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2) Newark Company has provided the following information: pufitz Cash sales, $640,000 Credit sales, $1,540,000...

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Accounting

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2) Newark Company has provided the following information: pufitz Cash sales, $640,000 Credit sales, $1,540,000 Selling and administrative expenses, $520,000 V Sales returns and allowances, $109,000 Gross profit, $1,550,000 Increase in accounts receivable, $74,000 Bad debt expense, $52,000 Sales discounts, $62,000 Net income, $1,030,000 Gross How much is Newark's cost of sales (cost of goods sold)? A) $511,000. B) $459,000. C) $630,000. D) $385,000. Aj 40.95 days. B) 35.72 days. C) 30.49 days. D) 71.44 days. 820000 2/Kooalbt oo58) x bad ecbt 8) At year-end, Chief Company has a balance of $10,000 in accounts receivable of which $1,000 i more than 30 days overdue. Chief has a credit balance of $100 in the allowance for doubtful accounts before any year-end adjustments. Using the aging of accounts receivabl method, Chief estimates that 1% of current accounts and 10% of accounts over thirty days are\uncollectible. What is the amount of bad debt expense? A) $90. B) $290. C) $190. D) $100. Alanuan ce fa PA Beg Bad debt experse 4100 write-otts $10,00ox 1%

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