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How would each of the events affect the company

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Reference no: EM132813063

A company gross accounts receivable amounted to $5,000,000, and allowance for uncollectible accounts amounted to $50,000 at the end of the previous year. During the current year the company had the following transactions:

  1. Recorded $30,000,000 of credit sales
  2. Collected $15,000,000 of cash
  3. Wrote off $100,000 of bad debts
  4. Estimated that 1% of the current year sales will not be collected

Required

Problem 1. How would each of these events affect the company's financial statements of the current year?

Problem 2. What is the net A/R at the end of the current year?

Reference no: EM132813063

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