Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible $ 182,620 Accounts

. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following.

Amounts estimated to be uncollectible $ 182,620

Accounts receivable 1,750,100

Allowance for doubtful accounts (per books) 127,810

What is the net amount expected to be collected of Bonita's receivables at December 31, 2020?

Net realizable value $

2. Windsor Co. provides for doubtful accounts based on 2% of gross accounts receivable, The following data are available for 2020.

Credit sales during 2020 $3,804,000

Bad debt expense 57,090

Allowance for doubtful accounts 1/1/20 18,060

Collection of accounts written off in prior years (customer credit was reestablished) 7,530

Customer accounts written off as uncollectible during 2020 27,110

What is the balance in Allowance for Doubtful Accounts at December 31, 2020?

Allowance for doubtful accounts 12/31/20 $

3. At the end of its first year of operations, December 31, 2020, Sheridan Inc. reported the following information.

Accounts receivable, net of allowance for doubtful accounts $875,400

Customer accounts written off as uncollectible during 2020 23,400

Bad debt expense for 2020 85,240

What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts?

Accounts receivable, before deducting allowance for doubtful accounts $

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

Step: 3

blur-text-image

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

Horngrens Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th Edition

0133117561, 978-0133117561

More Books

Students also viewed these Accounting questions

Question

preparing for and completing job interviews and considering offers.

Answered: 1 week ago

Question

What is the project's NPV.

Answered: 1 week ago