At December 31, Hawke Company reports the following results for its calendar year. ...
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Accounting
At December 31, Hawke Company reports the following results for its calendar year.
Cash sales
$
1,575,990
Credit sales
$
3,603,000
In addition, its unadjusted trial balance includes the following items.
Accounts receivable
$
1,091,709
debit
Allowance for doubtful accounts
$
10,740
debit
1. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
2. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. (Do not round intermediate calculations.)
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