The Following Information Was Taken from the Records of Alphabet

question 20

Essay

The following information was taken from the records of Alphabet Soup at the end of 2013:
Determine the following:
A)Gross sales
B)Net sales
C)Gross profit
Assuming the company uses the income statement approach to estimating uncollectibles:
D)Bad debt estimate percentage
E)Year-end adjusting entry to record bad debt expense
F)Ending balance in Allowance for Doubtful Accounts after adjustment
G)Net realizable value of receivables after adjustment for bad debts
Assuming the company uses the balance sheet approach to estimating uncollectibles:
H)Gross receivables
I)Ending balance in Allowance for Doubtful Accounts after adjustment
J)Net realizable value of receivables after adjustment for bad debts

• A)Gross sales
• B)Net sales
• C)Gross profit Assuming the company uses the income statement approach to estimating uncollectibles:
• D)Bad debt estimate percentage
• E)Year-end adjusting entry to record bad debt expense
• F)Ending balance in Allowance for Doubtful Accounts after adjustment
• G)Net realizable value of receivables after adjustment for bad debts Assuming the company uses the balance sheet approach to estimating uncollectibles:
• H)Gross receivables
• I)Ending balance in Allowance for Doubtful Accounts after adjustment
• J)Net realizable value of receivables after adjustment for bad debts

---

Definitions:

Pension Contributions

Financial payments made into a pension plan by employees, employers, or both, intended to provide retirement income to the contributors.

Medical Abortion

Termination of a pregnancy through the use of pharmaceutical drugs, as opposed to surgical procedures.

Surgical Abortion

A medical procedure to end a pregnancy using surgical intervention, typically performed in the first or second trimester.

2015

The year that is noted for various significant global events, including technological advancements, geopolitical shifts, and cultural milestones.