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Help me solve this step by step please and thank you! At January 1, 2024, Page Inc. reported the following information on its statement of
Help me solve this step by step please and thank you!
At January 1, 2024, Page Inc. reported the following information on its statement of financial position: Accounts receivable $520,000 Allowance for expected credit losses 42,000 During 2024, the company had the following summary transactions for receivables: 1. Sales on account, $1,760,000; cost of goods sold, $1,073,600; return rate of 6% 2. Selling price of goods returned, $76,000; cost of goods returned to inventory, $46,360 3. Collections of accounts receivable, $1,600,000 4. Write-offs of accounts receivable deemed uncollectible, $47,000 5. Collection of accounts previously written off as uncollectible, $11,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $30,000
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