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Question 6 --/10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Debit $56,300 Accounts receivable 7,110 Allowance for doubtful accounts $1,239,800 Net sales Sarasota Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. $ Bad debt expe nse for 2020 2. An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? 2.An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? $ Net realizable value 3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. $3,136,500 Credit sales during 2020 Bad debt expense 58,510 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer cred it was reestablished) 7,570 Customer accounts written off as uncollectible during 2020 32,420 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? $ Allowance for doubtful accounts 12/31/20

Question 6 --/10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Debit $56,300 Accounts receivable 7,110 Allowance for doubtful accounts $1,239,800 Net sales Sarasota Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. $ Bad debt expe nse for 2020 2. An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? 2.An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? $ Net realizable value 3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. $3,136,500 Credit sales during 2020 Bad debt expense 58,510 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer cred it was reestablished) 7,570 Customer accounts written off as uncollectible during 2020 32,420 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? $ Allowance for doubtful accounts 12/31/20

Financial & Managerial Accounting
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Current Liabilities And Payroll
Section: Chapter Questions
Problem 10.5CP
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Question 6

Question 6 --/10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Debit $56,300 Accounts receivable 7,110 Allowance for doubtful accounts $1,239,800 Net sales Sarasota Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. $ Bad debt expe nse for 2020 2. An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020?
Transcribed Image Text:Question 6 --/10 View Policies Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Sarasota Company's unadjusted trial balance at December 31, 2020, included the following accounts. Credit Debit $56,300 Accounts receivable 7,110 Allowance for doubtful accounts $1,239,800 Net sales Sarasota Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2020. $ Bad debt expe nse for 2020 2. An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020?
2.An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? $ Net realizable value 3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. $3,136,500 Credit sales during 2020 Bad debt expense 58,510 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer cred it was reestablished) 7,570 Customer accounts written off as uncollectible during 2020 32,420 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? $ Allowance for doubtful accounts 12/31/20
Transcribed Image Text:2.An analysis and aging of Ivanhoe Corp. accounts receivable at December 31, 2020, disclosed the following. $183,870 Amounts estimated to be uncollectible Accounts receivable 1,771,200 Allowance for doubtful accounts (per books) 127,350 What is the net amount expected to be collected of Ivanhoe's receivables at December 31, 2020? $ Net realizable value 3. Shamrock Co. provides for doubtful accounts based on 4% of gross accounts receivable, The following data are available for 2020. $3,136,500 Credit sales during 2020 Bad debt expense 58,510 Allowance for doubtful accounts 1/1/20 17,920 Collection of accounts written off in prior years (customer cred it was reestablished) 7,570 Customer accounts written off as uncollectible during 2020 32,420 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? $ Allowance for doubtful accounts 12/31/20
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