The XYZ Corporation owns and operates casinos. As of December 31, 2009, The XYZ

Question

The XYZ Corporation owns and operates casinos. As of December 31, 2009, The XYZ Corporation reported accounts and notes receivable of $632,000 and allowance for doubtful accounts of $89,112. Patient Care manufactures and sells a wide range of health care products. As of December 31, 2009, Patient Care reported accounts receivable of $949,000 and allowance for doubtful accounts of $40,807. Round all amounts to one decimal place a. Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable as of December 31, 2009, for The XYZ Corporation. ______% b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable as of December 31, 2009, for Patient Care. _____ %

Explanation / Answer

For XYZ Corporation.. ($89,112 divided by $632,000) multiplied by 100.. meaning the $632,000 should be in denominator. that comes to 14.1% For .Patient Care ( $40,807 divided by $949,000) multiplied by 100.. meaning the $949,000 should be in denominator. that comes to 4.3% Please consider the time devoted to make this reply by rating this as lifesaver. Thank u in advance.

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