Wholesale Stuff, Inc. sells to retailers on account. Sales for the year totaled $9,900,000. The company...
Wholesale Stuff, Inc. sells to retailers on account. Sales for
the year totaled $9,900,000. The company uses the aging method for
determining bad debt expense. The aging report and related
information includes:
| Time Outstanding |
Gross Balance |
Percentage Uncollectible |
|
| < 30 days | $660,000 | 1% | |
| 30-60 days | 330,000 | 5% | |
| < 60 days | 110,000 | 10% | |
The unadjusted balance in the allowance account at year end is
$1,700 credit. What is the amount of bad debt expense for the
year?
$34,100
$35,800
$30,690
$32,400
Homework Answers
Bad debt expense
= [(660,000*1%) + (330,000*5%) + (110,000 * 10%)] - 1,700 credit
= 34,100- 1,700
= 32,400
Option D
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Wholesale Stuff, Inc. sells to retailers on account. Sales for
the year totaled $9,900,000. The company...
Please show your work, and thank you for your help. O'Tole Co. reports assigned accounts receivable...
Please show your work, and
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