XYZ Co. prepared an aging of its accounts receivable at December 31, 2017 and determined that...
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XYZ Co. prepared an aging of its accounts receivable at December 31, 2017 and determined that the net realizable value of the receivables was $900,000. Additional information is available as follows:
Allowance for uncollectible accounts at 1/1/17—credit balance $102,000
Accounts written off as uncollectible during 2017 $69,000
Accounts receivable at 12/31/17 $975,000
Uncollectible accounts recovered during 2017 $15,000
For the year ended December 31, 2017, XYZ's bad debt expense would be
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$75,000.
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$69,000.
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$48,000.
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$27,000.
Homework Answers
Answer:
Option 4th is correct. i.e $27,000.
| Ending allowance balance = beginning allowance balance + bad debt expenses - written off + recoveries |
| ( 975,000 - 900,000) = 102,000 + bad debt expenses - 69,000 + 15,000 |
| Bad Debt Expenses = $27,000 |
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