no work shown required ID Company had the following balances in December:MONEY MARKET FUND$2,790CERTIFICATE OF DEPOSIT MATURITY JUNE 30 NEXT YEAR$15,000POSTDATED CHECKS FROM CUSTOMERS$1,475CASH IN BANK ACCOUNT$22,431NSF CHECKS FROM CUSTOMERS RETRNED BY BANK$650CASH IN PETTY CASH FUNDINVENTORY OF POSTAGE STAMPS$200$18US TREASURY BILL PURCHASED12/15 & MATURING 2/28FOLLOWING YEAR$10,000Based on this information, ID Company should report Cash and Cash Equivalents on December 31 of:O A. $50,421О В. $40,439О с.$37,546O D. $36,246O E. $35,421 On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the following information forits accounts receivable and the estimated percentages of bad debts for different past-due amounts:EstimatedAge Group(days past due)0-30AccountsPercentReceivableUncollectible$50,000$20,000$10,0005%31-6010%61-9020%What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2021 using the aging method?

* As per Bartleby policy, if multiple questions are asked then answer first only. Calculation of…

On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the following information for its accounts receivable and the estimated percentages of bad debts for different past-due amounts: Estimated Age Group (days past due) 0-30 Accounts Percent Receivable Uncollectible $50,000 $20,000 $10,000 5% 31-60 10% 61-90 20% What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2021 using the aging method?

On December 31, 2021, Andy Inc. has a debit balance of $1,500 for the Allowance for Uncollectible Accounts before any year-end adjustment. Andy Inc. also has the following information for its accounts receivable and the estimated percentages of bad debts for different past-due amounts: Estimated Age Group (days past due) 0-30 Accounts Percent Receivable Uncollectible $50,000 $20,000 $10,000 5% 31-60 10% 61-90 20% What is the amount of bad debt expense to be reported on Andy Inc.'s financial statements for 2021 using the aging method?

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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