Financial Accounting Case Study On Debts Homework Help
- November 1, 2017
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- Category: Accounting QA
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Case1:
Jacobian Steel Manufacturing sells bulk steel products for maritime construction. The company has used the allowance method for estimated bad debts for several years. Specifically they estimate that 6% of credit sales will go bad each year. Over the past several years, Jacobian has seen that year-end allowance account has a debit balance before adjustment. The company wants an in-depth analyzes of bad debts and a determination as to which method to use. You have been hired to perform the study. During your review of their financial records, the following data becomes available.
Credit Sales: Year Total Sales % on credit 2010 $1,000,000 60%
2011 $1,800,000 70%
2012 $2,000,000 75%
Write offs: Year Bad debts written off 2010 $52,000
2011 $96,000
2012 $60,000
Allowance Balance on December 31, 2005 before adjustment:
Year Balance 2010 $6,000
2011 $42,000
2012 $12,000
Aging of Accounts Receivable:
2012 Accounts Receivable Percentage uncollectible Not due $250,000 6%
1-30 past due $110,000 15%
31-60 $140,000 20%
61-90 $90,000 30%
Over 90 days $40,000 60%
Considering also using percentage of accounts receivable balance to compute estimated uncollectible for period. Jacobian considers using 12%.
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Case2:
Accounts Receivable Balance: Year end Balance 2010 $365,000
2011 $425,000
2012 $630,000
a.Which method should they use and why?
b.Calculate bad debts under each method and find the method closest to the actual bad debts.
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