he balance sheet of Craft, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018
and 2017 (figures are in thousands):
Requirements:
| 1. | Compute the amount of uncollectible accounts expense recorded by Craft in 2018. |
2.
Compute Craft's cash collections from customers in 2018.
3.
T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record the transactions and post the transactions to the T-accounts to record the following for
2018:
a.Sales revenue
b.Cost of goods sold
c.Estimated returns inventory
d.Cost of estimated returns
e.Merchandise returned
f.Cost of merchandise returned
g.Collections
h.Write-offs of uncollectible accounts
i.Uncollectible-accounts expense
ution Techfuil wees wat passed the swing. 2015. 2017 Click the icon to view the partial balance sheet Click the icon view adtonalinomion and the utements Ba Akowans for Uncolile Account Edding Balance! X Datas Tepunereal 1. Cumhe Pusled by all i 2018 Sect. labikefe nourts and compute the collectible oculta apenas emounts in thousands of sous provided to you in the AFUA End Ba Wie ofte AFUA, Beg Bal Lincollocblo Mount Ep 150 270 Requirement 2. Compute Crat's cash collections to customers in 2010 Select the labels compute the amounts ans calculst the collections from customers. (Enter amounts in thousands of dollars as provided to you in the Caldis lian Sales of countnt- Custom Orceber 11, 2015 December 31.17 in musantis Acceir calls for $1.0D and 5930, special 38,700 S 8970 Print Done record the following for 2015. Sales revenue Cost of goosole Estates Hequirement. Sunt toccounts Hocevabe and Allowance for Uncolectie Accouns have been opened Enter the beging bicos no balacas - - Clay Castellet Nederland Cody Odled Wi-ul of Begin by die medies for 2018 Enllunin elde edu in the Chuck you song .. So Do not record the cost of goods sold we will do that in the skep More info -X yordu D Acant Joumal Laty Dahil 20203 Cat 2018 3. Accounts rochable Sales revenue in 2018 Craft recorded 21,201) of which $1,200 Crawwarmed fuaedt TM Collikes was ST 100 il ost of the merchandise returned was 916 Craft offers its customer credit tomt 29 na na na nararamde within the Geocul puid. O al colectible in the mountal SISU int during 2VIU Sacrctums ancest maga is be 4% of sales 20200 Done b. Costot goods cold rary Debic Date 2913 Credit Accounts hC Www 7100 II Il II 1 E Eslimladietarlury Journal Accounts Die ht Ded 2018 d. Carto estimated retums Journal ution Techfuil wees wat passed the swing. 2015. 2017 Click the icon to view the partial balance sheet Click the icon view adtonalinomion and the utements Ba Akowans for Uncolile Account Edding Balance! X Datas Tepunereal 1. Cumhe Pusled by all i 2018 Sect. labikefe nourts and compute the collectible oculta apenas emounts in thousands of sous provided to you in the AFUA End Ba Wie ofte AFUA, Beg Bal Lincollocblo Mount Ep 150 270 Requirement 2. Compute Crat's cash collections to customers in 2010 Select the labels compute the amounts ans calculst the collections from customers. (Enter amounts in thousands of dollars as provided to you in the Caldis lian Sales of countnt- Custom Orceber 11, 2015 December 31.17 in musantis Acceir calls for $1.0D and 5930, special 38,700 S 8970 Print Done record the following for 2015. Sales revenue Cost of goosole Estates Hequirement. Sunt toccounts Hocevabe and Allowance for Uncolectie Accouns have been opened Enter the beging bicos no balacas - - Clay Castellet Nederland Cody Odled Wi-ul of Begin by die medies for 2018 Enllunin elde edu in the Chuck you song .. So Do not record the cost of goods sold we will do that in the skep More info -X yordu D Acant Joumal Laty Dahil 20203 Cat 2018 3. Accounts rochable Sales revenue in 2018 Craft recorded 21,201) of which $1,200 Crawwarmed fuaedt TM Collikes was ST 100 il ost of the merchandise returned was 916 Craft offers its customer credit tomt 29 na na na nararamde within the Geocul puid. O al colectible in the mountal SISU int during 2VIU Sacrctums ancest maga is be 4% of sales 20200 Done b. Costot goods cold rary Debic Date 2913 Credit Accounts hC Www 7100 II Il II 1 E Eslimladietarlury Journal Accounts Die ht Ded 2018 d. Carto estimated retums Journal
