Question
On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable (amounts in thousands): Current Year Prior
On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable (amounts in thousands):
Current Year | Prior Year | |
---|---|---|
Accounts receivable, net of allowances of $263 and $227 | $14,689 | $12,438 |
Net sales revenue | 63,170 | 53,872 |
According to its Form 10-K, Hassell recorded bad debt expense of $110 and there were no bad debt recoveries during the current year.
Required:
Using the following T-account for Allowance for Doubtful Accounts, what amount of bad debts was written off during the current year?
Using the following T-account for Accounts Receivable (Gross), solve for cash collected from customers for the current year, assuming that all of Hassells sales during the period were on open account.
Complete this question by entering your answers in the tabs below. Using the following T-account for Allowance for Doubtful Accounts, What amount of bad debts was written off during the current year? (Enter your answers in thousands not in dollars.) Complete this question by entering your answers in the tabs below. Using the following T-account for Accounts Receivable (Gross), 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.)Step by Step Solution
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