1. Flower Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of $100,000 with terms 2/10, n/30 to Hogg Farms, Inc. On June 19, 2020, Flower received payment for 1/2 the amount due from Hogg Farms. Flowers fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Hogg Farms, Inc.? $

2. Mosley Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful accounts. If the company estimates that 8% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year?

3.At the close of its first year of operations, December 31, 2019, Clint Company had accounts receivable of $540,000, after deducting the related allowance for doubtful accounts. During 2019, the company had charges to bad debt expense of $90,000 and wrote off, as uncollectible, accounts receivable of $40,000. What should the company report on its statement of financial position at December 31, 2019, as accounts receivable before the allowance for doubtful accounts? $

Use the following information for next 2 questions.

A trial balance before adjustments included the following:

	Debit	Credit
Sales		$425,000
Sales Return & Allowance	$14,000
Accounts Receivables	$43,000
Allowance for Doubtful Debt		$760

A If the estimate of uncollectible is made by taking 2% of net sales, the amount of the adjustment is $ Answer

b. If the estimate of uncollectible is made by taking 10% of gross account receivables, the amount of the adjustment is $

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