3. The following data are presented concerning the Allowance for Bad Debts of Company A for the year ended December 31,2023: Allowance for Bad Debts, Jan.1,2023 Write off of Accounts Receivable during 2023 Recovery of Previously Written off Accounts Receivable Credit Sales for the year Accounts Receivable, Jan. 1, 2023 Collections during 2023 P250,000 50,000 150,000 1,200,000 9,000,000 4,000,000 Required: Determine the following for the year ended December 31,2023: 3.1. Bad Debts Expense assuming the company provides 2% of Credit Sales 3.2. Ending Balance of Allowance for Bad debts using the assumption in number 3.1 3.3. Net Realizable Value of Accounts Receivable using the assumption in number 3.1

3. The following data are presented concerning the Allowance for Bad Debts of Company A for the year ended December 31,2023: Allowance for Bad Debts, Jan.1,2023 Write off of Accounts Receivable during 2023 Recovery of Previously Written off Accounts Receivable Credit Sales for the year Accounts Receivable, Jan. 1, 2023 Collections during 2023 P250,000 50,000 150,000 1,200,000 9,000,000 4,000,000 Required: Determine the following for the year ended December 31,2023: 3.1. Bad Debts Expense assuming the company provides 2% of Credit Sales 3.2. Ending Balance of Allowance for Bad debts using the assumption in number 3.1 3.3. Net Realizable Value of Accounts Receivable using the assumption in number 3.1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Current Attempt in Progress Wildhorse Company has accounts receivable of $101,200 at March 31, 2022 Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Transcribed Text (a) 2022 Balance, March 31 $61,600 22,100 8,600 8,900 2021 $75,000 Total estimated uncollectibles 8,000 2,400 1,100 $101.200 $86,500 Estimated Percentage Uncollectible 3% 5% 23% 50% c Determine the total estimated uncollectibles at March 31, 2022.
Analysis of Loss Allowance Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2021, the credit balance in Loss Allowance was $130,000. During 2022, credit sales totaled $10,000,000, $90,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $15,000. An aging of accounts receivable at December 31, 2022, showed the following Classification of Receivable Current 1-30 days past due 31-60 days past due. Over 60 days past due Accounts Receivable Balance Percentage Estimated As of December 31, 2022 $1,140,000 600,000 400,000 120,000 $2,260,000 Uncollectible 2% 10 23 75 Required: 1. Prepare the journal entry to record expected credit loss for 2022, assuming that the aging of the receivable method is applied. 2. Record journal entries to account for the write-off of $90,000 uncollectible accounts receivable and the collection of $15,000 in receivables that had…
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Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850
Submit it in excel form P9.2
The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million
52. What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000? The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 2,800,000 Sales on account made to customers Collection of accounts receivable during the year 4.200.000 90,000 Accounts written off as uncollectible The following transactions were included in the recorded transactions during the year: a. Invoice dated December 28, 2022 for P350,000 was shipped on December 31, 2022 terms FOB destination. The goods were recorded as sale on account and was received by Customer Bin on January 3, 2023. b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered FOB destination which were received…
The unadjusted trial balance of X Company on December 31, 2021 showed the Accounts Receivable with a debit balance of P 150,000 and a credit balance of P 3,000 for the Allowance for Bad debts. The management estimated that bad debts will 8% of the outstanding accounts receivable How much is the bad debts expense for 20217
Washing Co. has the following information on December 31, 20x1 before any year-end adjustments. Accounts receivable, Jan. 1 Net credit sales Collections from customers (including recoveries) Allowance for doubtful accounts, Jan. 1 Write-offs Recoveries Percentage of receivables 26. How much is the bad debt expense? a. 4,250 b. 4,300 c. 4,550 d. 10,300 5% 80,000 270,000 140,000 10,000 5,000 1,000