Reference no: EM132521825
Question - Information for the Hooper Company is as follows:
Accounts Receivable at March 31, 2015 $9,000
Allowance for Doubtful Accounts (Credit balance) $2,000
Net Sales (85% on credit) for year ending 12/31/15 $100,000.
(1) What is the amount of uncollectible account expense for 2015 if the company uses the Percentage of Sales method and 2% of credit sales are deemed uncollectible?
(2) What is the amount of uncollectible account expense if the company uses the balance sheet approach and estimates $2,200 as uncollectible in 2015?
(3) What is the net realizable value of accounts receivable if the company uses the balance sheet approach?
(4) If the company uses the balance sheet approach and writes-off a receivable of $450 what will be the net realizable value of accounts receivable after the write off?
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