Question
. 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started