Do not give answer in image IncomeStatementUsing the information from the requirements in the previous tabs, complete the 'Analysis' tab.Analyze the following information:(a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024?Bad Debt Expense(b) What is the ending balance of Allowance for Uncollectible Accounts?GeneralJournalRequirementGeneralLedgerTrial BalanceEnding Balance of Allowance for Uncollectible Accounts(c) What amount of cash is expected to be collected from accounts receivable?Amount expected to be collected< Balance SheetBalance SheetAnalysisAnalysis The general ledger of Pop's Fireworks includes the following account balances in 2024:DebitAccountsCashCredit$22,200Accounts Receivable44,000Allowance for Uncollectible AccountsSuppliesNotes Receivable (8%, due in 2 years)LandAccounts PayableCommon StockRetained EarningsService RevenueSalaries ExpenseUtilities ExpenseSupplies ExpenseTotals8,20020,00090,00071,40025,70017,200$298,700June 3June 8$3,20013,300126,00030,400125,800$298,700In addition, the following transactions occurred during 2024 and are not yet reflected in the account balancesabove:Provide additional services on account for $12,000. All services on account include terms2/10, n/30.Receive cash from customers within 10 days of the services being provided on account. Thecustomers were originally charged $7,500.November 15 Write off customer accounts of $3,500 as uncollectible.The following information is available on December 31.

Bad Debt Expenses is the ledger that represents those accounts that seem to be uncollectible.…

The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals June 3 June 8 November 15 Debit $22,200 44,000 8,200 20,000 90,000 The following information is available on December 31. 71,400 25,700 17,200 $298,700 Credit $3,200 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 13,300 126,000 30,400 125,800 Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. Write off customer accounts of $3,500 as uncollectible.

The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals June 3 June 8 November 15 Debit $22,200 44,000 8,200 20,000 90,000 The following information is available on December 31. 71,400 25,700 17,200 $298,700 Credit $3,200 $298,700 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: 13,300 126,000 30,400 125,800 Provide additional services on account for $12,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $7,500. Write off customer accounts of $3,500 as uncollectible.

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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