accounts receivable for 2004: Accounts receivable, 1/1/04 $650,000 Credit sales for 2004 2,700,000 Sales returns for...
accounts receivable for 2004:
| Accounts receivable, 1/1/04 | $650,000 | |
| Credit sales for 2004 | 2,700,000 | |
| Sales returns for 2004 | 75,000 | |
| Accounts written off during 2004 | 40,000 | |
| Collections from customers during 2004 | 2,150,000 | |
| Estimated future sales returns at 12/31/04 | 50,000 | |
| Estimated uncollectible accounts at 12/31/04 | 110,000 |
What amount should report for accounts receivable, before
allowances for sales returns and uncollectible accounts, on
December 31, 2004?
$925,000
$1,125,000
$1,085,000
$1,200,000
Homework Answers
Correct answer--------$1,085,000
Working
| Accounts receivable, 1/1/04 | $ 650,000.00 |
| Add: Credit sales for 2004 | $ 2,700,000.00 |
| Less: Accounts written off during 2004 | $ (40,000.00) |
| Less: Collections from customers during 2004 | $ (2,150,000.00) |
| Less: Sales return | $ (75,000.00) |
| Receivable before allowances for sales returns and uncollectible accounts | $ 1,085,000.00 |
Add Answer to:
accounts receivable for 2004:
Accounts receivable, 1/1/04
$650,000
Credit sales for 2004
2,700,000
Sales returns for...
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