Here is information related to Pharoah Company for 2022. Total credit sales $1,590,000 Accounts receivable at December 31 839,000 Uncollectibles written off 34,700 (a) What amount of bad debt expense will Pharoah Company report if it uses the direct write-off method of accounting for uncollectibles? Bad debt Expense $ (b) Assume that Pharoah Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 5% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a credit balance of $2,8007 Bad debt Expense $ (c) Assume that Pharoah Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 5% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a debit balance of $1,200? Bad debt Expense $

Here is information related to Pharoah Company for 2022. Total credit sales $1,590,000 Accounts receivable at December 31 839,000 Uncollectibles written off 34,700 (a) What amount of bad debt expense will Pharoah Company report if it uses the direct write-off method of accounting for uncollectibles? Bad debt Expense $ (b) Assume that Pharoah Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 5% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a credit balance of $2,8007 Bad debt Expense $ (c) Assume that Pharoah Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 5% of accounts receivable will become uncollectible. What amount of bad debt expense will the company record if Allowance for Doubtful Accounts has a debit balance of $1,200? Bad debt Expense $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rahul
Please answer with good presentation Lauren Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 3% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2020, and December 31, 2021, appear below 12/31/2020 12/31/2021 Net Credit Sales 800,000 1,000,000 Accounts Receivable 150,000 200,000 Allowance for Doubtful Accounts 12,000 ? Bad Debt Expense 18,000 ? What is the balance of Allowance for Doubtful Accounts at December 31, 2021? (Hint: you might want to create a t-account)
4. At the end of its first year of operations, December 31, 2025, Swifty Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2025 Bad debt expense for 2025 What should be the balance in accounts receivable at December 31, 2025, before subtracting the allowance for doubtful accounts? Net credit sales Accounts receivable, before deducting allowance for doubtful accounts Allowance for doubtful accounts Accounts receivable 5. The following accounts were taken from Nash Inc.'s trial balance at December 31, 2025. Debit $13,960 333,200 $872,800 O Search 26,370 Credit 89,470 $804,200 $ LOCO DELL g
Do not give solution in image
Answer 2. And 3.
d) The trial balance before adjustment of Braxton Inc. shows the following balances. DEBIT CREDIT Accounts receivable $170,000 Allowance for doubtful accounts 1,750 Net Credit Sales $1,280,000 Journalize the Bad Debt Expenses assuming: i. 1.2% of Sales will be uncollectible ii. iii. 9% of gross accounts receivable will be uncollectible the same as part ii above instead there is a credit balance in Allowance for doubtful accounts of $1,700 and collected $2,100 from an account previously written off.
I NEED HELP FINDING THE DOLLAR AMOUNT Vaughn Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 331,400 104,000 70,800 65,400 49,100 $42,100 % uncollectible 2% 5% 6% 9% 21% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount
The following accounts were taken from Zious Inc.’s statement of financial position at December 31, 2021. DEBIT CREDIT Accounts receivable P 4,100,000 Allowance for doubtful accounts 100,000 Net Credit Sales P 7,500,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported in 2021 A. P 23,000 B. P 223,000 C. P 225,000 D. P 123,000
ts The Tz Corp. estimates bad debt expense at 0.30 % of credit sales . The company reported accounts receivable and allowance for uncollectible accounts of 490,000 and 1,610 respectively December 31 2023. During 2024 , Tzs credit sales and cash collections were $327,000 and respectively , and $1,890 in accounts receivable were written off 2024 bad debt expense is $ 981 . $ 1,660 $ 1,056 . None of the options listed . $987
Please help me
1. How much should be reported as bad debts expense for the year ended December 31, 2020? 2. What is the net realizable value of the Accounts receivables on December 31, 2020?
Information related to Tesco Company for 2020 is summarized below. Total credit sales $1,200,000 Accounts receivable at December 31 370,000 Bad debts written off 25,15 (a) Assume that Tesco Company decides to estimate its bad debts expense to be 2% of credit sales. What amount of bad debts expense will Tesco record if Allowance for Doubtful Accounts has a credit balance of $3,000?