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Company information for the year : The unadjusted balance in Allowance for Doubtful Accounts is a credit balance of $5,000 at the end of the
Company information for the year :
The unadjusted balance in Allowance for Doubtful Accounts is a credit balance of $5,000 at the end of the year of 2015
Q1. In the following year of 2016, $3,000 of the outstanding receivables is determined to be uncollectible. Subsequent to the write-off of accounts receivables in 2016, what is the net carrying amount of Accounts Receivable?
Q2. What is the bad debt expense for the year of 2015?
Number of Days Outstanding 0-30 days Accounts Receivable Estimated Percentage Uncollectible 1% 31-60 days 50,000 5% 61-90 days 20,000 20% 12,500 50% Over 90 days Total $192,500Step by Step Solution
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