Sunland Company provides for bad debt expense at the rate of 2% of accounts receivable. The...
Sunland Company provides for bad debt expense at the rate of 2%
of accounts receivable. The following data are available for
2018:
| Allowance for doubtful accounts, 1/1/18 (Cr.) | $ 13100 |
| Accounts written off as uncollectible during 2018 | 9600 |
| Ending accounts receivable | 1198000 |
The Allowance for Doubtful Accounts balance at December 31, 2018,
should be
2- Crane Company purchased equipment and these costs were
incurred:
| Cash price | $65400 |
| Sales taxes | 4100 |
| Insurance during transit | 660 |
| Installation and testing | 830 |
| Total costs |
$70990 |
Crane will record the acquisition cost of the equipment as
Homework Answers
| 1 | ||||||||
| Allowance for Doubtful Accounts balance at December 31, 2018=1198000*2%= $23960 | ||||||||
| 2 | ||||||||
| Cost of the equipment =65400+4100+660+830=$70990 | ||||||||
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Sunland Company provides for bad debt expense at the rate of 2%
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