Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts receivable and uncollectible accountsaging of receivables method The following information relates to Bedford Company's accounts receivable: An aging analysis estimates the uncollectible receivables on

Accounts receivable and uncollectible accountsaging of receivables method

The following information relates to Bedford Company's accounts receivable:

image text in transcribed

An aging analysis estimates the uncollectible receivables on December 31, 2016, to be $80,000. The allowance account is to be adjusted accordingly.

Question

a.

Calculate the ending balance in Accounts Receivable, as at December 31, 2016.

b.

Calculate the Allowance for Doubtful Accounts balance, before adjustment, as at December 31, 2016.

c.

Calculate the bad debts expense for the year 2016.

Accounts receivable balance on December 31, 2015 Allowance for doubtful accounts balance on December 31, 2015 Credit sales made in 2016 Collections from customers on account in 2016 Accounts receivable written off in 2016 Accounts previously written off that were recovered in 2016 (not included in the collections above) S 900,000 55,000 5,800,000 4,900,000 70,000 6,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions

Question

3. Explain the different ways that scientists share their findings.

Answered: 1 week ago

Question

Discuss how selfesteem is developed.

Answered: 1 week ago