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The following items were taken from the annual report of Andrew Corp. Please read the question carefully. 2001 Credit Sales $7,000 2001 Bad Debt write-offs
The following items were taken from the annual report of Andrew Corp. Please read the question carefully. 2001 Credit Sales $7,000 2001 Bad Debt write-offs 150 12/31/01 Accounts Receivable 7,000 12/31/01 Allowance for Doubtful accounts 2,000 2001 Cash Collections from customers 2,000 Andrew uses the percentage of sales method to estimate bad debts. Andrews estimated bad debt percentage for 2001 was 5%. a. What is the net realizable value of Andrewss accounts receivable at 12/31/01? 2 points b. What was the amount of bad debt expense for 2001? 2 points c. What was the 12/31/00 Accounts Receivable balance? 2 points d. What was the 12/31/00 Allowance for Doubtful accounts balance? 2 points
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