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?
Homework Answers
Answer #1
Not the answer you're looking for?
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.
ADVERTISEMENT
Active Questions
asked 4 minutes ago
asked 23 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago