Here is information related to Ivanhoe Company for 2022. Total credit sales $1,636,000 Accounts receivable at...
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Here is information related to Ivanhoe Company for 2022. Total credit sales $1,636,000 Accounts receivable at December 31 818,000 Bad debts written off 33,600 (a) What amount of bad debt expense will Ivanhoe Company report if it uses the direct write-off method of accounting for bad debts? Bad debts expense $ (b) Assume that Ivanhoe Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a credit balance of $3,300? Bad debts expense $ (c) Assume the same facts as in (b), except that there is a $1,100 debit balance in Allowance for Doubtful Accounts. What amount of bad debt expense will Ivanhoe record? Bad debts expense $ Here is information related to Ivanhoe Company for 2022. Total credit sales $1,636,000 Accounts receivable at December 31 818,000 Bad debts written off 33,600 (a) What amount of bad debt expense will Ivanhoe Company report if it uses the direct write-off method of accounting for bad debts? Bad debts expense $ (b) Assume that Ivanhoe Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a credit balance of $3,300? Bad debts expense $ (c) Assume the same facts as in (b), except that there is a $1,100 debit balance in Allowance for Doubtful Accounts. What amount of bad debt expense will Ivanhoe record? Bad debts expense $
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