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The following is the presentation in the balance sheets of Acme Co. at December 31, 2019 and 2018: 12/31/19 1 2/31/18 Accounts receivable, less allowance
The following is the presentation in the balance sheets of Acme Co. at December 31, 2019 and 2018: 12/31/19 1 2/31/18 Accounts receivable, less allowance for uncollectible accounts of $12,000 and $4,000, respectively $ 487,000 $ 406,000 a. If the bad debt expense for 2019 totaled $24,000, what was the amount of accounts receivable written off during the year? (Hint: Using the T-account model of the allowance account, plug in the three amounts that you know and then solve for the unknown.) The December 31, 2019 allowance account balance includes $3,500 for a past due account that is not likely to be collected. This account has not been written off. If it had been written off, what would have been the effect of the write off on: 1. Working capital at December 31, 2019? 2. Net income and ROI, for the year ended December 31, 2019
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