I have the excel worksheet. It is to much to put in this 1 question so please just do it in order so i can review and put on the excel worksheet.

II. Accounts receivable

1. Assignment

Tailor Company has accounts receivable of $200,000 and an existing allowance for bad debts of $6,000. Tailor assigns the accounts to First Financial to secure a $150,000 loan. The Bank will charge a 2% of accounts assigned initial fee and will charge a 1% per month interest charge on average accounts outstanding. Tailor customers will make payments directly to First Financial.

In the following month, $80,000 of accounts were collected, $3,000 were written off as uncollectible and sales returns were $2,000

Using the above facts, complete the Excel worksheet for assignment.

Factoring

Tailor Company has accounts receivable of $200,000 and an existing allowance for bad debts of $6,000. Tailor factors the accounts to Second Bank with limited recourse. The Bank will charge a 5% factoring fee and requires a deposit to cover receivables reductions of 4%

In the following month, $80,000 of accounts were collected, $3,000 were written off as uncollectible and sales returns were $2,300

Using the above facts, complete the Excel worksheet for factoring.

B. Bad Debts

Here is the information about the allowance for bad debts account for 2014:

Beginning balance $ 5,000

Write off of bad debts $ 3,000

Bad debt expense, 2% of sales $24,000

At year end the auditor did an aging schedule that required an allowance of $28,000.

Required:

The final, adjusted bad debt expense for 2014: Provide calculations on Excel worksheet.