Help please? Been stuck for hours

[jonnyfresh]

The following information pertains to CJ’s Cabinet Company’s sales on account and accounts receivable:


Accounts Receivable Balance, January 1, 2014 $ 125,790
Allowance for Doubtful Accounts, January 1, 2014 3,610
Sales on Account, 2014 835,430
Cost of Goods Sold, 2014 593,155
Collections of Accounts Receivable, 2014 865,098





After several collection attempts, CJ’s Cabinet Company wrote off $2,820 of accounts that could not be collected. CJ’s estimates that uncollectible accounts expense will be 1.50 percent of sales on account.

What is the Net Realizable Value?

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Beginning Balances
Cash $ 19,100
Beginning inventory 18,690 (210 units @ $89)
Common stock 14,200
Retained earnings 23,590




The following five transactions occurred in 2014:

1. First purchase (cash) 125 units @ $91
2. Second purchase (cash) 200 units @ $99
3. Sales (all cash) 365 units @ $193
4. Paid $13,450 cash for salaries expense.
5. Paid cash for income tax at the rate of 25 percent of income before taxes.

1.) Use a vertical model to prepare the 2014 balance sheet under FIFO, LIFO, and weighted average.

2.) Use a vertical model to prepare the 2014 statement of cash flows under FIFO, LIFO, and weighted average.


Thanks a bunch and formulas would be greatly appreciated!

 

[ColinCPA]

Problem 1.

Your ending accounts receivable balance is $93,302 (125,790 + 835,430 - 865,098 - 2,820).
Your entry to bad debt expense is $12,531 (835,430 * 1.5%).
Your ending provision to bad debts is $13,321 (3,610 + 12,531 -2,820).

Therefore, your net A/R realizable is $79,981 (93,302 - 13,321).