2.00 points Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-off method LO 7-1, 7-4 Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2016, its first year of operations, Joey's Bike Shop experienced the following Required: Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: What is the Accounts Receivable balance at December 31 20167 2What is the ending balance of the Allowance for Doubtful Accounts at December 31, 2016, after all entries and adjusting entries are posted? What is the amount of uncollectible accounts expense for 2016? What is the net realizable value of accounts receivable at December 31, 2016? 4 Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: What is the Accounts Receivable balance at December 31 2016? aWhat is the amount of uncollectible accounts expense for 20167 What is the net realizable value of accounts receivable at December 31, 2016 0) 1) Accoun Hints References Exercise 7-13A EfMect of credit card sales on inancial statements LO 76 Ultra Day Spa provided $93,100 of services during 2016. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 1.20 percent service charge. Required Record the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model like the one shown here. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Use NA to indicate that an element is not affected by the event. (Enter any decreases to account balances with a minus sign. Round your answers to nearest whole dollar.) What is the amount of total assets at the end of the accounting period? (Round your answer to nearest whole dollar.) What is the amount of revenue reported on the income statement? (Round your answer to nearest whole dollar.) what is the amount of cash flow from operating activities reported on the statement of cash flows? (Round your answer to nearest whole dollar.) Hts References ok 2.00 points Exercise 7-16A Accounts receivable turnover and average days to collect accounts receivable LO 7-7 The following information is available for Bergstrom Inc. and Sineann Inc. at December 31, 2016 Allowance for doubtlul accounts Sales revenue .148 2.856 7 100 Required What is the accounts receivable turnover for each of the companies for 2016? (Round your answers to 1 decimal ace Sineane b What is the average days to collect the receivables for 2016 (Use 365 days in a year. Do not round intermediate calculations. Round number.) your answers to the nearest whole Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? (Round your percentage answers to nearest whole number)