(Learning Objectives 2, 3, 4: Analyze accounts receivable) The balance sheet of InSpace, Inc., a…

(Learning Objectives 2, 3, 4: Analyze accounts receivable) The balance sheet of InSpace, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2014 and 2013 (figures are in thousands):

In 2014, InSpace recorded $16,500 in sales (all on account), of which $900 was returned for credit. InSpace offers its customers credit terms of 2/10, n/30. Seventy-five percent of collections on accounts receivable were made within the discount period. InSpace wrote off uncollectible accounts receivable in the amount of $130 during 2014.

 

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