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just need net realizable value for required B and uncollectible accounts expense for required C. please help Problem 7-26A Comprehensive accounting cycle problem (uses percent

just need net realizable value for required B and uncollectible accounts expense for required C. please help image text in transcribed
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Problem 7-26A Comprehensive accounting cycle problem (uses percent of revenue allowance method) LO 7-1,7-3, 7-5, 7-6 The following trial balance was prepared for Tile, Etc., Inc. on December 31, Year 1, after the closing entries were posted Account Title Debit Credit Cash $175,000 Accounts Receivable 138.000 Allowance for Doubtful Accounts $ 24,500 Inventory 451,000 Accounts Payable 108,000 Common Stock 595,000 Retained earnings 116,500 Totals $764,000 $764,000 Tile, Etc. had the following transactions in Year 2: 1. Purchased merchandise on account for $645,000 2. Sold merchandise that cost $485,000 for $1,020,000 on account 3. Sold for $310,000 cash merchandise that had cost $186,000 4. Sold merchandise for $255,000 to credit card customers. The merchandise had cost $122,000. The credit card company charges a 3 percent fee. 5. Collected $750,000 cash from accounts receivable. 6. Paid $675.000 cash on accounts payable. 7. Paid $158,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4) 9. Loaned $63,000 to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity 10. Wrote off $8,800 of accounts as uncollectible 11. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9) Required a. Prepare general journal entries for these transactions, post the entries to T-accounts and prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 b. Compute the net realizable value of accounts receivable at December 31, Year 2 c. If Tile, Etc, used the direct write-off method, what amount of uncollectible accounts expense would it report on the income statement? Complete this question by entering your answers in the tabs below. Required C Required A Required AT Required A Required A General Required A Required A Stmt accounts Stmt of Cash Required B Journal Bal Sheet Inc Stmt Stkholder Ea Flows Compute the net realizable value of accounts receivable at December 31, Year 2. Net Realizable Value Required A Stmt of Cash Flows Required C Complete this question by entering your answers in the tabs below. Required A Required A Required AT Required A General Required A Required A Stmt Inc Stmt Stmt of Cash Required B accounts Bal Sheet Required C Journal Stkholder Eo Flows If Tile, Etc. used the direct write-off method, what amount of uncollectible accounts expense would it report on the income statement? Uncollectible Accounts Expense

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