On December 31, 2018, Ava Company had an ending balance of $7,356 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $143. Ava estimates uncollectible accounts expense to be 9% of receivables. .Based on this information, the amount of net realizable accounts receivable shown on the 2018 balance sheet is $___________
2) Hope Company’s total assets were $5,107. Hope collected on $529 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______
3) On June 1, 2018, Bodie Co. accepted a $6,800 face value note as evidence of a loan it made to T Company. The note had a 11 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2019?
4) Ava Company sets bad debt expense at 2 percent of its sales. Ava reported total sales of $ 64,449. Before the adjustment, Ava had $547 credit balance in its allowance for doubtful accounts.
What is the ending balance in the Allowance for Doubtful Accounts that Ava report on its Balance Sheet?
Get Answers For Free
Most questions answered within 1 hours.