PLEASE ANSWER THIS QUESTION AS QUICKLY AS POSSIBLE! THANK YOU!
E6-18 (Algo) Inferring Bad Debt Write-Offs and Cash Collections from Customers LO6-2
On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable (amounts in thousands):
Current Year | Prior Year |
|||
Accounts receivable, net of allowances of $353 and $317 | $ | 15,589 | $ | 13,338 |
Net sales revenue | 65,420 | 56,122 | ||
According to its Form 10-K, Hassell recorded bad debt expense of $128 and there were no bad debt recoveries during the current year. (Hint: Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.)
Required:
1. What amount of bad debts was written off during the current year?
2. Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassell’s sales during the period were on open account.
PLEASE ANSWER THIS QUESTION AS QUICKLY AS POSSIBLE! THANK YOU! E6-18 (Algo) Inferring Bad Debt Write-Offs and Cash Colle...
According to its form 10-K, Hassell recorded bad debt expense of $104 and there were no bad debt recoveries during the current year. Current Year Prior Year Accounts receivable, net of allowances of $233 and $197 $14,389 $12,138 Net Sales Revenue 62,420 53,122 1. What amoung of bad debts was written off during the current year? Allowance for doubtful accounts 0 ? Beg. Balance Write-offs ? ? Bad Debt Expense ? End. Balance. 2. Based on your answer to requirement...
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