1)

As of January 1, 2021, Barley Co. had a credit balance of $522,000 in its allowance for uncollectible accounts. Based on experience, 3% of Barley's gross accounts receivable have been uncollectible. During 2021, Barley wrote off $652,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,100,000. In its December 31, 2021, balance sheet, what amount should Barley report as allowance for uncollectible accounts?

rev: 03_23_2021_QC_CS-258214, 04_07_2021_QC_CS-260076

Multiple Choice

• $413,000.

• $543,000.

• $673,000.

• $1,065,000.

2)

As of January 1, 2021, Barley Co. had a credit balance of $533,000 in its allowance for uncollectible accounts. Based on experience, 1% of Barleys gross accounts receivable have been uncollectible. During 2021, Barley wrote off $663,000 of accounts receivable. Barleys gross accounts receivable as December 31, 2021 is $18,650,000. How much bad debt expense should Barley record for 2021?

rev: 10_27_2020_QC_CS-238222

Multiple Choice

• $56,500.

• $186,500.

• $316,500.

• $719,500.