May you please answer PART D & E. Part D&E is the portion I'm having trouble with.
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May you please answer PART D & E. Part D&E is the portion I'm having trouble with.
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- Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000At the beginning of current year, ABC company reported that the allowance for doubtful account has a acredit balance of $170,000. The company uses the aging of accounts receivable as a way to estimate the allowance The following schedule was prepared: Not yet due $1,700,000 NL uncollectible1-30 days pasat due $1,200,000 5% uncollectible31-60 days past due $100,000 25% uncollectible61-90 days past due $150,000 50% uncollectibleover 90 days past due. $120,000 100% uncollectible Questions:1) What is the required allowance for doubtful accounts at year-end?2) How much would be the doubtful accounts expense for the current year?3) What is the adjusting entry for the doubtful accounts expense for the current year?4) What is the net realizable value of accounts receivable at year-end?5) What is the effect on current assets should the adjustment was not made?Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
- 5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are falseFDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P11,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 5% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?Lyka Co. determined that the net value of its accounts receivable at December 31, 2020,based on an aging of the receivables, was P325,000. Additional information is as follows:Allowance for uncollectible accounts—1/1/20 30,000Uncollectible accounts written off during 2020 18,000Uncollectible accounts recovered during 2020 2,000Accounts receivable at 12/31/20 350,0001. For 2020, what would be Inge’s uncollectible accounts expense? __________ 2. At January 1, 2020, Jamin Co. had a credit balance of P260,000 in its allowance for uncollectible accounts. Based on past experience, 2% of Jamin’s credit sales have been uncollectible. During 2020 Jamin wrote off P325,000 of uncollectible accounts. Credit sales for 2020 were P9,000,000. In its December 31, 2020 balance sheet, what amount should Jamin report as allowance for uncollectible accounts? __________