At year end, Bonnie Company has accounts receivable of $112,000. The allowance for uncollectible accounts has a balance prior to adjustment of $(400). In other words, there were fewer specific write-offs than estimated, leaving an excess in the allowance account. Net credit sales for the year were $315,000 and 3% is estimated to be uncollectible.
At year end, Clyde Company has accounts receivable of $220,000. The allowance for uncollectible accounts has a balance prior to adjustment of $200. In other words, more specific accounts were written off than estimated, so the allowance was short by $200. Net credit sales for the year were $1,525,000 and 1% is estimated to be collectible.
For each situation compute the following:
1. The bad debts expense for the year
2. The balance in the allowance for uncollectible accounts account at year end
3. The net realizable value of accounts receivable at year end
4. Assuming Bonnie Company had an accounts receivable (net) balance of $105,000 at the beginning of the year, what is Bonnie's accounts receivable turnover ratio for the year?
5. Assuming Clyde company had an accounts receivable (net) balance of $226,000 at the beginning of the year, what is Clydes accounts receivable turnover ratio for the year?
The solution examines dealing with financials for The Bonnie and Clyde Company.
The role of law enforcement
The role of law enforcement differs not only jurisdictionally but by mission and responsibility at federal, state and local levels of government. Using the Library and other reference sources, research and discuss the history of how federal, state and local law enforcement have related to each other and interacted. How have their responsibilities differed and compared to one another? Are there areas of tension or overlap in responsibilities and concerns between different levels of law enforcement agencies? Locate the website for one federal law enforcement agency and one state or local agency. Identify the mission and primary responsibilities for each agency selected. Describe at least one major program operated by each agency and what you believe its impact is on public safety in that jurisdiction.
-Identify the major components and operations of the criminal justice system.
-Outline the history and development of law enforcement.
-Characterize the role of modern law enforcement at the federal, state, and local level.
-Summarize the role of courts and their relationship to law enforcement and the effects of court decisions on law enforcement and corrections.