Consider the Following INDEPENDENT Situations for XYZ Company

question 150

Essay

Consider the following INDEPENDENT situations for XYZ Company:
a. The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Net credit sales during the year are $830,000 and 4% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 at the beginning of the year.
b. The Allowance for Uncollectible Accounts has a $900 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared at the end of the year, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 at the end of the year.
c. The Allowance for Uncollectible Accounts has a $16,300 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared at the end of the year, $20,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $958,000 at the end of the year.
d. The Allowance for Uncollectible Accounts has a $500 credit balance prior to adjustment. Net credit sales during the year are $900,000 and 5% are estimated to be uncollectible. Accounts Receivable has a balance of $825,000 at the end of the year.
Calculate the net receivables for each situation A through
D)

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Definitions:

Pollution Reduction

The process of decreasing the amount of pollutants that are released into the environment.

Total Cost

The complete cost of production, including both fixed and variable costs, incurred by a business in the production of goods or services.

Pollution Permits

Legal authorizations allowing entities to emit a specific amount of pollutants into the environment, used to regulate and reduce overall pollution levels.

Marginal Social Benefit

The additional benefit gained by society from the production or consumption of one more unit of a good or service.