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BUS 591 Week 4 ? Financial Statement and Analysis ? ALL Question Answered ? A+ Answer or MONEY BACK GUARANTEED!

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PROBLEM 8-2B;(a) 1. Accounts Receivable????????????????? 3,600,000;Sales Revenue?????????????????.. 3,600,000;2. Sales Returns and Allowances???????????. 50,000;Accounts Receivable?????????????.. 50,000;3. Cash ???????????????????????????. 3,100,000;Accounts Receivable?????????????.. 3,100,000;4. Allowance for Doubtful Accounts?????????.. 92,000;Accounts Receivable?????????????.. 92,000;5. Accounts Receivable?????????????????. 28,000;Allowance for Doubtful Accounts??????. 28,000;Cash ??????????????????????? 28,000;Accounts Receivable?????????????.. 28,000;(b) Accounts Receivable Allowance for Doubtful Accounts;Bal. 960,000 (2) 50,000 (4) 92,000 Bal. 78,000;(1) 3,600,000 (3) 3,100,000 (5) 28,000;(5) 28,000 (4) 92,000 Bal. 14,000;(5) 28,000;Bal. 1,318,000;(c) Balance needed????????????????????????.. $109,000;Balance before adjustment [see (b)]????????????. 14,000;Adjustment required?????????????????????.. $ 95,000;The journal entry would therefore be as follows;Bad Debts Expense???????????????????. 95,000;Allowance for Doubtful Accounts???????.. 95,000;(d);*$960,000 ? $78,000;**$1,318,000 ? $109,000;Its average collection period is;PROBLEM 8-6B;Jan. 5 Accounts Receivable?Flint Company????????.. 10,000;Sales Revenue????????????????????. 10,000;20 Notes Receivable ????????????????.. 10,000;Accounts Receivable?Flint Company?????..

 

Paper#22874 | Written in 18-Jul-2015

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