Question
1) On December 31, 2018, Ava Company had an ending balance of $7,356 in its accounts receivable account and an unadjusted (current) balance in its
1)
On December 31, 2018, Ava Company had an ending balance of $7,356 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $143. Ava estimates uncollectible accounts expense to be 9% of receivables. .Based on this information, the amount of net realizable accounts receivable shown on the 2018 balance sheet is $___________ |
2) Hope Companys total assets were $5,107. Hope collected on $529 of account receivable that had previously been written off. After the collection, Hopes total assets will be $______
3) On June 1, 2018, Bodie Co. accepted a $6,800 face value note as evidence of a loan it made to T Company. The note had a 11 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2019?
4) Ava Company sets bad debt expense at 2 percent of its sales. Ava reported total sales of $ 64,449. Before the adjustment, Ava had $547 credit balance in its allowance for doubtful accounts.
What is the ending balance in the Allowance for Doubtful Accounts that Ava report on its Balance Sheet?
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