Current Attempt in Progress At January 1, 2023, the credit balance of Flint Corporation's Allowance for Expected Credit Losses was $410,000. During 2023, th loss on impairment entry was based on a percentage of net credit sales. Net sales for 2023 were $80 million, of which 90% were or account. Based on the information available at the time, the 2023 loss on impairment was estimated to be 0.80% of net credit sales During 2023, uncollectible receivables amounting to $489,500 were written off against the allowance for expected credit losses. T company has estimated that at December 31, 2023, based on a review of the aged accounts receivable, the allowance for expected credit losses would be properly measured at $530,500. (a1) Prepare a schedule calculating the balance in Flint's Allowance for Expected Credit Losses at December 31, 2023. Balance, January 1, 2023
Current Attempt in Progress At January 1, 2023, the credit balance of Flint Corporation's Allowance for Expected Credit Losses was $410,000. During 2023, th loss on impairment entry was based on a percentage of net credit sales. Net sales for 2023 were $80 million, of which 90% were or account. Based on the information available at the time, the 2023 loss on impairment was estimated to be 0.80% of net credit sales During 2023, uncollectible receivables amounting to $489,500 were written off against the allowance for expected credit losses. T company has estimated that at December 31, 2023, based on a review of the aged accounts receivable, the allowance for expected credit losses would be properly measured at $530,500. (a1) Prepare a schedule calculating the balance in Flint's Allowance for Expected Credit Losses at December 31, 2023. Balance, January 1, 2023
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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