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How can you determine the amount of account recoveries recorded in 2019 in this problem? At January 1, 2018, Bloomfield Company reported accounts receivable of
How can you determine the amount of account recoveries recorded in 2019 in this problem?
At January 1, 2018, Bloomfield Company reported accounts receivable of $100,000 and the allowance for doubtful accounts had a $15,000 credit balance. Bloomfield Company records bad debt expense using the net credit sales method and estimates that 4% of its credit sales each year will prove to be uncollectible. Bloomfield Company reported the following information for 2018 and 2019: 201 $410,000 $428,000 Sales revenue Cash collections from customers Accounts receivable at December 31 Allowance for doubtful accounts at December 31 Write-offs Recoveries $270,000 $29,900 $4,700 $9,400 $39,600 At December 31, 2019, Bloomfield Company's net realizable value of accounts receivable totaled $13,900. Calculate the amount of recoveries recorded by Bloomfield Company in 2019. Do not use decimals in yourStep by Step Solution
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