Gina Lopez
New member
THE FAIR COMPANY SELLS ITS MERCHANDISE ONLY ON CREDIT. THE FOLLOWING DATA IS AVAILABLE AT DECEMBER 31, 2012.
SALES $375,000
SALES RETURNS AND ALLOWANCES $12,000
ACCOUNTS RECEIVABLE AT JANUARY 1, 2012 $60,600
ALLOWANCE FOR DOUBTFUL ACCOUNTS AT JANUARY 1, 2012 $3,200
CASH COLLECTIONS DURING 2012 $362,500
ACCOUTNS WRITTEN OFF AS UNCOLLECTIBLE DURING 2012 $2,400
REFER TO DATA FOR THE FAIR COMPANY
SALES $375,000
SALES RETURNS AND ALLOWANCES $12,000
ACCOUNTS RECEIVABLE AT JANUARY 1, 2012 $60,600
ALLOWANCE FOR DOUBTFUL ACCOUNTS AT JANUARY 1, 2012 $3,200
CASH COLLECTIONS DURING 2012 $362,500
ACCOUTNS WRITTEN OFF AS UNCOLLECTIBLE DURING 2012 $2,400
REFER TO DATA FOR THE FAIR COMPANY