intell 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 $855,000 in credit sales
Question:1.intell 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 $855,000 in credit sales. intell assumes that 1.5% of sales will eventually be uncollectible. before adjustment, the Allowance for Uncollectible Accounts had a credit balance of 6,500. What dollar amount should be credited to Allowance for Uncollectible Accounts at year end?
2.Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
1-May Beginning Inventory 175 $10.50
5-May Purchase 200 $11.50
10-May Sales 300 $25
15-May Purchase 200 $13.50
20-May Sales 250 $28
25-May Purchase 150 $13.00
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
3.Adelphi Company purchased a machine on January 1, 2017, for $60,000. The machine was estimated to have a service life of ten years with an estimated residual value of $5,000. Adelphi sold the machine on January 1, 2021 for $26,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number
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