Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $34,000 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,508 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ 544 Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ 14812 Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $ 23826

Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $34,000 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,508 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ 544 Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ 14812 Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $ 23826

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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