Study guide - Chapter 5 Review View Help OTell me what you want to do AaBbCcD AaBbCcDd 1 NomalNo ac.. Heading 1 Heading2Title Subtitle Subtitle Subtle Em... Paragraph Styles 12) Why might a company want to use: Specific identification method LIFO FIFO 13) What cost flow method is usually preferred for tax purposes? Problems On January 1, 2018, Sophie Consulting has a $50,000 balance in accounts receivable and a SO balance in the Allowance for Doubtful Accounts. During 2018, Sophie provides $75,000 df service on account. The company collected $100,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 2% of sales on account. 1) a. What is the amount of uncollectible accounts expense recognized in 2018? b. What is the amount of cash flows from Operating activities that would appear on the 2018 Cash Flow statement? c. Show the impact (with amounts) of each of the following items on the horizontal For the asset section, name the specific accounts impacted. Record Sales during the year on account of $75,000 equation. i. Show the impact of $100,000 cash collected during the year i. Establish an Allowance for Doubtful Accounts at year-end In the following vear, an account worth $800 is determined to be uncollectible, what is the entry? v. A receivable for $300 that was previously written off is collected. What is the 2 step entry? up