Question 3 of 5 - 71 E View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Buffalo Company's unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $ 55,100 Allowance for doubtful accounts 5,610 Net sales $1,229,500 Buffalo Company estimates uncollectible accounts will be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Carla Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible $ 184,260 Accounts receivable 1,795,700 Allowance for doubtful accounts (per books) 127,610 Question 3 of 5 - /1 2. An analysis and aging of Carla Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible $ 184,260 Accounts receivable 1,795,700 Allowance for doubtful accounts (per books) 127,610 What is the net amount expected to be collected of Carla's receivables at December 31, 2020? Net realizable value $ 3. Sarasota Co. provides for doubtful accounts based on 3% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020 $ 2,185,300 Bad debt expense 58,230 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer credit was reestablished) 7,970 Customer accounts written off as uncollectible during 2020 30,680 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Question 3 of 5 - 71 3. Sarasota Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2020. Credit sales during 2020 $ 2,185,300 Bad debt expense 58,230 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer credit was reestablished) 7,970 Customer accounts written off as uncollectible during 2020 30,680 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the end of its first year of operations, December 31, 2020, Ivanhoe Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $ 997,800 Customer accounts written off as uncollectible during 2020 21,930 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable before deducting allowance for doubtful accounts $ Question 3 of 5 - /1 Bad debt expense for 2020 87,790 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Shamrock Inc's trial balance at December 31, 2020. Debit Credit Net credit sales $ 781,700 Allowance for doubtful accounts $ 12,650 Accounts receivable 330,200 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020. Bad debt expense, as adjusted $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit
