20122011from the income statementnet sales729373678960from, Ask an Expert

Accounting

	2012	2011
from the income statement:
Net sales	729373	678960
from the balance sheet:
Accounts receivable, net	14919	15036
Customer deposits	65465	62649
from the disclosure on Allowance fro doubdful accounts:
Balance at the beginning of period	1171	1160
Additions (reductions) charged to income	9	11
Adjustments or deductions	-70	0
Balance at the end of period	1110	1171

a)Prepare a Finansial statements effect template entry to record accounts receivable written off as uncollectible in 2012

Also prepare the FSET entry to record the provision for doubtful accounts (dab debts expense) for 2012. What effect did these entries have on income for that year?

b)Calculate gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9800396

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