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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of $141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of $4,350 and $9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of $1,530,000, collected receivables in the amount of $1,445,700, and recorded bad debt expense of $83, 750.

Required:

Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.

To determine

Calculate the amount of accounts receivable Company K has written off during the year and also identify the amount of accounts receivable to be reported at the beginning of the year.

Explanation

Account receivable:

The amount of money to be received by a company for the sale of goods and services to the customers is referred to as account receivable.

  • The amount of accounts receivable that was written off by the Company K during the year is [$9,420$83,750$4,350] $78,680

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