Reference no: EM131679020
A. On January 1, 2017, ABC Company purchased a large piece of equipment for $285,000. The equipment was assigned a salvage value of $$15,000 and a life of 9 years. ABC Company uses the sum-of-the-years-digits' method of depreciation.
Calculate the book value of the equipment at December 31, 2020. Do not use decimals in your answer.
B. At January 1, 2018, Betty DeRose, Inc. had an allowance for bad debts with a $3,100 credit balance. During 2018, Betty wrote-off accounts receivable as uncollectible totaling $4,700. The aging schedule below was prepared by Betty DeRose, Inc. at December 31, 2018:
Accounts Receivable % Uncollectible not past due $150,000 1%
1-30 days past due 55,000 4%
31-60 days past due 24,000 9%
61-90 days past due 13,000 25%
over 90 days past due 6,000 45%
Calculate the amount of bad debt expense recorded by Betty DeRose, Inc. for 2018. Do not use decimals in your answer.
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