Receivables Management as the manager of the accounts

receivable
Receivables Management as the manager of the accounts receivable department for Beavis
Leather Goods, Ltd., you recently noticed that Kelly Collins, your accounts receivable clerk who
is paid $1,200 per month, has been wearing unusually tasteful and expensive clothing. (This is
Beavis’s first year in business.) This morning, Collins drove up to work in a brand new Lexus.
Naturally suspicious by nature, you decide to test the accuracy of the accounts receivable
balance of $132,000 as shown in the ledger. The following information is available for your first
year (precisely 9 months ended September 30, 2010) in business.(1) Collections from
customers $188,000(2) Merchandise purchased 360,000(3) Ending merchandise inventory
90,000(4) Goods are marked to sell at 40% above cost.Assuming all sales were made on
account, compute the ending accounts receivable balance that should appear in the ledger,
noting any apparent shortage. Then, draft a memo dated October 3, 2010, to Mark Price, the
branch manager, explaining the facts in this situation. Remember that this problem is serious,
and you do not want to make hasty accusations.View Solution:
Receivables Management as the manager of the accounts receivable
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