The following transactions were completed by Clark Management Company during the current fiscal year ended December 31:

July 5 Received 70% of the $21,000 balance owed by Dockens Co., a bankrupt business, and

Wrote off the remainder as uncollectible.

Sept 21 Reinstated the account of Burt Tiffany, which had been written off in the preceding

Year as uncoolectible. Journalized the recipt of $4, 875 cash in full payment of Tiffanys

Account.

Oct 19 Wrote off the $6, 275 balance owed by Ski Time Co., which has no assets.

Nov 6 Reinstated the account of Kirby Co., which had been written off in the preceding year

As uncollectible. Journalized the receipt of $4, 750 cash in full payment of the account

Dec 31 Wrote off the following accounts as uncollectible (compound entry): Maxie Co. $2, 150;

Kommers Co. $3, 600; Helena Distributors $5, 500; Ed Ballantyne $1, 750

31 Based on the analysis of the $815, 240 of accounts receivable, it was estimated that

$16, 750 will be uncollectible.

Determine the expected net realizable value of the accounts receivable as of December 31

Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of

of 1% of the net sales of $7, 126, 000 for the year, determine the following:

Bad debt expense for the year

Balance in the allowance account after the adjustment of December 31

Expected net realizable value of the accounts receivable as of December 31