Year Total Outstanding Percent of sales on Receivables account written off Percent of outstanding receivables written off by receivale age group 0-30 31-60 61-90 over 90 2013 30629175 4.55% 1.72% 0.87% 11.61% 18.40% 2014 32094902 3.25% 3.13% 3.58% 0.95% 17.74% 2015 29760333 3.02% 1.45% 1.99% 5.42% 12.74% 2016 38912635 2.97% 1.45% 2.57% 6.95% 9.83% 2017 39050021 4.81% 3.66% 4.36% 8.85% 14.62% 2018 (perdicted)

Year Total Outstanding Percent of sales on Receivables account written off Percent of outstanding receivables written off by receivale age group 0-30 31-60 61-90 over 90 2013 30629175 4.55% 1.72% 0.87% 11.61% 18.40% 2014 32094902 3.25% 3.13% 3.58% 0.95% 17.74% 2015 29760333 3.02% 1.45% 1.99% 5.42% 12.74% 2016 38912635 2.97% 1.45% 2.57% 6.95% 9.83% 2017 39050021 4.81% 3.66% 4.36% 8.85% 14.62% 2018 (perdicted)

Name: Calculate the bad debt expense for 2018. Assume balance of Allowance f
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Description: Calculate the bad debt expense for 2018. Assume balance of Allowance for uncollectible is zero YearTotal Outstanding Percent of sales onReceivablesaccount written off Percent of outstanding receivables written off by receivale age group0-3031-6061-90

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Calculate the bad debt expense for 2018. Assume balance of Allowance for uncollectible is zero

Year
Total Outstanding Percent of sales on
Receivables
account written off Percent of outstanding receivables written off by receivale age group
0-30
31-60
61-90
over 90
2013
30629175
4.55%
1.72%
0.87%
11.61%
18.40%
2014
32094902
3.25%
3.13%
3.58%
0.95%
17.74%
2015
29760333
3.02%
1.45%
1.99%
5.42%
12.74%
2016
38912635
2.97%
1.45%
2.57%
6.95%
9.83%
2017
39050021
4.81%
3.66%
4.36%
8.85%
14.62%
2018 (perdicted)

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

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