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  • Using The Data in Exercise 8 15 Assume That During The

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    Amit Pandey
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    Mack's Plumbing Supply Co. had net sales of $4,100,000 in its second year of operations, wrote off $34,000 of uncollectible accounts, and reported net income of $600,000. It had net sales of $3,250,000 in its first year, wrote off $27,800 of uncollectible accounts, and reported net income of $487,500. The summary asks to determine net income for the second year if the allowance method (using 1% of net sales) was used in both years, and the balance of the allowance account at the end of the second year.

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    Mack's Plumbing Supply Co. had net sales of $4,100,000 in its second year of operations, wrote off $34,000 of uncollectible accounts, and reported net income of $600,000. It had net sales of $3,250,000 in its first year, wrote off $27,800 of uncollectible accounts, and reported net income of $487,500. The summary asks to determine net income for the second year if the allowance method (using 1% of net sales) was used in both years, and the balance of the allowance account at the end of the second year.

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    7 views1 page

    Using The Data in Exercise 8 15 Assume That During The

    Uploaded by

    Amit Pandey
    Mack's Plumbing Supply Co. had net sales of $4,100,000 in its second year of operations, wrote off $34,000 of uncollectible accounts, and reported net income of $600,000. It had net sales of $3,250,000 in its first year, wrote off $27,800 of uncollectible accounts, and reported net income of $487,500. The summary asks to determine net income for the second year if the allowance method (using 1% of net sales) was used in both years, and the balance of the allowance account at the end of the second year.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Using the data in Exercise 8 15 assume that during the

    Using the data in Exercise 8-15, assume that during the second year of operations Mack's
    Plumbing Supply Co. had net sales of $4,100,000, wrote off $34,000 of accounts as
    uncollectible using the direct write-off method, and reported net income of $600,000.In Exercise
    8-15, During its first year of operations, Mack’s Plumbing Supply Co. had net sales of
    $3,250,000, wrote off $27,800 of accounts as uncollectible using the direct write-off method,
    and reported net income of $487,500. Determine what the net income would have been if the
    allowance method had been used, and the company estimated that 1% of net sales would be
    uncollectible.a. Determine what net income would have been in the second year if the
    allowance method (using 1% of net sales) had been used in both the first and second years.b.
    Determine what the balance of the allowance for doubtful accounts would have been at the end
    of the second year if the allowance method had been used in both the first and second
    years.View Solution:
    Using the data in Exercise 8 15 assume that during the
    SOLUTION-- http://solutiondone.online/downloads/using-the-data-in-exercise-8-15-assume-that-
    during-the/

    Unlock answers here solutiondone.online


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