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Business · Accounting
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1. Ace Co. prepared an aging of its accounts receivable at December 31, 2012 and determined that the net realizable value of the receivables was $600,000. Additional information is available as follows: Allowance for doubtful accounts at 1/1/12 credit balance 68,000 Accounts determined to be actually uncollectible 46,000 Total amount of Receivables yet to be collected 650.000 For the year ended December 31, 2012, prepare journal entries to write off accounts uncollectible, and prepare a journal entry for bad debt expense. Show ending balances for A/R and A4DA. 2. On December 31, 2015 it was determined that ending inventory on hand was $200,000 Total credit sales were 500,000. Receivables that have not been collected equal $100,000. For the year 2015 Beginning inventory was $100,000. Purchases of inventory totaled $400,000 For year-ending 2015: It was determined that replacement cost of inventory was $190,000. Dividends received were $10,000. The net realizable value of Accounts receivable was 85,000. Salaries paid in cash were $100,000. Rent for the year was S50,000 paid in cash. The beginning accumulated depreciation was 10,000 Ending accumulated depreciation was $20,000. Prepare 2015 income statement for the limited facts given. Tax rate is 30%.
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