5

Presented below are a series of unrelated situations.

Answer the questions relating to each of the five independent situations as requested.

1.Skysong Company's unadjusted trial balance at December 31, 2017, included the following account

Debits Credits

Accounts receivable $57,800

Allowance for doubtful accounts $4,120

Net sales $1,275,300

Skysong Company estimates uncollectible accounts to be6% of gross accounts receivable. Determine its bad debt expense for 2017.

Bad debt expense for 2017 $_____________

2.An analysis and aging of Concord Corp. accounts receivable at December 31, 2017, disclosed the following.

Amounts estimated to be uncollectible $181,270

Accounts receivable 1,776,000

Allowance for doubtful accounts (per books) 128,210

What is the net realizable value of Concord's receivables at December 31, 2017?

The net realizable value $______________

3.Marigold Co. provides for doubtful accounts based on2% of gross accounts receivable, The following data are available for 2017.

Credit sales during 2017 $1,101,600

Bad debt expense 59,900

Allowance for doubtful accounts 1/1/17 17,250

Collection of accounts written off in prior years (customer credit was reestablished) 8,400

Customer accounts written off as uncollectible during 2017 31,550

What is the balance in Allowance for Doubtful Accounts at December 31, 2017?

The balance in Allowance for Doubtful Account $____________

4.At the end of its first year of operations, December 31, 2017, Swifty Inc. reported the following information.

Accounts receivable, net of allowance for doubtful accounts

Customer accounts written off as uncollectible during 2017

Bad debt expense for 2017

What should be the balance in accounts receivable at December 31, 2017, before subtracting the allowance for doubtful accounts?

Accounts receivable, before deducting allowance for doubtful accounts $____________

5.The following accounts were taken from Nash Inc.'s trial balance at December 31, 2017.

Debits Credits

Net credit sales $774,700

Allowance for doubtful accounts $14,850

Accounts receivable 303,000

If doubtful accounts are3% of accounts receivable, determine the bad debt expense to be reported for 2017.

The bad debt expense, as adjusted $______________