Collision Corporation Data for Collision Corporation for the year ended December 31, 2012, are presented below. Credit Sales $2,000,000 Sales returns and allowances 40,000 Accounts receivable (December 31, 2012 ) 610,000 Allowance for bad debts (Before adjustment at December 31, 2012 ) 15,000 Estimated amount of uncollected accounts based on aging analysis 55,000 Refer to the information
presented for Collision Corporation. If Collision estimates its bad debt to be 2% of net credit sales, what will be the balance in the Allowance for Bad Debts account after the adjustment for bad debts?
A) $15,000
B) $40,000
C) $39,200
D) $54,200
D
You might also like to view...
While break-even analysis analyzes the costs of sales, it fails to take into consideration consumers' ________ to price.
Fill in the blank(s) with the appropriate word(s).
Giovanni's Gems is a high-quality Italian leather goods store in Manhattan. Giovanni also runs an Internet site where people can buy his products and he will charge the same delivery fee to any location within the 48 contiguous states. Giovanni utilizes ________ pricing.
A. free on board (FOB) B. uniform delivered C. psychological D. zone E. product line
A secured transaction is one in which the creditor and debtor carry out financial transactions in a secure medium, such as a private communication channel
Indicate whether the statement is true or false
The last step in the capital budgeting process is control, which compares the actual results with the projected results. These comparisons are known as ________
A) net cash inflows B) post-audits C) rankings D) variance analysis