Required information Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [The following information...
Required information
Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3
[The following information applies to the questions
displayed below.]
At December 31, Hawke Company reports the following results for its
calendar year.
| Cash sales | $ | 1,892,050 | |
| Credit sales | $ | 3,179,000 | |
In addition, its unadjusted trial balance includes the following
items.
| Accounts receivable | $ | 963,237 | debit |
| Allowance for doubtful accounts | $ | 14,300 | debit |
Problem 7-2A (Algo) Part 3
3. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. (Do not round intermediate calculations.)
Homework Answers
| Current assets : | ||
| Accounts Receivable | $963,237 | |
| Less: Allowance for doubtful accounts | $67,426.59 | $895,810.41 |
Working notes :
Allowance for doubtful accounts = $963,237 * 7%
= $67,426.59
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Required information
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