i need the answer quickly Returns, and Bad Debts LO6-1, 6-2[The following information applies to the questions displayed below.]The following data were selected from the records of Sykes Company forthe year ended December 31, current year.Balances January 1, current yearAccounts receivable (various customers)Allowance for doubtful accounts$118,0006,000In the following order, except for cash sales, the company sold merchandiseand made collections on credit terms 2/10, n/30 (assume a unit sales priceof $600 in all transactions).Transactions during current year:a. Sold merchandise for cash, $242,000.b. Sold merchandise to R. Smith; invoice price, $9,500.c. Sold merchandise to K. Miller; invoice price, $39,000.d. Two days after purchase date, R. Smith returned one of the unitspurchased in (b) and received account credit.e. Sold merchandise to B. Sears; invoice price, $27,000.f. R. Smith paid his account in full within the discount period.g. Collected $98,000 cash from customer sales on credit in prior year, allwithin the discount periods.h. K. Miller paid the invoice in (c) within the discount period.i. Sold merchandise to R. Roy; invoice price, $19,500.j. Three days after paying the account in full, K. Miller returned sevendefective units and received a cash refund.k. After the discount period, collected $5,000 cash on an accountreceivable on sales in a prior year.1. Wrote off a prior year account of $3,000 after deciding that theamount would never be collected.m. The estimated bad debt rate used by the company was 1.0 percent ofcredit sales net of returns.P6-1 Part 22. Show how the accounts related to the preceding sale and collection activities should bereported on the current year income statement.Note: Round your answers to the nearest whole dollar amount.Answer is complete but not entirely correct.SYKES COMPANYIncome Statement (partial)For the Year Ended December 31, Current YearSales revenueLess Sales returns and allowancesLess: Sales discountsNet sales revenueSelling, general, and administrative expensesBad debt expenseBad debt expense$ 337,000 (2,8344,800 x$329,366902330,268

A financial statement that displays the revenue and expenses of the business is called an income…

[The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $118,000 6,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $242,000. b. Sold merchandise to R. Smith; invoice price, $9,500. c. Sold merchandise to K. Miller; invoice price, $39,000.

[The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $118,000 6,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $242,000. b. Sold merchandise to R. Smith; invoice price, $9,500. c. Sold merchandise to K. Miller; invoice price, $39,000.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 14E: Entries for bad debt expense under the direct write-off and allowance methods The following selected...

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Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 1,905,000 $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 1,270, 100 debit $ 16,580 debit 2. Bad debts are estimated to be 1.5% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: Accounts payable $ 0
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Required Information P6-1 (Algo) Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts LO6-1, 6-2 [The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $123,000 7,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10. n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $240,000. b. Sold merchandise to R. Smith; invoice price, $11,000. c. Sold merchandise to K. Miller; invoice price, $32,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full…