False Value Hardware began 2013 with a credit balance of $31,500 in the allowance for sales returns account. Sales and cash collections from customers during the year were $570,000 and $530,000, respectively. False Value estimates that 4% of all sales will be returned. During 2013, customers returned merchandise for a credit of $20,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2013? a. $34,300. b. $11,500. c. $42,800. d. $22,800.

Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.

What percentage of sales is expected to be returned on these general accounting question?

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At the beginning of 2009, Pental Company had the following balances:   A/R = $122,000   Allowance for Uncollectible Accounts = $7,900   During 2009, their credit sales were $1,173,000 and collections on A/R were $1,150,000.   The following additional transactions occurred during the year:   Feb 17, wrote off XXX Account, $3.600   May 28, wrote off YYY Account, $2,400   Dec 15, wrote off ZZZ Account, $900   Dec 31, recorded bad debts expense assuming that Penman's policy is to record bad debts expense at 0.8% of credit sales (Hint: The allowance account is increased by 0.8% of credit sales regardless of write-offs.)   Compute the ending balance in A/R and the allowance for uncollectible accounts. Show how Pental's Dec 31, 2009 balance sheet reports the two accounts.

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Flimflam Corp had sales to customers of $475,000 during 2015. The company has consistently experienced a 35% gross profit percentage and estimates that 5% of all sales will be returned. During 2015, customers returned merchandise for credit of $18,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2015 was $24,000. What is the balance in the allowance for sales returns account at the end of 2015?

Santa Maria Widget reviewed the following information from its accounting records for the year ended December 31, 2011, before adjustment:Sales during 2011$800,000Credit Sales are 80% of salesCollections from customers in 2011590,000Accounts Receivable 165,000Allowance for Uncollectible Accounts (before adjustment)2,050 credit Santa Maria Widget uses the percent-of-sales method, at 1.5%, to estimate uncollectible accounts for 2011. The president of the company wants to change to the aged accounts receivable method and estimates $7,500 as the uncollectible amount for 2011. For each method of determining the estimate amount, you are to provide: 1. the adjusting Journal entry. 2. the ending balance in the Allowance account. 3. the net realizable value of accounts receivable.       my answer was: 1) Bad Debt Expense                                 $9,600 Allowance for uncollectible accounts                             $9,600   2) Ending balance in allowance account $11,650    3)Net…

During 2014, SABA Company had net sales of $11,400,000. Most of the sales were on credit. At the end of 2014, the balance of Accounts Receivable was $1,400,000 and Allowance for Uncollectible Accounts had a debit balance of $48,000. SABA Company’s management uses two methods of estimating uncollectible accounts expense: the percentage of net sales method and the accounts receivable aging method. The percentage of uncollectible sales is 1.5 percent of net sales, and based on an aging of accounts receivable, the end-of-year uncollectible accounts total $140,000.  Show your computations.