13.) Newark Company has provided the following information: Ac€?c Cash sales, $510,000 Ac€?c Cre

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13.) Newark Company has provided the following information:

Ac€?c

Cash sales, $510,000

Ac€?c

Credit sales, $1,410,000

Ac€?c

Selling and administrative expenses, $390,000

Ac€?c

Sales returns and allowances, $96,000

Ac€?c

Gross profit, $1,420,000

Ac€?c

Increase in accounts receivable, $61,000

Ac€?c

Bad debt expense, $39,000

Ac€?c

Sales discounts, $49,000

Ac€?c

Net income, $1,030,000

How much are Newark's net sales?

$1,859,000

$1,920,000

$1,775,000

$1,736,000

14.)

Newark Company has provided the following information:

Ac€?c

Cash sales, $560,000

Ac€?c

Credit sales, $1,460,000

Ac€?c

Selling and administrative expenses, $440,000

Ac€?c

Sales returns and allowances, $101,000

Ac€?c

Gross profit, $1,470,000

Ac€?c

Increase in accounts receivable, $66,000

Ac€?c

Bad debt expense, $44,000

Ac€?c

Sales discounts, $54,000

Ac€?c

Net income, $1,030,000

How much is NewarkAc€?cs cost of sales?

$329,000

$439,000

$395,000

$550,000

15.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $153,000

Ac€?c

Credit sales, $453,000

Ac€?c

Selling and administrative expenses, $113,000

Ac€?c

Sales returns and allowances, $33,000

Ac€?c

Gross profit, $493,000

Ac€?c

Accounts receivable, $140,000

Ac€?c

Sales discounts, $17,000

Ac€?c

Allowance for doubtful accounts credit balance, $1,500

  

Flyer prepares an aging of accounts receivable and the result shows that 3% of accounts receivable is estimated to be uncollectible. How much is bad debt expense?

$4,200

$2,655

$2,700

$5,700

16.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $153,000

Ac€?c

Credit sales, $453,000

Ac€?c

Selling and administrative expenses, $113,000

Ac€?c

Sales returns and allowances, $33,000

Ac€?c

Gross profit, $493,000

Ac€?c

Accounts receivable, $140,000

Ac€?c

Sales discounts, $17,000

Ac€?c

Allowance for doubtful accounts credit balance, $1,500

Flyer estimates bad debt expense assuming that 2.5% of credit sales have historically been uncollectible. How much is FlyerAc€?cs bad debt expense?

$13,650

$12,825

$11,325

$9,825

17.)

Flyer Company has provided the following information prior to any year-end bad debt adjustment:

  

Ac€?c

Cash sales, $168,000

Ac€?c

Credit sales, $468,000

Ac€?c

Selling and administrative expenses, $128,000

Ac€?c

Sales returns and allowances, $48,000

Ac€?c

Gross profit, $508,000

Ac€?c

Accounts receivable, $285,000

Ac€?c

Sales discounts, $32,000

Ac€?c

Allowance for doubtful accounts credit balance, $3,000

Flyer estimates bad debt expense assuming that 1% of credit sales have historically been uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded?

$1,680

$3,360

$7,680

$4,680

18.)

Which of the following statements correctly describes the effect of recording the collection of a $20,000 account receivable for which a 5% sales discount was recorded at the time of collection?

Current assets will remain the same.

Gross profit will decrease $1,000.

Accounts receivable will decrease $19,000.

Net sales will increase $19,000.

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