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PLEASE ANSWERS QUESTIONS 1,2,3,4, AND 5 1.200 $ 180,000 125.000 P7.2 (LO 3 Groupwork (Bad Debt Reporting) The following are a series of unrelated situations.
PLEASE ANSWERS QUESTIONS 1,2,3,4, AND 5
1.200 $ 180,000 125.000 P7.2 (LO 3 Groupwork (Bad Debt Reporting) The following are a series of unrelated situations. 1. Halen Company's unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53.000 Allowance for doubtful accounts 4,099 Net sales $1,200,000 Halen Company estimates its bad debt expense to be 7% of grous accounts receivable. Determine its bad debt expense for 2020. 12. An analysis and aging of Stuart Coop, accounts receivable at December 31, 2020, disclosed the following Amounts estimated to be uncollectible Accounts receivable 1.750,000 Allowance for doubtful accounts (per books) What is the net amount expected to be collected of Shaart's receivables at December 31, 2020? 13. Shore Co. provides for doubtful accounts based on 4% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020 $4,400,000 Bad debt expense 57.000 Allowance for doubtful accounts 1/1/20 17,000 Collection of accounts written off in prior years (customer credit was reestablished) 8,000 Customer accounts written off as uncollectible during 2020 What is the balance in Allowance for Doubtful Accounts at December 31, 2020 4. At the end of its first year of operations. December 31, 2020, Durdon Inc. reported the following information, Accounts receivable, net of allowance for doubtful accounts $950,000 Customer accounts written off as uncollectible during 2020 94.000 Bad debt expense for 2020 84,000 What should be the balance in accounts receivable at December 31, 2030, before subtracting the allowance for doubtful accounts? 5. The following accounts were taken from Bullock Inc.'s trial balance at December 31, 2020, 30,000 Step by Step Solution
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