i need explanation why here we subtract only the ((((Amounts estimated to be uncollectible?)))) why not...
2. An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 183,680 1,793,800 128,620 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? Net realizable value si
P7.2 (LO 3) Groupwork (Bad-Debt Reporting) The following are a series of unrelated situations. 1. Halen Company's unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53,000 Allowance for doubtful accounts 4,000 Net sales $1,200,000 Halen Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020. 2. An analysis and aging of Stuart Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts...
2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 182,300 1,786,000 126,040 What is the net amount expected to be collected of Riverbed's receivables at December 31, 2020? Net realizable value $ 1659960 3. Marin Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020...
1. Metlock Company's unadjusted trial balance at December 31, 2020, included the following accounts. Accounts receivable Allowance for doubtful accounts Net sales Debit $55,100 5,610 $1,229.500 Matlock Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2020 Bad debt expense for 2020 $ 2. An analysis and aging of Bonita Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
P7.2 A series of unrelated situations follow for several companies that use ASPE: 1. Atlantic Inc.'s unadjusted trial balance at December 31, 2020, included the following accounts: Debit Credit Allowance for doubtful accounts $ 8,000 Sales revenue $1,980,000 Sales returns and allowances 60,000 Sales discounts 4,400 2. An analysis and aging of Central Corp.'s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $ 160,000 Accounts receivable 1,790,000 Allowance for doubtful...
Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Kingbird Company's unadjusted trial balance at December 31, 2017, included the following accounts. Debit Credit Accounts receivable $50,400 Allowance for doubtful accounts $6,000 Net sales $1,276,000 Kingbird Company estimates uncollectible accounts to be 7% of gross accounts receivable. Determine its bad debt expense for 2017. Bad debt expense for 2017 2. An analysis and aging of Oriole Corp....
Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. BLANK Company’s unadjusted trial balance at December 31, 2017, included the following accounts. Debit Credit Accounts receivable $51,200 Allowance for doubtful accounts $7,880 Net sales $1,262,100 BLANK Company estimates uncollectible accounts to be 5% of gross accounts receivable. Determine its bad debt expense for 2017. Bad debt expense for 2017 $ 2. An analysis and aging of BLANK...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Swifty Company’s unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $53,300 Allowance for doubtful accounts 4,950 Net sales $1,232,500 Swifty Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ ___________ 2. An analysis and...
RCES Problem 7-2 CALCULATOR PRIN Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Blue Company's unadjusted trial balance at December 31, 2017, included the following accounts. Debit Credit udy Accounts receivable $50,500 Allowance for doubtful accounts $5,670 Net sales $1,255,000 Blue Company estimates uncollectible accounts to be 5% of gross accounts receivable. Determine its bad debt expense for 2017. Bad debt expense for 2017 2. An...