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Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging s...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) $547,900 8,740 42,340 Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off 489,770 14,250 Bradford estimates that 3.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). $ 14,245 x 2. Determine the ending balances...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020, its annual year-end, the accounts of Sun
Systems Inc. show the following.
1. Sales revenue for 2020, $288,000, of which one-sixth was on
account.
2. Allowance for doubtful accounts, balance December 31, 2019,
$1,440 credit.
3. Accounts receivable, balance December 31, 2020 (prior to any
write-offs of uncollectible accounts during 2020), $28,880.
4. Uncollectible accounts to be written off, December 31, 2020,
$1,680.
5....
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 %...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for...
2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) $547,900 8,740 42,340 Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off 489,770 14,250 Bradford estimates that 3.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). $ 14,245 x 2. Determine the ending balances...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020, its annual year-end, the accounts of Sun
Systems Inc. show the following.
1. Sales revenue for 2020, $288,000, of which one-sixth was on
account.
2. Allowance for doubtful accounts, balance December 31, 2019,
$1,440 credit.
3. Accounts receivable, balance December 31, 2020 (prior to any
write-offs of uncollectible accounts during 2020), $28,880.
4. Uncollectible accounts to be written off, December 31, 2020,
$1,680.
5....
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales Allowance for doubtful accounts, 1/1 (a credit balance) Accounts receivable, 1/1 Collections on account receivable Accounts receivable written off Bradford estimates that 2.6% of credit sales will eventually default. $547,900 8,740 42,340 489,770 14,250 1. Compute bad debt expense for the year (rounding to the nearest whole number) $14,245 2. Determine the ending balances in accounts receivable...
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