Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Company A Company B 2023 2022 2023 2022 Sales $ 249,000 $ 173,000 $ 41,500 Sales discounts 2,490 1,000 430 Sales returns and allowances 15,300 4,800 Net sales 155,850 38,500 Cost of goods sold 150,100 56,300 Gross profit from sales 50,300 47,700 17,900 Selling expenses 17,220 18,300 24,300 Administrative expenses 24,900 29,000 8,300 Total operating expenses 42,120: 44,600 Profit (loss) 13,700 1,300 Gross profit ratio % % % %

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.