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On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable amounts in thousands): Accounts receivable, net
On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable amounts in thousands): Accounts receivable, net of allowances of $343 and $307 Net sales revenue Current Prior Year Year $ 15,489 $ 13,238 65,170 55,872 According to its Form 10-K, Hassell recorded bad debt expense of $126 and there were no bad debt recoveries during the current year. (Hint. Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.) Required: 1. What amount of bad debts was written off during the current year? 2. Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hasse sales during the period were on open account. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. (Enter your answers in thousands not in dollars.) Beg. bal. Net sales Accounts Receivable (Gross) 13,545 62,793 65,170 Cash collections 90 Write-offs End. bal. 15,832
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