Solution to Receivables MCQ Problems Part 1
Автор: Teacher CPAyIE
Загружено: 2023-02-27
Просмотров: 158
Hello.
Here are the solutions for three MCQ Problems regarding Receivables:
1. A trial balance before adjustments included the following:
Sales, $850,000; Sales returns and allowance, ;$28,000; Accounts receivable, 86,000; Allowance for doubtful accounts, 1,520
a. If the estimate of uncollectibles is made by taking 2% of net sales, the amount of the adjustment is ____________
b. If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is ______________
2. Lankton Company has the following account balances at year-end: Accounts receivable, $80,000; Allowance for doubtful accounts, 4,800; Sales discounts, 3,200
Lankton should report accounts receivable at a net amount of: _________
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