Answered step by step
Verified Expert Solution
Question
1 Approved Answer
asap, plz What are the amounts or HTT uses the gross method. Merchandise is returnable for six months. The beginning inventory of 2021 was 10.000
asap, plz
What are the amounts or HTT uses the gross method. Merchandise is returnable for six months. The beginning inventory of 2021 was 10.000 10/1/2021 10/20/2021 12/31/2021 12/31/2021 1/20/2022 3/31/2022 6/30/2022 12/31/2022 HTT sold a customer on account merchandise for 8,000 The repayment terms are 2/10, n/30. Cost is 70% of the selling price. The customer paid Accounts Receivable balance of 1,000 Industry experience indicates that 10% of all sales will be returned. Established allowance of 30% of the remaining Accounts Receivable balance. The customer returned merchandise worth of 300. HTT decreased Accounts Receivable balance. There was no cash refund.) Return period is over for the customer. HTT decided 2,000 in Accounts Receivable for the customer will not be collectible. Established allowance of 80% of the remaining Accounts Receivable balance. What are the amounts of Net Accvunt Receivable at the end of 2021 and 2022?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started