Alpha Ltd. uses the aging of accounts receivable method to arrive at an estimate of bad debt expense. After classifying its accounts receivable by how long the receivable has been outstanding, or age of the receivable, it prepares the following aging schedule: REQUIRED:Calculate bad debt expense for the current year assuming that the Allowance for Doubtful Accounts currently has a $1,000 credit balance (provide detailed calculation) (5marks) total estimated uncollectable amount = ( 1%*1200+4%*2550+10%*1830+25%*1540+40%*1240) = 12+102+185+385+496=1178 Bad debt expenses for the year is = 1178-1000 =178. Question 20 Not yet answered Marked out of 3.00 Not flaggedFlag question Question text 4B- Accounts Receivables Turnover ( 5 marks) Rockland Ltd. revealed the following information for the years ending December 31, 2023 and 2022: 2023 2022 Current Assets Cash $3,000 $3,350 Accounts Receivable 49,500 59,800 Inventory 375,000 333,250 Prepaid expenses 800 800 Total Current Assets $428,300 $397,200 Current Liabilities $280,000 $245,000 Net Credit Sales $480,000 $451,000 Calculate the Account receivables turnover ratio for 2023 (use 2 decimals) 3 marks Answer: 19.39 Question 21 Not yet answered Marked out of 2.00 Not flaggedFlag question Question text 4B- Accounts Receivables Turnover (to be continued) 2 marks Assume Rockland credit terms are net 30 days. Using information from the previous question, on average Anderson has been collecting its accounts receivable: a. More information is needed to answer this question. b. Within the discount period of 10 days. c. Within the 30 days required by its credit terms. d. After the 30 days has passed. Jump to... Jump to... Skip Quiz navigation Quiz navigation Finish attempt ... Time left 0:37:08 You are logged in as Sukurat Adebayo (Log out) ACCO-230-All-Sections-2232