For Year Ended December 31: 2012 2011 Net sales (85% on account) $49,000 $40,000

Question

For Year Ended December 31: 2012 2011
Net sales (85% on account) $49,000 $40,000
Bad Debt Exspense 1,400 1,200

As of December 31: $8,800 $5,000
Allowance for Doubtful Accounts 550 340

1) This financial statement shows that:

A) Net realizable value of recievables on December 21, 2012 is $8,250 million
B) Gross recievables on December 31, 2012 are $9,350 million
C) Accounts of $1,400 million were written off as uncollectible in 2012
D) Total sales on account for 2012 amounted to $49,000 million
E) None of the above

2) On the basis of the information provided for the company, the Accounts Recievable written off in 2012 were

A) $1,190
B) $1,200
C) $1,400
D) $890
E) None of the above

Explanation / Answer

D) Total sales on account for 2012 amounted to $49,000 million

C) $1,400

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