The following information was taken from the records of Alphabet Soup at the end of 2012:

Cash sales	$1,000,000
Credit sales	500,000
Sales discounts	5,000
Accounts Receivable	250,000
Allowance for Doubtful Accounts (before adjustment)	(25,000)
Estimated uncollected accounts	2,475
Cost of goods sold	$975,000

Determine the following:

A) Gross sales

B) Net sales

C) Gross Profit

Assuming the company uses the income statement approach to estimating uncollectibles:

D) Bad debt estimate percentage

F) Ending balance in Allowance for Doubtful Accounts after adjustment

G) Net realizable value of receivables after adjustment for bad debts

Assuming the company uses the balance sheet approach to estimating uncollectibles:

H) Gross receivables