Bramble Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 32,000 Accounts receivable 1,395,000 Less: Allowance for doubtful accounts receivable 87,000 1,308,000 $1,940,000 The following occurred in 2017. 1. Bramble made sales of $10,680,000. All sales were credit sales. Bramble allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $88,750 were written off during the year. 3. Accounts receivable of $10,780,000 were collected. Collections for the year included $300,000 of accounts on which 2% sales discounts were allowed. 4. $13,500 was received in payment of an account which was written off the books as worthless in 2016. 5. At year-end (December 31, 2017), Bramble estimated that its Allowance for Doubtful Accounts needed a balance of $75,000. This estimate is based on an analysis of aged accounts receivable. 6. The note receivable and related interest were due January 1, 2017. Young collected both, in full, on that date.

Bramble Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 32,000 Accounts receivable 1,395,000 Less: Allowance for doubtful accounts...

Bramble Corp.’s balance sheet at December 31, 2016, included the following.

The following occurred in 2017.

Jun 01, 2022