Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 8.00

Classic Auto Parts

Classic Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2012, its first year of operations, Classic
Auto Parts experienced the following:
Sales on account …………………………………………$280,000
Cash sales ……………………………………………….. 650,000
Collections of accounts receivable ……………………… 265,000
Uncollectible accounts charged off during the year ……. 1,200

Required
Assume that Classic Auto Parts uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions:
a. What is the Accounts Receivable balance at December 31, 2012?
b. What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2012, after all entries and adjusting entries are posted?
c. What is the amount of uncollectible accounts expense for 2012?
d. What is the net realizable value of accounts receivable at December 31, 2012?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 05:08 PM My Price 8.00

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