Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable...
Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2012. During 2013, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off.
Calistoga's accounts receivable at December 31, 2013, are: A. $467,000. B. $473,280. C. $465,280. D. $469,280.
Calistoga's 2013 bad debt expense is: A. $1,720. B. $1,650. C. $1,505. D. $1,575.
Calistoga's adjusted allowance for uncollectible accounts at December 31, 2013, is: A. $1,575. B. $1,505. C. $1,650. D. $1,720.
Homework Answers
i)Calistoga account receivable at December 31, 2013
= Account receivable at Dec’31 2012 + Credit sales on 2013 – collections on 2013 – write off account receivable
= $ 471,000 + $ 315,000 – 319,000 – 1,720 = $ 465,820
Answer: Option C. $ 465,280
ii) Calistoga's 2013 bad debt expense is = ½ % of credit sales
= $ 315,000 x 0.5% =$ 1,575
Answer: Option D: $ 1,575
iii)Bad debt expenses = $ 315,000 x 0.5 % = $ 1,575
Balance in allowance for uncollective account = $ 1,650 - $ 1,720 = $ - 70
Adjusted allowance for uncollective account at Dec,31 2013 = $ 1,575 – 70 = $ 1,505
Answer: Option B. $ 1,505
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Calistoga Produce estimates bad debt expense at ½% of credit
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