Please show solution in getting the asnwer. Thank you! Problem 5-15 (AICPA Adapted)the current year:Allowance for doubtful accounts -January 1Sales - all on creditSales discountSales returns and allowancesAccounts written off as uncollectibleRecovery of accounts written off200,0009,500,0001,000,000500,000100,00050,000The entity recorded doubtful accounts expense at the rate of5% of net credit sales.What amount should be reported as allowance for doubtfulaccounts on December 31?a. 450,000b. 625,000c. 600,000d. 550,000Problem 5-16 (AICPA Adapted)Effective with the current year, Fateful Company adopted anew accounting method for estimating the allowance fordoubtful accounts at the amount indicated by the year-endaging of accounts receivable.250,000Allowance for doubtful accounts, January 1Provision for doubtful accounts during the year(2% on credit sales of P10,000,000)Accounts written off during the yearEstimated uncollectible accounts per aging, December 31What amount should be reported as doubtful accountsexpense for the current year?200,000205,000220,000a. 220,000b. 205,000c. 200,000d. 175,000

Problem 5-15 Castaway Company provided the following information for the current year: Allowance for doubtful accounts-January 1 Sales- all on credit Sales discount Sales returns and allowances Accounts written off as uncollectible Recovery of accounts written off 200,000 9,500,000 1,000,000 500,000 100,000 50,000 The entity recorded doubtful accounts expense at the rate of 5% of net credit sales. What amount should be reported as allowance for doubtful accounts on December 31? a. 450,000 b. 625,000 c. 600,000 d. 550,000

Problem 5-15 Castaway Company provided the following information for the current year: Allowance for doubtful accounts-January 1 Sales- all on credit Sales discount Sales returns and allowances Accounts written off as uncollectible Recovery of accounts written off 200,000 9,500,000 1,000,000 500,000 100,000 50,000 The entity recorded doubtful accounts expense at the rate of 5% of net credit sales. What amount should be reported as allowance for doubtful accounts on December 31? a. 450,000 b. 625,000 c. 600,000 d. 550,000

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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