Question
1. If Puddle Incorporated had total Accounts Receivable at the end of 2022 of $603 million and an allowance for uncollectible accounts of $18 million
1. If Puddle Incorporated had total Accounts Receivable at the end of 2022 of $603 million and an allowance for uncollectible accounts of $18 million show the effect of the following in the accounting equation worksheet for 2023: -Sales on credit of $4,323 million during the year -Collection of accounts receivable of $4,160 million during the year -Write off of uncollectible accounts of $14 million during the year -An increase in the allowance for uncollectible accounts to 3% of total accounts receivable from customers
Required: a. Calculate how much customers actually owe to Puddle at the end of 2023. b. Calculate how much is estimated will not be collected by Puddle at the end of 2023. c. State how much expenses increased due to the estimate of uncollectible accounts. d. How much would Puddle show as the amount they actually plan to collect (Accounts Receivable, Net)
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