Complete this question by entering your answers in the tabs below.a.Req 1b.Calculate the amount of bad debts written off by TLC during 2015, bad debt expense that TLC would include in its incomestatement for 2015 and the approximate percentage that TLC used to estimate debts for 2015, assuming that it uses theincome statement approach. (Enter your answers in millions, negative amounts should be indicated by a minus sign and roundyour percentage answer to 1 decimal place.)Reg 2ABad debts written off(reinstated)Bad debt expenseShow Transcribed TextReq 1Current assets:ReceivablesReq 28.Req 2AS$Answer is not complete.Complete this question by entering your answers in the tabs below.5075,747RReq 28Suppose that TLC had used the direct write-off method to account for bad debts, calculate the accounts receivable informationthat would be included in the 2015 year-end balance sheet. (Enter your answers in millions.)20152014oReq 2A >< Req1Req 28 > TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included thefollowing information ($ in millions):Current assets:Receivables, less allowances of $270 in 2015 and$297 in 20142015Required:1. Compute the following ($ in millions):$ 5,4772014$ 5,913In addition, the income statement reported sales revenue of $39,794 ($ in millions) for the current year. All sales are made on a creditbasis. The statement of cash flows indicates that cash collected from customers during the current year was $40,737 ($ in millions).There were no recoveries of accounts receivable previously written off.a. The net amount of bad debts written off or reinstated by EMC during 2015.b. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015.2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following ($ in millions):a. The accounts receivable information that would be included in the 2015 year-end balance sheetb. The amount of bad debt expense or reduction of bad debt expense that EMC included in its income statement for 2015.

An important aspect of the accounting process is bad debts, which enable companies to carefully…

L Req 1 3. Reg 2A Calculate the amount of bad debts written off by TLC during 2015, bad debt expense that TLC would statement for 2015 and the approximate percentage that TLC used to estimate debts for 2015, assur Income statement approach. (Enter your answers in millions, negative amounts should be indicated your percentage answer to 1 decimal place.) Req 28 Bad debts written off (reinstated) Bad debt expense 507 Ren 24

L Req 1 3. Reg 2A Calculate the amount of bad debts written off by TLC during 2015, bad debt expense that TLC would statement for 2015 and the approximate percentage that TLC used to estimate debts for 2015, assur Income statement approach. (Enter your answers in millions, negative amounts should be indicated your percentage answer to 1 decimal place.) Req 28 Bad debts written off (reinstated) Bad debt expense 507 Ren 24

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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(b) (c) (d) Allowance for Doubtful Accounts Accounts Receivable Cash Bad Debt Expense (To reinstate account previously written off) Bad Debt Expense Allowance for Doubtful Accounts (To record the recovery of the uncollectible account during the period) 6500 3300 6500 3300 00 00
A e Y ll 48% A 06:48 Vo) LTE Question 3/10 1 point A company reports Accounts Receivable of $5,000 on its balance sheet at 12/31/2012. Its Allowance for Doubtful Accounts on 12/31/2012 is $500. What is the total amount owed by customers at 12/31/2012? $4,500 $0 $5,000 $500 $5,500 NEXT
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Required information [The following information applies to the questions displayed below.] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO $200 90 18 (2) (6) Beginning of 2022 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 $300 End of 2021 Beginning of 2021 Return on plan assets, 8.0 % (10 % expected) Cash contributions Less: Retiree benefits PBO $300 41 27 4 (19) $353 Plan Assets $150 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of…