After analyzing its accounts receivable at year-end, a company arrives at the following age categories along with the percentages estimated as uncollectible. Age of Accounts 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due [Select] ✔ Accounts Receivable Estimated Uncollectible % Transaction Report bad debt expense $134,000 46,000 29,000 [Select] 13,000 9,000 $231,000 Assets The year-end balance of the allowance for uncollectible accounts before any adjustment is $2,300. Use the information above to answer the following questions. a. What amount of bad debt expense will the company report in its income statement for the current year? 2.0% 3.0% b. Use the financial statement effects template to show the impact of reporting this year's bad debt expense. If there is no net change in an item, select 'no net change! Balance Sheet Liabilities = 6.0% 12.0% 20.0% [Select] V Equity [Select] c. What is the net accounts receivable balance that will be reported on the year-end balance sheet? [Select] Income Statement Net Income [Select]

After analyzing its accounts receivable at year-end, a company arrives at the following age categories along with the percentages estimated as uncollectible. Age of Accounts 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due [Select] ✔ Accounts Receivable Estimated Uncollectible % Transaction Report bad debt expense $134,000 46,000 29,000 [Select] 13,000 9,000 $231,000 Assets The year-end balance of the allowance for uncollectible accounts before any adjustment is $2,300. Use the information above to answer the following questions. a. What amount of bad debt expense will the company report in its income statement for the current year? 2.0% 3.0% b. Use the financial statement effects template to show the impact of reporting this year's bad debt expense. If there is no net change in an item, select 'no net change! Balance Sheet Liabilities = 6.0% 12.0% 20.0% [Select] V Equity [Select] c. What is the net accounts receivable balance that will be reported on the year-end balance sheet? [Select] Income Statement Net Income [Select]

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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Vishal
Please answer this question with brief solution. I need the answer ASAP thank you!
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Percentage Category Receivable Total Uncollectible 0-30 days $84,550 8% 31-90 days 37,230 16% Over 90 days 23,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31
Estimating Uncollectible Accounts and Reporting Accounts ReceivableCollins Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $110,000 1% 31-60 days past due 40,000 2 61-120 days past due 27,000 5 121-180 days past due 14,000 10 Over 180 days past due 9,000 25 Total accounts receivable $200,000 The balance of the allowance for uncollectible accounts is $1,100 on December 31, before any adjustments. (a) What amount of bad debts expense will Collins report in its income statement for the year?$Answer? (b) Use the financial statement effects template to record Collin's bad debts expense for the year. Use negative signs with your answers, when appropriate. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital…
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $4 Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
Haresh
Current Attempt in Progress * Your answer is incorrect. Crane Inc. has evaluated its process of calculating estimates of uncollectible accounts receivable. In the past, Crane calculated the Bad Debt Expense as a percentage of sales. It recorded Bad Debt Expense at 1% of sales. Due to changes in the economic conditions, Crane will increase that percentage to 3%. The change is made on January 1, 2025. Salles in 2023 were $1630000 and $3130000 in 2024. Sales in 2025 total $4130000. What is the Bad Debt Expense that Crane will record for 2025? $159100 Ⓒ $217800 O $41300 O $123900 e Textbook and Media Save for Later Attempts: 1 of 2 used Submit Answer
The following information is available for Monty's Best Corporation about the age of its receivables at December 31, its year end: Number of days outstanding Accounts Receivable Estimated percentage uncollectible (a) 0-30 $410,000 3% Total Estimated Uncollectible Accounts $ tA 31-60 $250,000 5% 61-90 $210,000 10% Over 90 $90,000 Using the above aging schedule, determine the total estimated uncollectible accounts. 15%
S&R Company uses the aging of accounts receivable approach to estimate bad debt expense. On December 31, an analysis of accounts receivable revealed the following: Schedule of Accounts Receivable by Age December 31, 2022 Accounts Receivable Age of Accounts Receivable Expected Percentage Uncollect 130,000 50,000 18,000 3,000 9,000 210,000 Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Required: (a) Calculate the amount of allowance for doubtful accounts that should be reported on the balance sheet at December 31, 2022. (b) Calculate the amount of bad debts expense that should be reported on the 2022 income statement, assuming that the balance of Allowance for Doubtful Accounts on January 1 was $46,000 (credit balance) and accounts receivable written off during the year totaled $49,000 (c) Present the appropriate general journal entry to record bad debts expense on December 31, 2022. (d) Show how accounts receivable will appear on the balance…
Qw.8.
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
What amount of doubtful account expense should Zee Company report for the current year? What total amount of expenses should X Company recognize in the fourth quarter? What total amount of loss on factoring should Y Company recognize in the current year?