2 art 2 of 3 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 $ 560,000 $1,400,000 In addition, its unadjusted trial balance includes the following items. $ 756,000 debit $ 7,600 debit Accounts receivable Allowance for doubtful accounts 2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
2 art 2 of 3 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 $ 560,000 $1,400,000 In addition, its unadjusted trial balance includes the following items. $ 756,000 debit $ 7,600 debit Accounts receivable Allowance for doubtful accounts 2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Part 2 of 3
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
$ 560,000
$ 1,400,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable :
Allowance for doubtful accounts
$ 756,000 debit
$ 7,600 debit
2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear
on its December 31 balance sheet.
Current assets:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcee9adfe-de64-44eb-bbdc-a265450b54f8%2F0cd2323e-8f04-43c2-836a-6961b04492d3%2Fyj96ygj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2
Part 2 of 3
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
$ 560,000
$ 1,400,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable :
Allowance for doubtful accounts
$ 756,000 debit
$ 7,600 debit
2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear
on its December 31 balance sheet.
Current assets:
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