receivable - 43,000; Allowance for doubtful accounts -760. If the estimate of uncollectible is made by taking 10% of gross accounts receivable, what the amount of bad debts expense for the year?
a. 4,300
b. 5,060
c. 4,224
d. 3,540
Q2. A trial balance before adjustments included the following: Sales - 425,000; sales returns and allowances - 14,000; accounts receivable - 43,000; Allowance for doubtful accounts -760. If the estimate of uncollectible is made by taking 2% of net sales, what the amount of bad debts expense for the year?
a. 9,740
b. 6,700
c. 8,220
d. 8,500
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $408,000 for April and $485,000 for May. Cost of goods sold is expected to be 64% of sales.
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