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Odonnel Inc. had the following account balances for Year 4 and Year 3. 12/31/Year 12/31/Year 4 3 Accounts receivable (balance in the account, not net) $82,400 $65,700 Allowance for doubtful accounts (normal, credit, $5,870 $3,460 negative asset balance) Bad debt expense $10,200 $9,300 There were no recoveries of previously written-off accounts during Year 4. A. What were Odonnel's write-offs during Year 4? B. How much of the Accounts receivable at the end of Year 4 does Odonnel expect to collect?

Odonnel Inc. had the following account balances for Year 4 and Year 3. 12/31/Year 12/31/Year 4 3 Accounts receivable (balance in the account, not net) $82,400 $65,700 Allowance for doubtful accounts (normal, credit, $5,870 $3,460 negative asset balance) Bad debt expense $10,200 $9,300 There were no recoveries of previously written-off accounts during Year 4. A. What were Odonnel's write-offs during Year 4? B. How much of the Accounts receivable at the end of Year 4 does Odonnel expect to collect?

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 1BD
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Odonnel Inc. had the following account balances for Year 4 and Year 3. 12/31/Year 12/31/Year 4 3 Accounts receivable (balance in the account, not net) $82,400 $65,700 Allowance for doubtful accounts (normal, credit, $5,870 $3,460 negative asset balance) Bad debt expense $10,200 $9,300 There were no recoveries of previously written-off accounts during Year 4. A. What were Odonnel's write-offs during Year 4? B. How much of the Accounts receivable at the end of Year 4 does Odonnel expect to collect?
Transcribed Image Text:Odonnel Inc. had the following account balances for Year 4 and Year 3. 12/31/Year 12/31/Year 4 3 Accounts receivable (balance in the account, not net) $82,400 $65,700 Allowance for doubtful accounts (normal, credit, $5,870 $3,460 negative asset balance) Bad debt expense $10,200 $9,300 There were no recoveries of previously written-off accounts during Year 4. A. What were Odonnel's write-offs during Year 4? B. How much of the Accounts receivable at the end of Year 4 does Odonnel expect to collect?
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