At the beginning of 2022, Terrarium Co. had $1,370,000 of gross accounts receivables and $224,000 in...
At the beginning of 2022, Terrarium Co. had $1,370,000 of gross accounts receivables and $224,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,670,000 worth of plants on account and collected $2,930,000 worth of receivables in cash. In addition, Terrarium wrote-off $59,000 worth of accounts receivables and made $4,100 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 5% of sales to be uncollectible. What are the gross accounts receivable at the end of 2022?
Homework Answers
Answer: $3,051,000
.
| Computation of balance of accounts receivable as of December 31, 2022 | |
| Accounts receivable balance as on Jan. 1, 2022 (Beginning balance) | $1,370,000 |
| Add: Credit sales during the year | $4,670,000 |
| $6,040,000 | |
| Less: Collections from credit customers during the year | $2,930,000 |
| $3,110,000 | |
| Less: Accounts receivables written off | $59,000 |
| $3,051,000 | |
| Add: Accounts receivables re-instated | $4,100 |
| $3,055,100 | |
| Less: Cash collection of accounts receivable re-instated | $4,100 |
| Accounts receivable as on Dec. 31, 2022 (Ending balance) | $3,051,000 |
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