The following information is related to December 31, 2021 balances. • Accounts receivable $1400000 • Allowance...
The following information is related to December 31, 2021 balances. • Accounts receivable $1400000 • Allowance for doubtful accounts (credit) (100000) • Cash realizable value 1000000 During 2022 sales on account were $350000 and collections on account were $200000. The company wrote off $20000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $140000. Bad debt expense for 2022 is:
A. $60000.
B.$140000.
C.$20000.
D.$40000.
Homework Answers
Bad debt expense for 2022 = Estimated bad debts - (Beginning Allowance for doubtful accounts - written off amount)
= 1400000 - (100000-20000)
= $60,000
Option A. is correct answer.
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