I just need the answers, no need for explanation. Its continuation of a question, first part is already completed. (The 2nd part is in the screenshots).
Question – At January 1, 2024, Oak Inc. reported the following information on its statement of financial position:
Accounts receivable $490,000
Allowance for expected credit losses 44,000
During 2024, the company had the following summary transactions for receivables:
1.Sales on account, $1,980,000; cost of goods sold, $1,148,400; return rate of 6%
2.Selling price of goods returned, $74,000; cost of goods returned to inventory, $42,920
3.Collections of accounts receivable, $1,600,000
4.Write-offs of accounts receivable deemed uncollectible, $53,000
5.Collection of accounts previously written off as uncollectible, $11,000
6.After considering all of the above transactions, total estimated uncollectible accounts, $34,000
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