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Wizard Kim

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Robert M. Lopez, Chief Compliance Officer of ANox pharmaceutics, will investigate any sales consultants that are not adhering to ANox Pharmaceutic Policy P1029. He’s hired you to identify those sales consultants.

Create a 1-2 slide PowerPoint (not including the title slide) of the business requirements. Use the meeting notes and ANox’s policies to determine the specific parameters of your task. In slide notes, provide a detailed description of how each business requirement is important to the final deliverable.

This paper and PowerPoint should highlight your understanding of the project.

Any sources must be cited in APA format. For more information on APA, please visit the Online Library. Your assignment should be proofread for spelling, grammar, and punctuation.

Financial Accounting

P8-2A

Information related to Mingnback Company for 2015 is summarized below.

Total credit sales    $2,500,000

Accounts receivable at Dec 31  875,000

Bad debts written off  33,000

Instructions:

a)  What amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts?

b)  Assume that Mingenback Company estimates its bad debt expense to be 2% of credit sales.  What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $4,000?

c)  Assume that Mingenback Company estimates its bad debt expense based on 6% of accounts receivable.  What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $3,000.

d)  Assume the same facts as in © , except that there is a a$3,000, debit balance in Allowance for Doubtful Accounts.  What amount of bad debt expense will Mingenback record?

e)  What is the weakness of the direct write-off method of reporting bad debt expense?

 

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