Dodge Company had the following information relating to its accounts receivable at December 31, 1999, and for
Question:
Dodge Company had the following information relating to its accounts receivable at December 31, 1999, and for the year ended December 31, 2000:
Accounts receivable balance at 12/31/99
$\$ 900,000$
Allowance for bad debts at 12/31/99 (credit balance) . . . . . . . . . . . . . . . . . . . . . . 50,000 Gross sales during 2000 (all credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,000$
Collections from customers during 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 Accounts written off as uncollectible during 2000 . . . . . . . . . . . . . . . . . . . . . . . 60,000 Estimated uncollectible receivables at $12 / 31 / 00$. . . . . . . . . . . . . . . . . . . . . . . . . . 110,000 1. At December 31, 2000, what is the balance of Dodge Company's Allowance for Bad Debts? What is the bad debt expense for 2000 ?
2. At December 31,2000, what is the balance of Dodge Company's gross accounts receivable?
Step by Step Answer:
Survey Of Accounting
ISBN: 9780538846172
1st Edition
Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen