ESPN Yahoo! ADP ed.aborMana... Dose of Colors M McGo-H Comm A Maltiple Choice 06
ID: 2463747 • Letter: E
Question
ESPN Yahoo! ADP ed.aborMana... Dose of Colors M McGo-H Comm A Maltiple Choice 06-32 s Question 6 of Aspen Corporation Data for Aspen Corporation for the year ended December 31, 2012, are presented below Credit sales Sales returns Gross accounts receivable (December 31, 2012) Allowance for bad debts (Before adjustment at December 31, 2012) Estimated amount of uncollected accounts based on an aging analysis $2,100,000 150,000 420,000 25,000 75,000 Refer to the information provided for Aspen Corporation. If Aspen estimates its bad debts at 4% of net credit sales, what amount will be reported as bad debt expense for 2012? 0 a. S50.000 b. $78,000 $75,000 Od. $84,000 Icon Key e Question 6 of 68 A Multiple Choice 06-32 Save Submit Test for Grading 8Explanation / Answer
1)
Answer b) $78,000
($2,100,000 - $150,000) *4% = $78,000
2)
Answer c)
Dr. Cash $10,000
Dr. Note receivable $80,000
Cr. Accounts receivable $90,000
3)
Answer a) paid for inventory purchased on credit , and took advantage of 1% discount on purchase
4)
Answer a) $211,000
$225,000+16,000 - $30,000 =$211,000
5)
Answer c) $1041
6)
Answer b) $1010
(70*9)+(40*9.5) = $1010
7)
Answer a) $1932
(120*9.10)+(30*9)+(60*9.50) = $1932
8)
Answer b) $1024.82
9)
Answer c) $1917.18
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.