Homework Answers
Answer:
1.
Compute the current ratio using the equition as shown below:
Current Ratio = Current Assets / Current Liabilities
=$30000/$10000
=3/1
=3:1
2.
Compute the amount of net account receivable using the equation as
shown below:
Net account receivables = Account receivable - Allowance for
doubtful accounts
=$3300-$300
=$3000
3.
Before writing off the amount of gross receivables is $3300. But
after write off it will $3200 $3300-$100.
Therefore, the amount will not remain the same.
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Allowance for Doubtful Accounts of $9,600 (credit). During the
period, Golden Valley had credit sales of $802,100 and collections
on account of $767,100. Golden Valley uses a perpetual inventory
system and determined that the cost of goods sold during the period
was $675,100. Golden Valley wrote off as uncollectible accounts
receivable of $7,600. However, a $3,300 account previously written
off as...
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