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Tuesday, 23 May 2017

Current ratio formula/ Current ratio defination

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The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers that it uses in its budgeting and performance reports—the number of courses and the total number of students. For example, the school might run two courses in a month and have a total of 62 students enrolled in those two courses. Data concerning the company’s cost formulas appear below:

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Lopez Company began operations on January 1, 2010, and it estimates uncollectible accounts using the allowance method. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2010 a. Sold $1,352,900 of merchandise (that had cost $979,400) on credit, terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $672,500 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. 2011 e. Sold $1,507,500 of merchandise (that had cost $1,313,800) on credit, terms n/30. f. Wrote off $26,200 of uncollectible accounts receivable. g. Received $1,356,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.40% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Lopez’s 2010 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system.) (Round your intermediate calculations to the nearest dollar amount.)

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