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During 2019 the following selected summary transactions occurred for Zoff Ltd: a) Sales, $50,000,000 - of which 90% were on account, terms net 30. b) Sales returns and allowances, $500,000 - 10% related to cash sales, and 90% related to sales on c) Cash collections of $42,000,000 from account receivable customers. d) Write-offs of account receivable deemed uncollectible, $1,100,000. e) Cash recoveries of account receivable previously written off, $60,000. account. Additional information: Percentage of credit sale loss for fiscal 2019: 2.5% Account receivable balance, December 31, 2018: $7,000,000 AFDA balance: As at December 31, 2018... $140,000 Required: (Show all your calculations to receive full points) 1. Prepare journal entries for summary transactions a) to e), above. [8 points] 2. Show, in good form, how trade receivable would be presented on the company's comparative statement of financial position as at December 31, 2019. [3 points] 3. Prepare the adjusting journalentry to record bad debts expense for 2010. [2 points] 4. Compute the Company's Gross Profit for the year ended December 31, 2019. Assume COGS is $29,000,000. [3 points) 5. Evaluate Zoff's Receivables Turnover Ratio (3 points) 6. If Zoff wrote-off uncollectible receivables totaling $1,000,000 on during the year, would the Gross Profit and Receivables Turnover Ratio you calculated in Requirements 3 and 4 be different? Explain your answers (no calculation is required). [4 points)

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