The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000
The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000: cash collections from customers, $1.100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.
1. Calculate the year-end balance in the allowance for uncollectible accounts
2. Calculate bad debt expense for the year 1.
Homework Answers
1. Balance in the allowance for uncollectible accounts
= 24,000-15,000+24,000
=33,000
2. Bad debt expense =
= 1,200,000*2%
= 24,000
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