1) Easton Company prepares annual adjusting entries only. During the third quarter of Fiscal Year 2018, Easton Company acquired the following trading securities: Date Company # of Shares Price per Share 8/15 X Company 1,500 $46 9/25 Y Company 1,250 30 9/30 Z Company 1,000 24 On November 10th, Easton Company sold the Y Company […]
7) Arundel Company uses percentage of sales to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance of $78,000 and had a total of $805,000 in credit sales. Arundel assumes that 1.0% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 5,000. What dollar […]
6) Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $255,000 <30 days old 98.5% 60,000 30 to 60 days old 90% 25,000 61 to 120 days old 71% 7,000 >120 days old 17% The […]
Arundel Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $280,000 < 30 days old 99.5% 70,000 30 to 60 days old 90.5% 35,000 61 to 120 days old 75.0% 12,000 > 120 days old 14.0% […]
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