P7-52 - 190,000 100% 190,000 $648,850 Total estimated...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Month Sales % of Est. Returns Total Estimated Returns % Est. Returns Total Est. Returns 6/30/11 January $4,200,000 7% $294,000 10% $29,400 February 4,700,000 7% 329,000 20% 65,800 March 3,900,000 7% 273,000 30% 81,900 April 3,250,000 7% 227,500 50% 113,750 May 2,400,000 10% 240,000 70% 168,000 June 1,900,000 10%
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 190,000 100% 190,000 $648,850 Total estimated returns $648,850 Loss percentage on returns 65% Total estimated loss on returns $421,752.50 Required liability balance $421,752.50 Less balance, 6/30/11 120,400.00 Required adjustment to liability account $301,352.50...
View Full Document

Ask a homework question - tutors are online