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Answer 1 | ||
Indigo | Amount $ | Note |
Gross Receivables | 48,600.00 | A |
Bad Debt Expense % | 6% | B |
Bad Debt Expense for 2020 | 2,916.00 | C=A*B |
Answer 2 | ||
Gross Receivables | 1,782,500.00 | D |
Less: Amount uncollectible | 181,700.00 | E |
Less: Allowance for doubtful accounts | 128,600.00 | F |
Net Realizable Value | 1,472,200.00 | G=D-E-F |
Answer 3 | ||
Opening Allowance for doubtful accounts | 17,520.00 | H |
Add: Account written off earlier now collected | 8,020.00 | I |
Less: Customer Account written off in 2020 | 28,220.00 | J |
Allowance for doubtful accounts (unadjusted) | (2,680.00) | K=H+I-J |
Add: Bad Debt Expense | 57,280.00 | L |
Allowance for doubtful accounts on 31/12/20 | 54,600.00 | M=K+L |
Answer 4 | ||
Bad Debt Expense | 85,030.00 | N |
Less: Customer Account written off in 2020 | 22,390.00 | O |
Allowance for doubtful accounts on 31/12/20 | 62,640.00 | P=N-O |
Accounts Receivables, net of allowance for doubtful accounts | 1,017,600.00 | Q |
Gross Accounts Receivables | 1,080,240.00 | R=P+Q |
Answer 5 | ||
Accounts Receivables | 316,600.00 | S |
Allowance for Doubtful Accounts % | 3% | T |
Allowance for Doubtful Accounts should be | 9,498.00 | U=S*T |
Bad debt expense at year end: | ||
Allowance for Doubtful Accounts should be | 9,498.00 | See U |
Opening Allowance for Doubtful Accounts | (13,150.00) | V |
Bad debt expense as adjusted | 22,648.00 | W=U-V |
The following are a series of unrelated situations. Answer the questions relating to each of the...
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