1 answer

Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating...

Question:

Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the
3. Headland Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for
Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Riverbed Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Allowance for doubtful accounts Net sales Debit $52,100 7.940 $1,229,300 Riverbed Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2 Bad debt expense for 2020 S 2. An analysis and aging of Marin Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 182,620 1.750,100 127,810 What is the net amount expected to be collected of Marin's receivables at December 31, 2020? Net realizable value $ 1567480 3. Headland Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $3,804,000 57,090 18,060 7.530 27.110 What is the balance in Allowance for Doubtful Accounts at December 31, 2020?
3. Headland Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $3,804,000 57,090 18,060 7,530 27,110 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the end of its first year of operations, December 31, 2020, Sage Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $875,400 Customer accounts written off as uncollectible during 2020 23,400 Bad debt expense for 2020 85,240 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts $ 5. The following accounts were taken from Pronghorn Inc's trial balance at December 31, 2020. Credit $711,400 Debit Net credit sales Allowance for doubtful accounts $13,260 Accounts receivable 340,400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020. Bad debt expense, as adjusted $

Answers

1.
Allowance for Doubtful debts ending balance = $52100x 7% = $3647
Bad Debt expense = $3647 + $7940 = $11587

3. Allowance for Doubtful Debts 12/31/20 = $18060+57090+7530-27110 = $55570

4. Allowance for doubtful debts balance = $85240-23400 = $61840
Accounts Receivable = $875400+61840 = $937240

5.
Allowance for Doubtful debts ending balance = $340400x 3% = $10212
Bad Debt Expense = $13260+10212 = $23472

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