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Accounts receivable Allowance for doubtful accounts $1,898,000 128,000 4 During 2021, the company had the following summary transactions for receivables: 1. 2. Sales on account, $5,832,000; Cost of goods sold, $3,202,000; return rate of 2% Selling price of goods returned, $92,000; cost of goods returned to inventory, $49.200 3. Collection of accounts receivable, $5,832,000 Write offs of accounts receivable deemed uncollectible, $170,000 Collection of accounts previously written off as uncollectible, $78,600 5.

Accounts receivable Allowance for doubtful accounts $1,898,000 128,000 4 During 2021, the company had the following summary transactions for receivables: 1. 2. Sales on account, $5,832,000; Cost of goods sold, $3,202,000; return rate of 2% Selling price of goods returned, $92,000; cost of goods returned to inventory, $49.200 3. Collection of accounts receivable, $5,832,000 Write offs of accounts receivable deemed uncollectible, $170,000 Collection of accounts previously written off as uncollectible, $78,600 5.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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Show the income statement presentation of the revenue and expense accounts for the year ended December 31. RIDGEWOOD IMPORTS INC. Statement of Income (partial) December 31.2021 Cash Cash Less : Accumulated Depreciation Equipment Total revenues Other revenues and expenses Less : Accumulated Depreciation Equipment Total revenues Other revenues and expenses eTextbook and Media List of Accounts 4 1000
Transcribed Image Text:Show the income statement presentation of the revenue and expense accounts for the year ended December 31. RIDGEWOOD IMPORTS INC. Statement of Income (partial) December 31.2021 Cash Cash Less : Accumulated Depreciation Equipment Total revenues Other revenues and expenses Less : Accumulated Depreciation Equipment Total revenues Other revenues and expenses eTextbook and Media List of Accounts 4 1000
At January 1, 2021, Ridgewood Imports Inc. reported the following on its statement of financial position: Accounts receivable Allowance for doubtful accounts 4 During 2021, the company had the following summary transactions for receivables: $1,898,000 128,000 1. Sales on account, $5,832,000; Cost of goods sold, $3,202,000; return rate of 2% 2. Selling price of goods returned, $92,000; cost of goods returned to inventory, $49.200 Collection of accounts receivable, $5,832,000 Write offs of accounts receivable deemed uncollectible, $170,000 Collection of accounts previously written off as uncollectible, $78,600 After considering all of the above transactions, total estimated uncollectible accounts, $112,600 5. 6.
Transcribed Image Text:At January 1, 2021, Ridgewood Imports Inc. reported the following on its statement of financial position: Accounts receivable Allowance for doubtful accounts 4 During 2021, the company had the following summary transactions for receivables: $1,898,000 128,000 1. Sales on account, $5,832,000; Cost of goods sold, $3,202,000; return rate of 2% 2. Selling price of goods returned, $92,000; cost of goods returned to inventory, $49.200 Collection of accounts receivable, $5,832,000 Write offs of accounts receivable deemed uncollectible, $170,000 Collection of accounts previously written off as uncollectible, $78,600 After considering all of the above transactions, total estimated uncollectible accounts, $112,600 5. 6.
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