A series of unrelated situations follow for several companies that use ASPE: Sage Hill Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts: Debit CreditAllowance for doubtful accounts $8,200 Sales revenue $2,085,000Sales returns and allowances 61,400 Sales discounts 5,400 Sage Hill estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2020. (Round answer to 0 decimal places, e.g. 58,971.)Bad debt expense $Enter your answer in accordance to the question statement At the end of its first year of operations, on December 31, 2020, Splish Brothers Inc. reported the following information:Accounts receivable, net of allowance for doubtful accounts $960,000Customer accounts written off as uncollectible during 2020 23,000Bad debt expense for 2020 97,000What is the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts?Accounts receivable, before deducting allowance for doubtful accounts $Enter your answer in accordance to the question statement The following accounts were taken from Skysong Inc.’s unadjusted trial balance at December 31, 2020: Debit CreditSales revenue (all on credit) $960,000Sales discounts $22,300 Allowance for doubtful accounts 34,700 Accounts receivable 720,000 If doubtful accounts are 6% of accounts receivable, what is the bad debt expense amount to be reported for 2020?Bad debt expense $Enter your answer in accordance to the question statement

Name: A series of unrelated situations follow for several companies that use
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Description: A series of unrelated situations follow for several companies that use ASPE: Sage Hill Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts: Debit CreditAllowance for doubtful accounts $8,200 Sales revenue $2,085

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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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A series of unrelated situations follow for several companies that use ASPE:

Sage Hill Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts:

	Debit	Credit
Allowance for doubtful accounts	$8,200
Sales revenue		$2,085,000
Sales returns and allowances	61,400
Sales discounts	5,400

Sage Hill estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2020. (Round answer to 0 decimal places, e.g. 58,971.)

Bad debt expense

$Enter your answer in accordance to the question statement

At the end of its first year of operations, on December 31, 2020, Splish Brothers Inc. reported the following information:

Accounts receivable, net of allowance for doubtful accounts		$960,000
Customer accounts written off as uncollectible during 2020		23,000
Bad debt expense for 2020		97,000

What is the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts?

Accounts receivable, before deducting allowance for doubtful accounts

$Enter your answer in accordance to the question statement

The following accounts were taken from Skysong Inc.’s unadjusted trial balance at December 31, 2020:

	Debit	Credit
Sales revenue (all on credit)		$960,000
Sales discounts	$22,300
Allowance for doubtful accounts	34,700
Accounts receivable	720,000

If doubtful accounts are 6% of accounts receivable, what is the bad debt expense amount to be reported for 2020?

Bad debt expense

$Enter your answer in accordance to the question statement

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