Please give me correct answer this financial accounting question Greenfield Electronics Co. had the following account balances for Year 4 andYear 3:Account12/31/Year 4 12/31/Year 3Accounts receivable (gross)$95,000$80,000Allowance for doubtful accounts $6,000$3,500Bad debt expense$12,000$10,500There 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 Greenfieldexpect to collect?

Step 1: Define Write-Offs and Net Realizable Value of Accounts ReceivableWrite-offs are the amounts…

Answered: Greenfield Electronics Co. had the…

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
A recent report for UPS contained the following data: (in thousands) Accounts receivable Less: Allowance for bad debts Net accounts receivable Bad debt expense Current year $1,034,608 36,800 $ 997,808 $55,147 Previous year $ 805,495 38,225 S 767,270 $31,388 Required: 1. Prepare the journal entry for the amount of accounts receivable that were actually written off during the current year. 2. Prepare the journal entry to record the bad debt expense for the current year 3. What is the purpose of the account "Allowance for doubtful accounts"? Although the normal balance of this account is a credit balance, it sometimes has a debit balance. Briefly explain how this can happen.
1. Smith Company prepared an aging schedule of its A/R at year-end and determined that the net realizable value of the receivables was $250,000. Additional information is available as follows: For the year, bad debt expense was: $23,000 $20,000 $15,000 $10,000 None of the above. PARURE A. B. C. D. Allowance for doubtful accounts, beginning of year $28,000 (credit balance) Accounts written off during the year 23,000 Accounts receivable (gross) at year end 270,000 5,000 Recovery of accounts written-off E.
What is the amount of write offs during Year 2 based on the following financial information? Balance Sheet Excerpts As At Year Year 2 Year 1 End(000s) Gross Accts Receivable Allowance for Doubtful Accounts Net Accts Receivable Provision for Bad Debt O $15 $20 $37 $52 $456 $20 $437 $25 $321 $32 $294 $40
How much?
6 Mario Company's Accounts Receivable balance atDecember 31 was $300,000 and there was a credit balance of $1,400 in the Alowance for Doubtful Accounts, The year's sales were $1,800,000. Mario estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year- end? A) $300,000 B) $271,600 C) $325,400 D) $277,400
Maganium Company began the current year with the following: Accounts Receivable 1,100,000 Allowance for doubtful accounts 80,000 During the current year, the following events occured: Accounts written off 120,000 cash sales 500,000 sales on account 3,000,000 bad debt expense recognized 200,000 At the end of the current year, the entiry showed a balance in accounts receivable of P1,380,000 before the allowance for doubtful accounts.Under the cash basis, what amount should be prepared as sales for the current year

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