13.) Newark Company has provided the following information: Ac€?c Cash sales, $510,000 Ac€?c Cre

Do you require help with your paper? Use our custom writing service to achieve better grades and meet your deadlines. Trust our team of writing experts with your work today, and enjoy peace of mind.


Order a Similar Paper Order a Different Paper

13.) Newark Company has provided the following information:

Ac€?c

Cash sales, $510,000

Ac€?c

Credit sales, $1,410,000

Ac€?c

Selling and administrative expenses, $390,000

Ac€?c

Sales returns and allowances, $96,000

Ac€?c

Gross profit, $1,420,000

Ac€?c

Increase in accounts receivable, $61,000

Ac€?c

Bad debt expense, $39,000

Ac€?c

Sales discounts, $49,000

Ac€?c

Net income, $1,030,000

How much are Newark's net sales?

$1,859,000

$1,920,000

$1,775,000

$1,736,000

14.)

Newark Company has provided the following information:

Ac€?c

Cash sales, $560,000

Ac€?c

Credit sales, $1,460,000

Ac€?c

Selling and administrative expenses, $440,000

Ac€?c

Sales returns and allowances, $101,000

Ac€?c

Gross profit, $1,470,000

Ac€?c

Increase in accounts receivable, $66,000

Ac€?c

Bad debt expense, $44,000

Ac€?c

Sales discounts, $54,000

Ac€?c

Net income, $1,030,000

How much is NewarkAc€?cs cost of sales?

$329,000

$439,000

$395,000

$550,000

15.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $153,000

Ac€?c

Credit sales, $453,000

Ac€?c

Selling and administrative expenses, $113,000

Ac€?c

Sales returns and allowances, $33,000

Ac€?c

Gross profit, $493,000

Ac€?c

Accounts receivable, $140,000

Ac€?c

Sales discounts, $17,000

Ac€?c

Allowance for doubtful accounts credit balance, $1,500

  

Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. How much is bad debt expense?

$4,200

$2,655

$2,700

$5,700

16.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $153,000

Ac€?c

Credit sales, $453,000

Ac€?c

Selling and administrative expenses, $113,000

Ac€?c

Sales returns and allowances, $33,000

Ac€?c

Gross profit, $493,000

Ac€?c

Accounts receivable, $140,000

Ac€?c

Sales discounts, $17,000

Ac€?c

Allowance for doubtful accounts credit balance, $1,500

Flyer estimates bad debt expense assuming that 2.5% of credit sales have historically been uncollectible. How much is FlyerAc€?cs bad debt expense?

$13,650

$12,825

$11,325

$9,825

17.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $168,000

Ac€?c

Credit sales, $468,000

Ac€?c

Selling and administrative expenses, $128,000

Ac€?c

Sales returns and allowances, $48,000

Ac€?c

Gross profit, $508,000

Ac€?c

Accounts receivable, $285,000

Ac€?c

Sales discounts, $32,000

Ac€?c

Allowance for doubtful accounts credit balance, $3,000

Flyer estimates bad debt expense assuming that 1% of credit sales have historically been uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded?

$1,680

$3,360

$7,680

$4,680

18.)

Which of the following statements correctly describes the effect of recording the collection of a $20,000 account receivable for which a 5% sales discount was recorded at the time of collection?

Current assets will remain the same.

Gross profit will decrease $1,000.

Accounts receivable will decrease $19,000.

Net sales will increase $19,000.

"Is this question part of your assignment? We can help"

ORDER NOW
Writerbay.net

Do you need help with this or a different assignment? We offer CONFIDENTIAL, ORIGINAL (Turnitin/LopesWrite/SafeAssign checks), and PRIVATE services using latest (within 5 years) peer-reviewed journal articles. Kindly click on ORDER NOW to receive an A++ paper from our masters- and PhD writers.

Get a 15% discount on your order using the following coupon code SAVE15


Order a Similar Paper Order a Different Paper