HWB#28: In 2017, Radio Shack Inc. reported the following information in its financial statements to...
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HWB#28: In 2017, Radio Shack Inc. reported the following information in its financial statements to answer the question on the following slide Net Accounts Receivable Net Credit Sales Revenue Cost of Goods Sold Inventory 20162017 $256,000 $250,000 $1,400,000$2,000,000 $790,000 $920,000 $390,000 $500,000 Calculate and briefly explain the 4 ratios measuring the liquidity of the accounts receivable and the inventory for 2017. Credit terms are 210, n130. Round to 1 decimal place. 8 Points t Credit Sdles HW-use Receivable were $550,000 and the Allowance for Doubtful Account had a credit balance of $18,000. December 5, the company recorded $200,000 in net credit Sales. December 20, the compary wrote-off $30,000 of uncollectble accounts and recorded $500,000 as Cash collections Management estimates that the allowance should be 10% of the December 31, 2017 ending balance in Accounts Receivable. Instructions: Prepare the T Accounts on the reverse side of your exercise representing the listed transactions. Record the ending balances for all accounts On December 1, Accounts What is the total of the amount of the Bad Debt Expense reported on the Income Statement for the period ending December 31, 2017? 16 points
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