Greenfield Electronics Co. had the following account balances for Year 4 and Year 3: Account 12/31/Year 4 12/31/Year 3 Accounts receivable (gross) $95,000 $80,000 Allowance for doubtful accounts $6,000 $3,500 Bad debt expense $12,000 $10,500 There were no recoveries of previously written-off accounts during Year 4. A. What were Greenfield's write-offs during Year 4? B. How much of the Accounts Receivable at the end of Year 4 does Greenfield expect to collect?

Greenfield Electronics Co. had the following account balances for Year 4 and Year 3: Account 12/31/Year 4 12/31/Year 3 Accounts receivable (gross) $95,000 $80,000 Allowance for doubtful accounts $6,000 $3,500 Bad debt expense $12,000 $10,500 There were no recoveries of previously written-off accounts during Year 4. A. What were Greenfield's write-offs during Year 4? B. How much of the Accounts Receivable at the end of Year 4 does Greenfield expect to collect?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6MC: Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of...

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Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A. $13,650 B. $2,992.50 C. $136,500 D. $29,925
General Accounting
Helix reported the following information in its financial statements. Write-offs of accounts receivable were $340 in the current year. Helix did not recover any write-offs. At December 31 Current Year Prior Year Accounts receivable $ 7,800 $ 5,400 Allowance for doubtful accounts 680 490 Accounts receivable, net $ 7,120 $ 4,910 Determine Bad Debts Expense for the current year.
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What amount should it debit bad debt expense?
Helix reported the following information in its financial statements. Write-offs of accounts receivable were $340 in the current year. Helix did not recover any write-offs. At December 31 Accounts receivable Allowance for doubtful accounts Accounts receivable, net Current Year $ 7,800 680 $ 7,120 Determine Bad Debts Expense for the current year. Bad debts expense Prior Year $ 5,400 490 $ 4,910
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How much?
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