Task 2: Rustaq company has sold goods on credit RO 55,000 on 31“ December 2020 and received RO 15,000 towards credit sales. The company had debit balance of RO 5500 and the balance in accounts receivable accounts RO 40,000. Age of Accounts receivable Less than 5 days 5 to 10 days 11 to 15 days 16 to 20 days 21 to 25 days Percent Amount 5,000 1% 5% 2,000 9,000 5,000 10,000 9 000 15% 25% 30% 26 to 30 davs 50%
Task 2: Rustaq company has sold goods on credit RO 55,000 on 31“ December 2020 and received RO 15,000 towards credit sales. The company had debit balance of RO 5500 and the balance in accounts receivable accounts RO 40,000. Age of Accounts receivable Less than 5 days 5 to 10 days 11 to 15 days 16 to 20 days 21 to 25 days Percent Amount 5,000 1% 5% 2,000 9,000 5,000 10,000 9 000 15% 25% 30% 26 to 30 davs 50%
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 7RE: McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
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