At 31 December 2002 A Co had the following balances: Trade Receivable 52000 Trade payables 60000 Sales Revenue 890000 Sales returns and allowances 5000 Allowance for uncollectible accounts (1/01/2021) 1000 During 2003 a customer was declared a bunkrupt and 200 should be written off via allowance method Provide extracts from balance sheet and income statement for 2002 if A co estimates allowance for uncollectible accounts to be 1% of net sales

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At 31 December 2002 A Co had the following balances:
Trade
Receivable 52000
Trade payables 60000
Sales Revenue 890000
Sales returns and allowances 5000
Allowance for uncollectible accounts (1/01/2021) 1000
During 2003 a customer was declared a bunkrupt and 200 should be written off via allowance method
Provide extracts from balance sheet and income statement for 2002 if A co estimates allowance for uncollectible accounts to be 1% of net sales 

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