Reference no: EM131881521
Question: 1) At December 31, Mary Jo's Fabrics had total accounts receivable of $5,000. 50% of the receivables were current. 30% of the receivables were 31-60 days old. 20% of the receivables were over 60 days old.
Using past experience as a gauge, Mary Jo estimates that 2% of the current receivables will be uncollectible, 10% of the 31-60-day old receivables will be uncollectible, and 25% of the receivables over 90 days old will be uncollectible.
Before the appropriate adjusting entry, Mary Jo's Allowance for Doubtful Accounts had a credit balance of $40. What is Mary Jo's bad debt expense for the year?
2) At December 31, Mary Jo's Fabrics had total accounts receivable of $5,000. 50% of the receivables were current. 30% of the receivables were 31-60 days old. 20% of the receivables were over 60 days old.
Using past experience as a gauge, Mary Jo estimates that 2% of the current receivables will be uncollectible, 10% of the 31-60-day old receivables will be uncollectible, and 25% of the receivables over 90 days old will be uncollectible.
Before the appropriate adjusting entry, Mary Jo's Allowance for Doubtful Accounts had a debit balance of $20. What is Mary Jo's bad debt expense for the year?
3) Accounts Receivable has a balance of $378,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200 at a company's year-end prior the appropriate adjusting entry. An analysis of the company's receivables indicates that $22,300 will be uncollectible. What is the bad debt expense for the year?
4) Accounts receivable has a balance of $485,000 and the allowance for doubtful accounts has a credit balance of $1,450 at fiscal year end prior to adjustment. If the estimate of uncollectible accounts determined by aging the receivables is $8,900, the balance in the Allowance for Doubtful accounts after the adjustment is:
Express your answer as a number with no commas or decimals.
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