The following information relates to Rem Corp\'s accounts receivable for 2015: A
ID: 2419458 • Letter: T
Question
The following information relates to Rem Corp's accounts receivable for 2015:
Accounts receivable, 1/1/15 430,000
Credit sales for 2015 1,800,100
Sales returns for 2015 52,000
Accounts written off during 2015 26,800
Collections from customers during 2015 1,450,000
Estimated future sales returns at 12/31/15 33,500
Estimated uncollectible accounts at 12/31/15 73,250
Required:What amount should Rem report for accounts receivable, before allowances for sales returns and uncollectible accounts, at December 31, 2015?
Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund that earns 6% annum on January 1, 2020.
Required:What is the amount of the five annual deposits that Bob needs to make?
Explanation / Answer
Part 1
Answer 701,300
Accounts receivable, 1/1/1 430000 ADD Credit sales for 2015 1800100 Less Sales returns for 2015 -52000 Less Accounts written off during 2015 -26800 Less Collections from customers during 2015 -1450000 amount should Rem report for accounts receivable 701300Related Questions
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