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A) The following selected account balances were taken from Buckeye Companys general ledger at January 1, 2021 and December 31, 2021: anua 2021 ecember 2021
A) The following selected account balances were taken from Buckeye Companys general ledger at January 1, 2021 and December 31, 2021: anua 2021 ecember 2021 Accounts receivable 68,000 44,000 Inventory 53,000 91,000 For 2021, Buckeye Company had an inventory turnover ratio of 11 and an average collection period of 18.25 days Calculate the amount of gross profit earned by Buckeye Company in 2021. B) Johnson Company employs a periodic inventory system and sells its inventory to customers for $24 per unit. Johnson Company had the following inventory information available for the month of March March 1 Beginning inventory 1,700 units $17 cost per unit March 7 Sold 600 units March 11 Purchased 2,200 units@ $11 cost per unit March 19 Sold 2,900 units March 24 Purchased 1, 300 units $21 cost per unit March 28 Sold 1,100 units March 29 Purchased 2,600 units $14 cost per unit During March, Johnson Company reported operating expenses of $14,00e and had an income tax rate of 34% Calculate the amount of net income reported on Johnson Company's income statement for March using the LIFO method C) At January 1, 2022, Betty Rs, Inc. had an allowance for bad debts with an $11,980 credit balance. Betty recorded bad debt expense of $33,900 for 2022. At December 31, 2022, Betty prepared the following aging schedule: unts Receivab lectible not past due 1-30 days past due 31-60 days past due 61-90 days past due over 90 days past due $165,000 67,000 52,000 19,000 11,000 2% 8% 12% 25% 60% Calculate the amount of accounts receivable Betty wrote-off as uncollectible during 2022
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