Homework Answers
Requirement 1: 1.4%
Requirement 2:
Credit Sales = $1,120,000
Bad debt expenses = 1.4% of $1,120,000
= $15,680
Notes:
- Be careful while reading figures in image (with commas)
- The last column heading in image is % of bad debts.
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Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company...
eBock Show Me How Calculator Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense...
eBock Show Me How Calculator Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Losses from Year Credit Sales Uncollectible Accounts 2015 $896,000 $12,125 2016 952,000 14,840 1,083,000 16,790 2018 1,189,000 16,850 "Losses from uncollectible accounts are the actual losses related to sales of that year (rather than write-offs of that year) Required: 2017 1. Calculate the average percentage of losses from...
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Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense E7-10...
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17. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is...
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eBock Show Me How Calculator Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Losses from Year Credit Sales Uncollectible Accounts 2015 $896,000 $12,125 2016 952,000 14,840 1,083,000 16,790 2018 1,189,000 16,850 "Losses from uncollectible accounts are the actual losses related to sales of that year (rather than write-offs of that year) Required: 2017 1. Calculate the average percentage of losses from...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2018, net credit sales totaled $5,300,000, and the estimated bad debt percentage is 1.40%. The allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $44,000, after adjusting entries, at the end of 2018 Required 1. What is bad debt expense for 2018 as a percent of net credit sales?...
Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense E7-10 Uncollectible is established as a percentage of credit sales. For 2018, net credit sales totaled $4,500,000, and the estimated bacd accounts; allowance method vs. direct Required debt percentage is 1.5%. The allowance for uncollectible accounts had a credit balance of$42.000 at the beginning of 2018 and $40,000, after adjusting entries, at the end of 2018. wite-off method 1. What is bad debt expense for...
Ervin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled $6,300,000, and the estimated bad debt percentage is 1.30%. No previously written off accounts receivable were reinstated during 2021. The allowance for uncollectible accounts had a credit balance of $60,000 at the beginning of 2021 and 549,000, after adjusting entries, at the end of 2021 Required: 1. What is bad debt...
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Saint John Industries uses the percentage of credit sales method to estimate Bad Debt Expense. The company reported net credit sales of $650,000 during the year. Saint John has experienced bad debt losses of 2% of credit sales in prior periods. At the beginning of the year, Saint John has a credit balance in its Allowance for Doubtful Accounts of $5,500. No write-offs or recoveries were recorded during the year What amount of Bad Debt Expense should Saint John recognize...
Wasco Company has experienced bad debt losses of 5% of credit sales in prior periods. At the end of the year, the balance of Accounts Receivable is $107000 and the Allowance for Doubtful Accounts has an unadjusted credit balance of $850 Net credit sales during the year were $164,000. Using the percentage of credit sales method, what is the estimated Bad Debt Expense for the year? Multiple Cholce $7700 $8,200. $5.350 Multiple Cholce $7,700. $8,200. $5,350. $8,700
Estimating Uncollectible Accounts and Reporting Receivables over Multiple Periods Weiss Company, which has been in business for three years, makes all of its sales on credit and does not offer cash discounts. Its credit sales, customer collections, and write-offs of uncollectible accounts for its first three years follow. Year Sales 2018 $733,000 2019 857,000 2020 945,000 Collections Accounts Written Off $716,000 $5,300 842,000 5,800 928,000 6,500 a. Weiss recognizes bad debts expense as 1% of sales. (Hint: This means the...
17. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when a. a customer's account becomes past-due. b. a sale is made. an account becomes bad and is written off. d. management estimates the amount of uncollectibles. C. 18. Under the allowance method, when an account becomes uncollectible and must be written off a. Bad Debt Expense should be debited b. Accounts Receivable should debited c. Allowance for Doubtful Account should be debited...
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