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2. Gomez, Inc. sells machinery and equipment to warehouses. As such, many of their sales are on account. On April 1, 2017, they have a
2. Gomez, Inc. sells machinery and equipment to warehouses. As such, many of their sales are on account. On April 1, 2017, they have a balance of $220,000 in accounts receivable and $10,500 in the allowance for doubtful accounts. During the second quarter (from April 1 through June 30, 2017), Gomez records the following activities: Total sales of $260,000. $25,000 are in cash, and the remainder is on account. .Collections from sales totaling $240,000. The company writes off two accounts as uncollectible: one for $3,200 and one for $1,700. All other expenses for the company total $165,500. Additionally, Gomez uses a rate of 3.6% for bad debt expens based on historical averages and their expectations about the economic going forward. Calculate the following: a. Homework Unanswered The bad debt expense for the quarter ended June 30, 2017 Type your numeric answer and submit Unanswered 2 attempts left b. Homework Unanswered The balance of accounts receivable on June 30, 2017 Type your numeric answer and submit I C. Homework Unanswered The balance of the allowance for doubtful accounts on June 30, 2017 Type your numeric answer and submit Unanswered 2 attempts left d. Homework Unanswered The net accounts receivable balance on June 30, 2017 Type your numeric answer and submit
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