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Question - The hotel charges 150 per night for accommodation in one of the rental suites, and guests pay at the end of their stay, with daily revenue being accrued as it is earned. At December 31, the amount outstanding from short-term guests was 10,500. At year end, management expects to be unable to collect an amount equal to 5% of the outstanding receivables for this type of suite. During the year, sales amounted to 1,750,000, and the balance in Allowance for Doubtful Accounts at the end of the previous year was 15,000. During the year, $32,000 in accounts was written off. The two corporate suites are rented for 45,000 per year. The payment for these longer-term rentals is due in advance each July 1 for the following 12 months. One of these corporate suites has been in use for part of the year, but the corporate tenant went bankrupt and was unable to pay the 45,000 fee. Hotel management had hoped the tenant would eventually be able to pay, and it allowed the company to use the suite until the end of October. Since then, the hotel has been in negotiations with the bankruptcy accountant and expects to eventually receive a settlement of $10,000. The balance will become uncollectible; no allowance for doubtful accounts has been recorded with respect to these suites as there have never been collection problems in the past.
Calculate the accounts receivable, allowance for doubtful accounts, and bad debt balances as at December 31. Show Calculations for each.
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