XYZ Company reported credit sales of $900,00 during 2011. On December 31, 2011, the company had...
XYZ Company reported credit sales of $900,00 during 2011. On December 31, 2011, the company had gross accounts receivable of $350,000 and a $12,000 balance in the Allowance for Uncollectible Accounts. The company estimated Bad Debt Expense at 4% of credit sales. Based on this data, determine the Bad Debt Expense that the company should report on the 2011 income statement.
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XYZ Company reported credit sales of $900,00 during 2011. On
December 31, 2011, the company had...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off....
Information on Ivanhoe Company for 2021 follows: Total credit sales $970,000 Accounts receivable at December 31...
Information on Ivanhoe Company for 2021 follows: Total credit sales $970,000 Accounts receivable at December 31 38,800 Uncollectible accounts written off 13,300 Amount collected on accounts previously written off (after write off but before year end) 3,100 a.)Assume that Ivanhoe Company decides to estimate its uncollectible accounts using the allowance method and estimates its bad debt expense at 2.70% of credit sales. What amount of bad debt expense will Ivanhoe Company record if Allowance for Doubtful Accounts had an opening...
Calistoga Produce estimates bad debt expense at 0.5% of credit sales. The company reported accounts receivable...
Calistoga Produce estimates bad debt expense at 0.5% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2017. During 2018, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off. Calistoga's ending balance in its allowance for uncollectible accounts at December 31, 2018, is: $1,505. $1,575. $1,720. $1,650.
Information on Sunland Company for 2021 follows: Total credit sales $890,000 Accounts receivable at December 31...
Information on Sunland Company for 2021 follows: Total credit sales $890,000 Accounts receivable at December 31 35,600 Uncollectible accounts written off 16,200 Amount collected on accounts previously written off (after write off but before year end) 3,800 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Assume that Sunland Company decides to estimate its uncollectible accounts using the allowance method and an aging schedule. Uncollectible accounts are estimated to...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
Calistoga Produce estimates bad debt expense at 0.40% of credit sales. The company reported accounts receivable...
Calistoga Produce estimates bad debt expense at 0.40% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $490,000 and $1,510 respectively, at December 31, 2020. During 2021, Calistoga's credit sales and collections were $329,000 and $316,000, respectively, and $1,830 in accounts receivable were written off. Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021, is: Multiple Choice $996. $1,881. $1,646. $901.
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
1. Teal Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $49,900 7,790 $1,279,500 Teal Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 2. An analysis and aging of Flint Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful...
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $195.000, of which $97,500 was on credit. At the start of 2018, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $650 credit balance Collections of accounts receivable during 2018 amounted to $73.000. Data during 2018 follow: a. On December 10, a customer balance of $1,750 from prior year was determined to be uncollectible, so it was written off. b....
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
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