ACCT 301 ACCT301 ACCT/301 Homework_Assignment_3

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ACCT 301 ACCT301 ACCT/301 Homework_Assignment_3

Homework Assignment #3 – Due November 8, 2015

Problem 1 (40 points)

Pinkerton Energy Company builds specially designed blades for generators used in wind energy farming operations. The company started the year with the following accounts receivable position:

Accounts receivable                   $ 10,500,000

Less: Allowance for uncollectibles(320,500)

                                                             $ 10,179,500

During the year, a customer, Black Point Power Company, was devastated by an unusually severe storm. At that time, Pinkerton concluded that it was highly unlikely that Black Point would ever be able to pay its outstanding balance of $150,000.

This account was written off against the allowance account. Much later in the year, Black Point was rescued by a group of investors who offered to pay $90,000 toward the unpaid balance, provided Pinkerton would permanently forgive the other $60,000 and resume selling product to Black Point.

Pinkerton agreed, and has since resumed doing business with Black Point.During the year, sales on account amounted to $25,689,000. Collections on account totaled

ACCT 301 ACCT301 ACCT/301 Homework_Assignment_3

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