P7.2B (LO 3) (Bad-Debt Reporting) Presented below are a series of unrelated 1. Bishop Company's unadjusted trial balance at December 31, 2020, included the following accounts: Accounts receivable Allowance for doubtful accounts Net sales Debit $200,000 $9,000 Credit $3,350,000 Bishop Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. 2. An analysis and aging of POI Corp. accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 54,000 680,000 26,000 What is the net realizable value of POI's receivables at December 31, 2020?' 3. Reed Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020: Credit sales during 2020 Allowance for doubtful accounts 1/1/2020 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 Bad debt expense What is the balance in Allowance for Doubtful Accounts at December 31, 2020? $4,150,000 61,000 11,000 29,000 66,000 4. At the end of its first year of operations, December 31, 2020, Hamblin Inc. reported the following information: Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 Bad debt expense for 2020 $1,690,000 65,000 108,000 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful. accounts?