Question: Kavya Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2004. A 2004 sale resulted in a default in 2006, at which time the balance of the installment receivable was $30,000. The repossessed merchandise had a fair value of $15,000. ➤ Calculate the rate of gross profit on 2004 installment sales.
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Kavya Co. Had installment sales of 1,000,000 and...
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- Kantor Co. had installment sales of $1,200,000 and cost of installment sales of $900,000 in 2005. A 2005 sale resulted in a default in 2007, at which time the balance of the installment receivable was $40,000. The repossessed merchandise had a fair value of $18,000. Calculate the rate of gross profit on 2005 installment sales. Right answerKantor Co. had installment sales of $1,200,000 and cost of installment sales of $900,000 in 2005. A 2005 sale resulted in a default in 2007, at which time the balance of the installment receivable was $40,000. The repossessed merchandise had a fair value of $18,000. Calculate the rate of gross profit on 2005 installment sales.Bramble Corp. sold $132000 of goods and accepted the customer's $132000 9%, 1-year note receivable in exchange. Assuming 9% approximates the market rate of return, what would be the debit in this journal entry to record the sale? Debit Notes Receivable for $120120. No journal entry until cash is collected. Debit Notes Receivable for $132000. Debit Accounts Receivable for $132000.
- What amountWhat is the amount of cash Manak Corp. Received from Dawson Factors at the time of the sale?Assume Simple Company had credit sales of $255,000 and cost of goods sold of $155,000 for the period. Simple uses the percentage of credit sales method and estimates that 2 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $300. Required: What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
- b) At January 1, 2020, the credit balance of Vera Corp's Allowance for Doubtful Accounts was $400,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $80 million, of which 90% were on account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.8% of net credit sales. During 2020, uncollectible receivables amounting to $500,000 were written off against the allowance for doubtful accounts. The company has estimated that at December 31, 2020, based on a review of the aged account receivable, the allowance for doubtful accounts would be properly measured at $525,000. Instructions: Prepare a schedule calculating the balance in Vera Corp's Allowance for Doubtful Accounts at December 31, 2020. Prepare any Journal entry needed at year end to adjust the allowance for doubtful accounts to the required balance.3How much is the amortized cost on December 31, 2020?
- Assume Simple Co. had credit sales of $254,000 and cost of goods sold of $154,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $290. What amount of Bad Debt Expense would the company record as an end-of-period adjustment?On February 1, 2020, Norton Company factored receivables with a carrying amount of $300,000 to Koch Company. Koch Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables to cover possible uncollectible accounts. 6.Assume that Norton factored the receivables without recourse. What amount of loss should Norton report on this transaction?a.$0. b.$9,000. c.$15,000. d.$24,000. 7.Assume that Norton factored the receivables with recourse, and the recourse obligation has an estimated fair value of $1,500. What amount of loss should Norton report on this transaction? a.The same amount as the answer to the previous question. b.$1,500 more than the answer to the previous question. c.$1,500 less than the answer to the previous question. d.Some other amount.Assume Simple Co. had credit sales of $250,000 and cost of goods sold of $150,000 for the period.Simple uses the percentage of credit sales method and estimates that 1 percent of credit saleswould result in uncollectible accounts. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $250. What amount of Bad Debt Expensewould the company record as an end-of-period adjustment?