He following information relates to Jay Co.'s accounts receivable for 2004: Accounts receivable, 1/1/04 $650,000 Credit sales for 2004 2,700,000 Sales returns for 2004 75,000 Accounts written off during 2004 40,000 Collections from customers during 2004 2,150,000 Estimated future sales returns at 12/31/04 50,000 Estimated uncollectible accounts at 12/31/04 110,000 What amount should Jay report for accounts receivable, before allowances for sales returns and uncollectible accounts, on December 31, 2004?

$1,085,000

Explanation:

Given that,

Accounts receivable, 1/1/04 = $650,000

Credit sales for 2004 = 2,700,000

Sales returns for 2004 = 75,000

Accounts written off during 2004 = 40,000

Collections from customers during 2004 = 2,150,000

Estimated future sales returns at 12/31/04 = 50,000

Estimated uncollectible accounts at 12/31/04 = 110,000

Receivable before allowances for sales returns and uncollectible accounts:

= Accounts receivable, 1/1/04 + Credit sales for 2004 - Accounts written off during 2004 - Collections from customers during 2004 - Sales return

= $ 650,000 + $2,700,000 - $40,000 - $2,150,000 - 75,000

= $1,085,000

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

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