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RCES Problem 7-2 CALCULATOR PRIN Presented below are a series of unrelated situations. Answer the questions...

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RCES Problem 7-2 CALCULATOR PRIN Presented below are a series of unrelated situations. Answer the questions relating to each
Help | System Announcements CALCULATOR 3. Oriole Co, provides for doubtful accounts based on 3% of gross accounts receivable,
RCES Problem 7-2 CALCULATOR PRIN Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Blue Company's unadjusted trial balance at December 31, 2017, included the following accounts. Debit Credit udy Accounts receivable $50,500 Allowance for doubtful accounts $5,670 Net sales $1,255,000 Blue Company estimates uncollectible accounts to be 5% of gross accounts receivable. Determine its bad debt expense for 2017. Bad debt expense for 2017 2. An analysis and aging of Kingbird Corp. accounts receivable at December 31, 2017, disclosed the following. Amounts estimated to be uncollectible $ 182,490 Accounts receivable 1,776,700 Allowance for doubtful accounts (per books) 127,430 What is the net realizable value of Kingbird's receivables at December 31, 2017? The net realizable value 24 3. Oriole Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2017. $3,298,300 Credit sales during 2017 58,990 Bad debt expense 16,550 Allowance for doubtful accounts 1/1/17 7,280 Collection of accounts written off in prior years (customer credit was reestablished) 28,560 Customer accounts written off as uncollectible during 2017 What is the balance in Allowance for Doubtful Accounts at December 31, 2017?
Help | System Announcements CALCULATOR 3. Oriole Co, provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2017. PRINTER V SOURCES work Credit sales during 2017 $3,298,300 2-1 Bad debt expense 58,990 Allowance for doubtful accounts 1/1/17 16,550 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2017 7,280 28,560 by Study What is the balance in Allowance for Doubtful Accounts at December 31, 20177 The balance in Allowance for Doubtful Accounts 4. At the end of its first year of operations, December 31, 2017, Waterway Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $925,900 Customer accounts written off as uncollectible during 2017 23,030 Bad debt expense for 2017 86,750 What should be the balance in accounts receivable at December 31, 2017, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts 5. The following accounts were taken from Wildhorse Inc.'s trial balance at December 31, 2017. Debit Credit $823,700 Net credit sales Allowance for doubtful accounts $12,620 Accounts receivable 305,200 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017. The bad debt expense, as adjusted pen Show Work Click if you would like to Show Work for this question:

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Answer 1
Blue company Amount $
Accounts Receivable         50,500.00
Uncollectible % 5.00%
Allowance for uncollectible should be           2,525.00
Add: debit balance of Allowance for uncollectible            5,670.00
Bad Debts Expense for 2017           8,195.00
Answer 2
Kingbird corp. Amount $
Accounts Receivable    1,776,700.00
Less: Accounts estimated to be uncollectable       182,490.00
Net realizable value of Accounts Receivable for 2017 1,594,210.00
Answer 3
Oriole company Amount $
Allowance for doubtful accounts- opening         16,550.00
Add: Bad debt expense         58,990.00
Add: Customer account recovered            7,280.00
Less: Customer account written off         28,560.00
Allowance for doubtful accounts- closing         54,260.00
Answer 4
Waterway Inc. Amount $
Accounts Receivable net off Allowance for doubtful accounts       925,900.00
Add: Bad debt expense         86,750.00
Accounts Receivable before deducting Allowance for doubtful accounts 1,012,650.00
Answer 5
Wildhorse's Inc. Amount $
Accounts Receivable       305,200.00
Uncollectible % 3.00%
Allowance for uncollectible should be           9,156.00
Add: debit balance of Allowance for uncollectible         12,620.00
Bad Debts Expense for 2017         21,776.00
.

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