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please help answer questions 1-4!!:) Uncle Owen's Moisture Farm had the following information a long time ago Accounts receivable balance at 12/31/21 Allowance for doubtful
please help answer questions 1-4!!:)
Uncle Owen's Moisture Farm had the following information "a long time ago" Accounts receivable balance at 12/31/21 Allowance for doubtful accounts 12/31/21 (before any period end adjustments) Credit Sales during 2021 Cash Sales during 2021 Collections from customers on account during 2021 \begin{tabular}{|r|} \hline 13,000.00 \\ \hline 750.00 \\ \hline 47,000.00 \\ \hline 14,000.00 \\ \hline 50,000.00 \\ \hline \end{tabular} Assuming the Company used the % of sales method... 1) Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much was bad debt expense for 2021 ? 2) What is the net realizable value of accounts receivable at 12/31/21 using the percent of sales method? Assuming the Company used the aging method... 3) If uncollectible accounts are determined by the aging of receivables method to be $1,140, how much is bad debt expense for 2021 ? 4) What is the net realizable value of accounts receivable at 12/31/21 using the aging of Allowance for doubtful accounts 12/31/21 (before any period end adjustments) Credit Sales during 2021 Cash Sales during 2021 Collections from customers on account during 2021 Assuming the Company used the % of sales method... 1) Uncollectible accounts are determined by the percent-of-sales method to be 2% of credit sales. How much was bad debt expense for 2021 ? 2) What is the net realizable value of accounts receivable at 12/31/21 using the percent of sales method? Assuming the Company used the aging method... 3) If uncollectible accounts are determined by the aging of receivables method to be $1,140, how much is bad debt expense for 2021 ? 4) What is the net realizable value of accounts receivable at 12/31/21 using the aging of receivables method Step by Step Solution
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