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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Declaration of Independence

A foundational document declaring the thirteen American colonies' independence from British rule, adopted on July 4, 1776.

Political Thought

Reflects the study of ideas, concepts, and doctrines that have been influential in political behavior, policy making, and the structure and operation of government.

Equality

The state of being equal, especially in status, rights, and opportunities.

Federalist Papers

A series of 85 essays written by Alexander Hamilton, James Madison, and John Jay promoting the ratification of the United States Constitution.