B01The following is a portion of the current assets section of the balance sheets of Blue Ridge Distributors atDecember 31, 2022 and 2021:Accounts receivable, less allowance for bad debts of $28,700(for 2022) and $19,900 (for 2021).a.b.C.What is the gross amount of accounts receivable at December 31, 2022?12/31/22$887,400(1.) The current ratio at December 31, 2022?(2.) Net income and ROE for the year ended December 31, 2022?12/31/21$832,600If bad debts expense for 2022 totaled $63,600, what was the amount of accounts receivable written offduring the year?The December 31, 2022, Allowance account balance includes $7,300 for a past due account that is notlikely to be collected. This account has not been written off. If it had been written off, what would havebeen the effect of the write off on:

Bad debt is recorded as an expense on the income statement of the firm. The bad debt can be recorded…

The following is a portion of the current assets section of the balance sheets of Blue Ridge Distributors at December 31, 2022 and 2021: a. Accounts receivable, less allowance for bad debts of $28,700 (for 2022) and $19,900 (for 2021). What is the gross amount of accounts receivable at December 31, 2022? If bad debts expense for 2022 totaled $63,600, what was the amount of accounts receivable written off during the year? b. 12/31/22 C. 12/31/21 $887,400 $832,600 The December 31, 2022, Allowance account balance includes $7,300 for a past due account that is not likely to be collected. This account has not been written off. If it had been written off, what would have been the effect of the write off on: (1.) The current ratio at December 31, 2022? (2.) Net income and ROE for the year ended December 31, 2022?

The following is a portion of the current assets section of the balance sheets of Blue Ridge Distributors at December 31, 2022 and 2021: a. Accounts receivable, less allowance for bad debts of $28,700 (for 2022) and $19,900 (for 2021). What is the gross amount of accounts receivable at December 31, 2022? If bad debts expense for 2022 totaled $63,600, what was the amount of accounts receivable written off during the year? b. 12/31/22 C. 12/31/21 $887,400 $832,600 The December 31, 2022, Allowance account balance includes $7,300 for a past due account that is not likely to be collected. This account has not been written off. If it had been written off, what would have been the effect of the write off on: (1.) The current ratio at December 31, 2022? (2.) Net income and ROE for the year ended December 31, 2022?

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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