Please see the analysis of potential losses in its accounts receivable for Smith Industries below: Age...
Please see the analysis of potential losses in its accounts receivable for Smith Industries below:
|
Age Past Due |
Receivable Balance |
Estimated Loss (%) |
|
0-30 days past due |
$ 70,000 |
0.5% |
|
31-60 days past due |
45,000 |
2.5% |
|
61-90 days past due |
30,000 |
10.0% |
|
Over three months past due |
5,000 |
95.0% |
|
Total |
$150,000 |
During the year, $1,500 of receivables were written off. The
balance of Allowance for Uncollectible Accounts is a credit of $500
on December 31, 2021 prior to adjustments.
A.) Please calculate the bad debt expense for 2021.
B.) What is the amount of accounts receivable reported on Smith Industries' December 31, 2021 balance sheet?
Homework Answers
Bad Debt expense = 70000 * 0.5% + 45000 * 2.5% + 30000 * 10% + 5000 * 95%
= 9225
Ending balance of allowance for doubtful accounts
= Balance before adjustments + Bad debt expense - Written off receivables
= 500 + 9225 - 1500
= 8225
Net account receivable shown in balance sheet = Gross receivables - Ending balance of allowance for doubtful account
= 150000 - 8225
= 141775
Add Answer to:
Please see the analysis of potential losses in its accounts
receivable for Smith Industries below:
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The credit balance of Allowance for Uncollectible Accounts is $975 as of December 31, 2018 [that...
The credit balance of Allowance for Uncollectible Accounts is
$975 as of December 31, 2018 [that is prior to adjustments].
A. Compute bad debt expense recorded for
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B. What is the net amount of accounts receivable to be
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The credit balance of Allowance for Uncollectible Accounts is
$975 as of December 31, 2018 [that is prior to adjustments].
A. Compute bad debt expense recorded for
2018.
B. What is the net amount of accounts receivable to be
reported on C-Market’s December 31, 2018 balance
sheet?
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