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(Solution Download) Okay Optical, Inc., (OOI) began operations in January 2013, selling inexpensive sunglasses to large


 

 

 

 

 

 

 

Okay Optical, Inc., (OOI) began operations in January 2013,

 

selling inexpensive sunglasses to large retailers like

 

Walgreens and other smaller stores. Assume the following

 

transactions occurred during its first six months of

 

operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1

 

Sold merchandise to Walgreens for $23,000; the cost of these

 

goods to OOI was $14,700.

 

February 12

 

Received payment in full from Walgreens.

 

March 1

 

Sold merchandise to Bravis Pharmaco on account for $3,300; the

 

cost of these goods to OOI was $1,550.

 

April 1

 

Sold merchandise to TonyAc??cs Pharmacy on account for $8,300. The

 

cost to OOI was $4,550.

 

May 1

 

Sold merchandise to Anjuli Stores on account for $2,300; the

 

cost to OOI was $1,350.

 

June 17

 

Received $6,650 on account from TonyAc??cs Pharmacy.

 

 

 

 

 

 

 

 

 

 

 

 

 

Required:

 

1.

 

Complete the following aged listing of customer accounts at June

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CustomerTotal BalanceJune (1 month)May (2 months)April (3 months)Greater Than 3 Months
Anjuli$2300$2300
Bravis$3300$3300
Tony
Walgreens
Total

 

 

 

 

 

 

 

 

 

2.

 

Estimate the Allowance for Doubtful Accounts required at June

 

30, 2013, assuming the following uncollectible rates: one month, 1

 

percent; two months, 5 percent; three months, 20 percent; more than

 

three months, 40 percent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Month
2 Months
3 Months
Greater than 3 Months
Total

 

 

 

 

 

 

 

 

3-a.

 

Show how OOI would report its accounts receivable on its June 30

 

balance sheet. (Amounts to be deducted should be indicated

 

by a minus sign.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable
Allowance for Doubtful Accounts
Accounts Receivable, Net Allowance

 

 

 

 

 

 

 

 

 

3-b.

 

What amounts would be reported on an income statement prepared

 

for the six-month period ended June 30, 2013?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Operations

 

 

 

 


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