Selected data from Jordan Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales 2017 $375,000 (15,000) $372,400 $360,000 $477,000 $440,000 2018 $392,000 (19,600) Income Statement For the Years Ended December 31 Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300

Selected data from Jordan Company follow: Balance Sheets As of December 31 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales 2017 $375,000 (15,000) $372,400 $360,000 $477,000 $440,000 2018 $392,000 (19,600) Income Statement For the Years Ended December 31 Net sales Cost of goods sold Selling, general, and administrative expenses Other expenses Total operating expenses 2018 $2,008,000 412,000 2,420,000 1,592,000 240,100 40,500 $1,872,600 2017 $1,756,000 305,000 2,061,000 1,428,000 215,900 23,400 $1,667,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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