enow.com/ilm/takeAssignment/take Assignment Main.do?invoker=&takeAssignmentSessionLocator Sinprogress=false eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,095,000 and sales for the year total $12,420,000. a. The allowance account before adjustment has a credit balance of $14,800. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $14,800. An aging of the accounts in the customer lediger indicates estimated doubtful account $47,400. C. The allowance account before adjustment has a debit balance of $7,600. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $7,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts $63,100. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. b C. d. Previous Check My Work 2 more Check My Work uses remaining Agrument for Grang 5:30 PM UCUSU Estimating Doubtful Accounts Print item Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical ar percentage of uncollectible accounts in each age category are as follows: Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Performance Bike Co. Estimation of Uncollectible Accounts December 31 Age Interval Balance Estimated Uncollectible Accounts Percent Estimated Uncollectible Accounts Amount Not past due $882,000 1/2% 1-30 days past due 97,000 4 31-60 days past due 44,100 8 61-90 days past due 31,800 15 ||200000 91-180 days past due 22,900 41 over 180 days past due 16,800 75 Total $1,094,600 Prev Deck My Work 2 more Check My Work uses remaining gage learning r.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Calculator Print Item Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $500,000, wrote off $8,000 of accounts as uncollectible using the direct - and reported net income of $55,000. Determine what the net income would have been if the allowance method had been used, and the company est 3/4% of sales would be uncollectible. $ JUST Locator=Binprogress=false eBook Calculator Print Item Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel Lee Drake $21,550 33,925 Jenny Green 27,565 Mike Lamb 19,460 Total $102,500 The company prepared the following aging schedule for its ac ints receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $715,000 1% 31-60 days 310,000 2 15 102,000 61-90 days 30 91-120 days 76,000 60 97,000 More than 120 days Total receivables $1,300,000 Calculator progress=false Print item a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. 11100 10000 b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit bal $95,000 on January 1 and the company uses the analysis of receivables method. For a compound transaction, if an amount box does not require an entry, blank. Write-off Adjustment Previous Check My Work 2 more Check My Work uses remaining b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit balance $95,000 on January 1 and the company uses the analysis of receivables method. For a compound transaction, if an amount box does not require an entry, leave blank. Write-off Adjustment C. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? PREVIOUS Next Check My Work 2 more Check My Work uses remaining. 531 PM 6/20/22 enow.com/ilm/takeAssignment/take Assignment Main.do?invoker=&takeAssignmentSessionLocator Sinprogress=false eBook Show Me How Calculator Print Item Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,095,000 and sales for the year total $12,420,000. a. The allowance account before adjustment has a credit balance of $14,800. Bad debt expense is estimated at 1/4 of 1% of sales. b. The allowance account before adjustment has a credit balance of $14,800. An aging of the accounts in the customer lediger indicates estimated doubtful account $47,400. C. The allowance account before adjustment has a debit balance of $7,600. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $7,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts $63,100. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. b C. d. Previous Check My Work 2 more Check My Work uses remaining Agrument for Grang 5:30 PM UCUSU Estimating Doubtful Accounts Print item Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical ar percentage of uncollectible accounts in each age category are as follows: Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Performance Bike Co. Estimation of Uncollectible Accounts December 31 Age Interval Balance Estimated Uncollectible Accounts Percent Estimated Uncollectible Accounts Amount Not past due $882,000 1/2% 1-30 days past due 97,000 4 31-60 days past due 44,100 8 61-90 days past due 31,800 15 ||200000 91-180 days past due 22,900 41 over 180 days past due 16,800 75 Total $1,094,600 Prev Deck My Work 2 more Check My Work uses remaining gage learning r.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Calculator Print Item Effect of Doubtful Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $500,000, wrote off $8,000 of accounts as uncollectible using the direct - and reported net income of $55,000. Determine what the net income would have been if the allowance method had been used, and the company est 3/4% of sales would be uncollectible. $ JUST Locator=Binprogress=false eBook Calculator Print Item Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel Lee Drake $21,550 33,925 Jenny Green 27,565 Mike Lamb 19,460 Total $102,500 The company prepared the following aging schedule for its ac ints receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $715,000 1% 31-60 days 310,000 2 15 102,000 61-90 days 30 91-120 days 76,000 60 97,000 More than 120 days Total receivables $1,300,000 Calculator progress=false Print item a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. 11100 10000 b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit bal $95,000 on January 1 and the company uses the analysis of receivables method. For a compound transaction, if an amount box does not require an entry, blank. Write-off Adjustment Previous Check My Work 2 more Check My Work uses remaining b. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning credit balance $95,000 on January 1 and the company uses the analysis of receivables method. For a compound transaction, if an amount box does not require an entry, leave blank. Write-off Adjustment C. How much higher (lower) would Seaforth International's net income have been under the allowance method than under the direct write-off method? PREVIOUS Next Check My Work 2 more Check My Work uses remaining. 531 PM 6/20/22