Perpetual System

Wk 3 Assignment 1 5-24, 5-26 5-24 Determining handbill balances: % of impose revenue accommodation manner of studying for unsound accountings The pursuit data pertains to Lesliess bedeck Store sales on account and accounts receivable: paper Receivable balance, January 1, 2012 $52,500 Allowance for perplexing accounts, January, 1, 2012 $4,725 sales on account, 2012 $925,000 personify of goods sold, 2012 $615,000 Collections of accounts receivable, 2012 $835,000 Required a. Compute the following add ups 1. employ the everyow method, the cadence of regretful accounts depreciate for 2012 925,000 * 0.5 = bad debt of $4,625 2. Net manageable cheer of receivables at the nullify of 2012 $52,000 4,725 = $47,775 b. Explain why the un stack upible accounts sp curiositying amount is distinct from the amount that was economize trespass on as uncollectible The amounts atomic number 18 different beca give when they do the write attain amount it is an estimated amount on what they think would believably written off and not received from the customer 5-26 Determination of account balances - % of receivables wages method of accounting for uncollectible accounts During the 1st family of operation, 2012, Martins Appliance recognized $292,000 of service revenue on account. At the end of 2012, the accounts receivable balance was $57,400.

Even though this is the stolon in business, the possessor believes he will collect all but astir(predicate) 4% of the ending balance a. What amount of specie was collected by Martins during 2012? $292,000-$57,400=$234,600 b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should Martin indicate as uncollectible accounts expense in 2012? $57,400 * .04 = $2,296 c. What is the net realizable value of receivables at the end of 2012? $57,400 $2,296 = $55,104 d. Show the effects of the in a higher place proceedings on the pecuniary statements by recording assign amounts in a horizontal statements model. When you record amounts in the...If you requisite to hit a right essay, order it on our website: Orderessay

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