Problem 13-20A (Algo) Supply missing balance sheet numbers LO 13-2, 13-3 The bookkeeper for Vernon's Country Music Bar left this incomplete balance sheet. Vernon's working capital is $94,000 and its debt-to-assets ratio is 40 percent. Required Complete the balance sheet by supplying the missing amounts. Vernon's Country Music Bar Balance Sheet

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2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy   Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.

Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoes allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. 3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed?

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Calculate the total estimated bad debts based on the information below.         Number of Days Outstanding     Total   0–30   31–60   61–90   91–120   Over 120 Accounts receivable   $489,000   $318,000   $91,000   $45,000   $23,000   $12,000                           % uncollectible       1%   4%   5%   9%   11%                           Estimated bad debts   $enter estimated bad debts in dollars    $enter estimated bad debts in dollars    $enter estimated bad debts in dollars    $enter estimated bad debts in dollars    $enter estimated bad debts in dollars    $enter estimated bad debts in dollars    eTextbook and Media List of Accounts             Attempts: 1 of 15 used           (b)     Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts…

a. Calculate bad debt On December 31, after many attempts at collecting the outstanding balance of Copper Gallery, the controller decided to write off that balance. Aylmer calculates bad debt on trade receivables only, not on project receivables. Bad debt is estimated to be: 0-30 days 31 – 60 days 5% 61 – 90 days 7.5% 91 – 120 days 10% Over 120 days 15% 1% In the excel spreadsheet, see the tab labelled “Trade Accounts Receivable Detail" to perform any necessary calculations.

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View Policies Show Attempt History Current Attempt in Progress Karen.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. (a) Your answer is partially correct. Calculate the total estimated bad debts based on the below information. Num Total 0-30 31-60 Accounts receivable $483,000 $328,000 $82,000 % uncollectible Estimated bad debts " $ A 1% 3280 SA 4% 3280 19 $

Required information Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 400,000 $1,000,000 In addition, its unadjusted trial balance includes the following items Accounts receivable Allowance for doubtful accounts $ 900,000 debit $ 7,200 debit Problem 7-2A (Algo) Part 3 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Cument assets Accounts receivable Less: Allowance for doubtful accounts 이