Question
How would you determine the following if you only have one years worth of information: 1. Ending Net Receivables (these are the accounts available: accounts
How would you determine the following if you only have one years worth of information:
1. Ending Net Receivables (these are the accounts available: accounts receivable, allowance for doubtful accounts, other receivables, notes receivables - current)
2. Credit Sales (these are the accounts available: sales, sales returns, warranty expense, cash on hand, checking account, accounts receivable)
3. Ending Gross Receivables (these are the accounts available: accounts receivable, other receivables, allowance for doubtful accounts, notes receivables - current)
4. Ending Inventory (these are the accounts available: inventory, reserve for inventory obsolescence)
*there are no beginning or ending balances available and Im really confused*
Thank you so much and PLEASE HELP!
The available accounts are pulled from the list below in case that helps
Cash on Hand | Accum. Depreciation | Notes Payable-Noncurrent | Property Tax Expense |
Regular Checking Account | Investments | Common Stock | Legal and Professional Expense |
Payroll Checking Account | Other Noncurrent Assets | Paid-in Capital | Bad Debt Expense |
Savings Account | Accounts Payable | Retained Earnings | Insurance Expense |
Accounts Receivable | Sales Tax Payable | Sales | Maintenance Expense |
Other Receivables | Wages Payable | Sales Returns | Utilities |
Allowance for Doubtful Accounts | FICA Employee Withholding | Warranty Expense | Phone |
Inventory - Spotlight | Medicare Withholding | Income from Investments | Postal |
Reserve for Inventory Obsolescence | Federal Payroll Taxes Payable | Interest Income | Miscellaneous Office Expense |
Prepaid Insurance | FUTA Tax Payable | Miscellaneous Income | Payroll Tax Exp |
Prepaid Rent | State Payroll Taxes Payable | Cost of Goods Sold | Pension/Profit-Sharing Plan Ex |
Office Supplies | SUTA Tax Payable | Freight | Rent or Lease Expense |
Notes Receivable - Current | FICA Employer Withholding | Advertising Expense | Administrative Wages Expense |
Other Current Assets | Medicare Employer Withholding | Auto Expenses | Interest Expense |
Land | Line of Credit | Research and Development | Income Tax Expense - Federal |
Buildings and Land Improvements | Current Portion Long-Term Debt | Depreciation Expense | Income Tax Expense - State |
Machinery, Equipment, Office Furniture | Other Current Liabilities | Warehouse Salaries | Loss on Legal Settlement |
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