The following information concerns Hammer Associates at the end of 2018: Credit sales Accounts receivable-December...
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Accounting
The following information concerns Hammer Associates at the end of 2018: Credit sales Accounts receivable-December 31, 2018 Allowance for bad debts-December 31, 2018 $1,200,000 200,000 (Before adjustment for bad debts Estimated percentage of uncollectible accounts receivables at 5,000 4% a) If bad debts are estimated at 1% of credit sales, how much will Hammer report as bad debts expense for 2018? b) If bad debts are estimated at 1% of credit sales, how much will Hammer report in the allowance for bad debts at December 31, 2018 after the adjustment for bad debts? c) If the percent-of-receivables method is used to estimate bad debts, how much bad debts expense will Hammer report for 2018? d) If the percent-of-receivables method is used to estimate bad debts, how much will Hammer report in the allowance for bad debts at December 31, 2018 after the adjustment for bad debts
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