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What is the bad debt expense reported on december

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Reference no: EM133147187

Question - If audited annual financial statements are prepared for the year ended on December 31st and the company has the following General Ledger account balances after all adjusting journal entries have been recorded:

Sales $34,250 (of which 40% are credit sales still outstanding)

Sales returns and Allowances $1,000

Allowance for Doubtful Accounts $1,502

Bad Debt Expense is estimated as 4% of outstanding credit sales at period end

Advances to Shareholders and Directors $4,519

Long term Receivables $9,014

Miscellaneous Receivables $1,212

Notes Receivables $2,903 (Current Portion)

Required -

1: Assuming no other transaction happened, what is the Bad Debt Expense reported on December 31st?

2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st?

3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?

Reference no: EM133147187

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