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013. Consider the following accounts and their balances: Gross Sales Revenue $800,00o Sales Returns and Allowances $12,000 Credit Card Discounts $5,000 Sales Discounts $3,000 Cost
013. Consider the following accounts and their balances: Gross Sales Revenue $800,00o Sales Returns and Allowances $12,000 Credit Card Discounts $5,000 Sales Discounts $3,000 Cost of Goods Sold $670,000 Compute the net sales: A.$110,000 B. $130,000C.$780,000 D. $800,000 Aging of Receivables Problem: For Reggie Company you have the following data for accounts receivable at 12/31/Y9: Allowance Reguired 1.0% 3.0 % 10.0 % Amount, $ 200,000 0-30 days 31-80 days Over 80 days 100,000 10.000 S 310,000 Total Reggie uses aging of receivables method to estimate bad debts. At 12/31/Y8 the after- adjustment balance in allowance for uncollectible accounts was $5,000 (credit). During Y9, Reggie wrote off accounts receivable in the amount of $8,000. 014. Determine the amount of bad debt expense for Y9. A. $13,000 B. $9,000 C. $6,000 D. $3,000 015. Determine the after-adjustment balance in allowance for uncollectible accounts at 12/31/Y9, A. $13,000 B. $9,000 C. $6,000 D.$3,000 Page 3
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