Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? 5. The controller wants you to determine the approach that Tasko has used by computing the bad debt expense for the past threeyears so that he can use it for 2023 to comply with accounting principle of consistency. Show your calculations to determine theapproach used. Please round your calculations to 2 decimal points.1234% of Sales% of Accounts ReceivableTasko UsesB2021с2022 The controller of Tasko Inc. is in the process of computing the bad debt expense for 2022. Unfortunately, a computer virus attackedTasko's accounting system one night and destroyed the information regarding the approach that Tasko has consistently used forcomputing the uncollectible accounts expenses for the past 3 years. However the following information is provided by the creditmanager.20202021Accounts receivable, December 31$149,000$164,000Allowance for doubtful accounts (credit balance), Dec. 3158,00068,000Accounts receivable written off during the year20,50025,000Sales: Cash,150,000280,000Credit750,000700,000Tasko uses the perpetual inventory system and its cost of goods sold is 45% of the sales.2022$178,00072,00036,000320,000800,000The credit manager explains that the large write off in 2021 was due to an unexpected bankruptcy of a major customer even thoughthe age distribution of accounts receivable has been very consistent over the past three years.

Accounts receivables refers to that amount which is yet to be received from the customers to whom…

5. The controller wants you to determine the approach that Tasko has used by computing the bad debt expense for the past three years so that he can use it for 2023 to comply with accounting principle of consistency. Show your calculations to determine the approach used. Please round your calculations to 2 decimal points. 1 2 % of Sales % of Accounts Receivable 3 4 Tasko Uses B 2021 2022

5. The controller wants you to determine the approach that Tasko has used by computing the bad debt expense for the past three years so that he can use it for 2023 to comply with accounting principle of consistency. Show your calculations to determine the approach used. Please round your calculations to 2 decimal points. 1 2 % of Sales % of Accounts Receivable 3 4 Tasko Uses B 2021 2022

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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