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What is accounts receivable gross on december

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The Accounts Receivable balance for Computer Co. is $70,000 as of December 31st. Before calculating and recording Bad Debt Expense for the year, the Allowance for Doubtful Accounts has a credit balance of $80.

  • Credit sales for the year were $65,000. In the past, 3% of net credit sales have proved uncollectible.
  • An aging of Computer Co.'s Accounts Receivable results in a $2,000 estimate for the Allowance for Doubtful Accounts. There were no write-offs during the year.

Problem 1: Assume Computer Co. uses the analysis of receivables method. What is "Accounts Receivable, gross" on its December 31st Balance Sheet?

Option 1: $68,050

Option 2: $68,000

Option 3: $70,000

Option 4: $67,970

Reference no: EM132821497

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