90.2K

Verified Solution

Link Copied!

Please help!

The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Cullumber Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Accounts receivable Debit $52,200 5,240 Allowance for doubtful accounts Net sales $1,237,200 Cullumber Company estimates uncollectible accounts will be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $ 2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 184,190 1,753,500 125,370 What is the net amount expected to be collected of Riverbed's receivables at December 31, 2020? Net realizable value $ 3. Marin Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2020. $3,025,600 Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 59,380 17,480 8.630 32.250 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 $ 4. At the end of its first year of operations, December 31, 2020, Headland Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts Customer accounts written off as uncollectible during 2020 Bad debt expense for 2020 $940,500 24,100 85,250 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts 5. The following accounts were taken from Sage Inc's trial balance at December 31, 2020. Debit Credit $737,100 Net credit sales Allowance for doubtful accounts Accounts receivable $15,110 307,100 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020. Bad debt expense, as adjusted $

Answer & Explanation Solved by verified expert

See Answer