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Thursday, 19 April 2018

Sales Budget: Definition & Examples

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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2013 and was completed in 2015. The following are a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

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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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