Baltimore Company uses aging to estimate uncollectibles
-Baltimore 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
$105,000 < 30 days old 98%
80,000 30 to 60 days old 88%
25,000 61 to 120 days old 78%
12,000 > 120 days old 15%
The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.
2))
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 120 $10
5/5 Purchase 160 $12
5/15 Purchase 340 $14
5/25 Purchase 260 $16
Sales were 450 units at $20. Using the FIFO method, determine the dollar value of Cost of Goods Sold for the month of May.
3))
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 150 $10
5/5 Purchase 200 $12
5/15 Purchase 210 $14
5/25 Purchase 200 $16
Sales were 570 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of M