Swift Corporation has provided the following information after year-end adjustments: . • Allowance for Doubtful Accounts was $15,000 at the beginning of the year and $35,000 at the end of the year. Accounts written off as uncollectible totaled $25,000. What was the amount of Swift Corporation's bad debt expense for the year?
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What was the amount of swift corporation
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- Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.What was the amount of swift corporations bad bebt expense?20. Case Co.’s balances in Allowance for Doubtful Accounts were $25,000 at the beginning of the current year and $18,000 at year end. During the year, receivables of $10,000 were written off as uncollectible. What amount should Case report as bad debt expense at year end?
- At the end of the year, Accounts Receivable has a balance of $5,345,000; Allowance for Doubtful Accounts has a credit balance of $75,300; and sales for the year total $42,600,000. Using the aging method to account for uncollectible accounts, the balance of the Allowance for Doubtful Accounts is estimated as $135,000. What is the amount of the adjusting entry for bad debt expense?At the end of the year, two similar companies were in the process of calculating bad debt expense for the year. Each company had credit sales of P 1,000,000 and a debit balance in Allowance for Uncollectible Accounts of P 2,000 before any year-end adjustment. The amount of accounts receivable written off during the year for both companies was P 8,000. The balance of Accounts Receivable is P 180,000. A Company estimates that 5% of accounts receivable will not be collected over the next year. B Company estimates that 5% of credit sales will not be collected over the next year. Required: For each company, determine: a) The uncollectible accounts expense for the year. b) The adjusting entry to be made of December 31. c) The balance in Allowance for Doubtful Accounts after adjustmentThe company had sales of $100,000 for the calendrer period 2021. The allowance for doubtful accounts total at the beginning of the year was $1500. $ 1800 of accounts receivable were written off during the year as uncollectible. Assuming the company estimates the allowance for bad debts to be 2% of sales, what is the year end adjusting entry? Would your answer be different if the company utilized the direct write off method? If so, how?
- During the current year, Sun Electronics, Incorporated, recorded credit sales of $760,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales. a. On November 13 of the current year, an account receivable for $430 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. Required: Indicate the effects of the transactions in the following table. Indicate the accounts affected and enter decreases to account categories with a minus sign. Transaction a. a. b. b. Assets Liabilities Stockholders' EquityOne company has a credit balance of $1530 in its allowance for doubtful accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, One company estimates that $1545 of its receivables are uncollectible. As a result it will debit Bad Debts Expense for what amount?One company has a debit balance of $11325 in its allowance for doubtful accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, One company estimates that $1452 of its receivables are uncollectible. As a result it will debit Bad Debts Expense for what amount?
- At the end of the current year, using the aging of receivable method, management estimated that $24,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a credit balance of $465. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?Also, What would be the Net Realizable Value of Harris Company’s Accounts Receivable at year end after the adjusting entry for bad debts has been recorded?During the current year, Witz Electric, Inc., recorded credit sales of $860,000. Based on prior experiences, it estimates a 2 percent bad debt rate of credit sales. 1. On September 29 of the current year, an account receivable for $1,800 from March of the current year was determined to be uncollectible and was written off. 2. The appropriate bad debt expense adjustment was recorded for the current year.