Reference no: EM131756421
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Presented below are a series of unrelated situations.
Answer the questions relating to each of the five independent situations as requested.
1. Nash Company's unadjusted trial balance at December 31, 2017, included the following accounts.
Debit Credit
Accounts receivable
$51,200
Allowance for doubtful accounts $7,880
Net sales $1,262,100
Nash Company estimates its bad debt expense to be 5% of gross accounts receivable. Determine its bad debt expense for 2017.
Bad debt expense for 2017 $
2.An analysis and aging of Crane Corp. accounts receivable at December 31, 2017, disclosed the following.
Amounts estimated to be uncollectible $ 184,380
Accounts receivable 1,798,200
Allowance for doubtful accounts (per books) 127,480
What is the net realizable value of Crane's receivables at December 31, 2017?
The net realizable value $
3.Cheyenne Co. provides for doubtful accounts based on 3% of gross accounts receivable, The following data are available for 2017.
Credit sales during 2017 $824,300
Bad debt expense
58,070
Allowance for doubtful accounts 1/1/17 18,180
Collection of accounts written off in prior years (customer credit was reestablished) 8,560
Customer accounts written off as uncollectible during 2017 30,830
What is the balance in Allowance for Doubtful Accounts at December 31, 2017?
The balance in Allowance for Doubtful Accounts $
4.At the end of its first year of operations, December 31, 2017, Ayayai Inc. reported the following information.
Accounts receivable, net of allowance for doubtful accounts $1,007,400
Customer accounts written off as uncollectible during 2017 21,810
Bad debt expense for 2017 85,420
What should be the balance in accounts receivable at December 31, 2017, before subtracting the allowance for doubtful accounts?
Accounts receivable, before deducting allowance for doubtful accounts $
5.The following accounts were taken from Pina Inc.'s trial balance at December 31, 2017.
Debit Credit
Net credit sales $690,500
Allowance for doubtful accounts $14,570
Accounts receivable 305,800
If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2017.
The bad debt expense, as adjusted $
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I need the solution of Q1 and Q3. Be careful this is different from other similar problems in Coursehero. It asks gross accounts receivable instead of net sale rate