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22. (2 points) At the close of its first year of operations, 12-31-20, the net realizable value of Todd's AR was $807,000. Todd closes
22. (2 points) At the close of its first year of operations, 12-31-20, the net realizable value of Todd's AR was $807,000. Todd closes its books every quarter (03-31, 06-30, 09-30, and 12-31). During 2020, Todd recorded bad debt expenses of $42,000 and wrote off $4,000 of AR. Todd's 12-31-20 accounts receivable aging analysis indicated a required balance in the allowance for doubtful accounts of $50,000. Based on the preceding information: a. b. What is Todd's gross AR amount as of 12-31-20? What AJE relating to bad debts did Todd make for the quarter ended 12-31-20? 23. (3 points) The following information pertains to R: Allowance for doubtful accounts balance as of 12-31-14 was $48,000- Gross accounts receivable balance as of 12-31-14 was $879,000 . . Total sales during 2015 were $3,800,000; 85% of sales were on a credit basis. AR write-offs during 2015 were $41,000 R's 12-31-15 AR aging analysis indicates a required balance in the allowance for doubtful accounts of $70,000. The NRV of R's receivables as of 12-31-15 was $903,000. . Based on the above: a. How much cash did R collect from its ARs during 2015? b. How much cash did R collect from its sales during 2015?
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