Question

Beginning accounts receivable 155,000 Beginning allowance for doubtful accounts 5,430 Sales 2,057,000 Collections on account 1,777,000...

Beginning accounts receivable 155,000
Beginning allowance for doubtful accounts 5,430
Sales 2,057,000
Collections on account 1,777,000
Accounts written off 9,720
Collections of accounts previously written off 3,300
Current balance of bad debt expense 0
Uncollectible accounts as a percentage of receivables 3%

The accountant for Company A generated the above information. Using the balance sheet approach, what is the ending balance of bad debt expense for the year?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The beginning balance in the Allowance for Doubtful Accounts is $45629 cr.. During the year a...
The beginning balance in the Allowance for Doubtful Accounts is $45629 cr.. During the year a total of $39280 of accounts were written off and $3970 of accounts previously written off were recovered. The company estimates that the ending balance in the Allowance for Doubtful Accounts should be $66688. What is the bad debt expense for the year? Select one: a. $35310 b. $56369 c. $39280 d. $66688
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a...
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $786. During the year, $387 of previously written off accounts were reinstated and accounts totaling $649 are written off as uncollectible. The end of the year balance in the Allowance for Doubtful Accounts should be the one listed below. Select the correct answer. $387 $524 $786 $649
At January 1, 2023, Vy6r3 Company had accounts receivable of $220,000 and an allowance for doubtful...
At January 1, 2023, Vy6r3 Company had accounts receivable of $220,000 and an allowance for doubtful accounts with a $15,000 credit balance. During 2021, Vy6r3 Company reported the following information: Write-offs of uncollectible accounts ................ $ 39,260 Cash collections from credit customers .............. $165,210 Net credit sales .................................... $363,560 Recoveries of previously written-off accounts ....... $ 13,640 Vy6r3 Company estimates bad debt expense using the net credit sales method and has estimated that 5% of its net credit sales will...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,250,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,150,000. Assuming the company estimates bad debts at an amount equal to 3% of credit sales. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance in...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $450,000; allowance for uncollectible accounts at the beginning of the year, $34,000 (credit balance); credit sales during the year, $1,700,000; accounts receivable written off during the year, $25,000; cash collections from customers, $1,850,000. Assuming the company estimates bad debts at an amount equal to 3% of credit sales. 1. Calculate bad debt expense for the year. 2. Calculate the year-end balance in...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of...
The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $440,000; allowance for uncollectible accounts at the beginning of the year, $33,000 (credit balance); credit sales during the year, $1,650,000; accounts receivable written off during the year, $24,000; cash collections from customers, $1,800,000. Assuming the company estimates that future bad debts will equal 11% of the year-end balance in accounts receivable. 1. Calculate the year-end balance in the allowance for uncollectible accounts....
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning...
The following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $370,000; allowance for uncollectible accounts at the beginning of the year, $26,000 (credit balance); credit sales during the year, $1,300,000; accounts receivable written off during the year, $17,000; cash collections from customers, $1,200,000. Assuming the company estimates that future bad debts will equal 9% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year. 2. Calculate...
Metlock Company had a 1/1/20 balance in the Allowance for Doubtful Accounts of $43500. During 2020,...
Metlock Company had a 1/1/20 balance in the Allowance for Doubtful Accounts of $43500. During 2020, it wrote off $29000 of accounts and collected $8600 on accounts previously written off. The balance in Accounts Receivable was $820000 at 1/1 and $920000 at 12/31. At 12/31/20, Metlock estimates that 6% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020?
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. The allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018. Required: 1. What is bad debt expense for 2018 as a percent of net credit sales?...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2018, net credit sales totaled $6,500,000, and the estimated bad debt percentage is 1.50%. The allowance for uncollectible accounts had a credit balance of $62,000 at the beginning of 2018 and $50,000, after adjusting entries, at the end of 2018. Required: 1. What is bad debt expense for 2018 as a percent of net credit sales?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT