14.As of January 1, 2021, Barley Co. had a credit balance of $539,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's gross accounts receivable have been uncollectible. In 2021, Farley wrote off $669,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,950,000. 15.How much bad debt expense should Barley record for 2021? Group of answer choices $319,000 $728,500 $59,500 $189,500

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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14.As of January 1, 2021, Barley Co. had a credit balance of $539,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's gross accounts receivable have been uncollectible. In 2021, Farley wrote off $669,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,950,000.

15.How much bad debt expense should Barley record for 2021?

Group of answer choices
$319,000
$728,500
$59,500
$189,500
 
As of December 31, 2020, Gill Co. reported accounts receivable of $225,000 and an allowance for uncollectible accounts of $8700. In 2021, accounts receivable increased by $22,300, (that change includes $7450 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2021, accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. Bad debt expense for 2021 would be:

Group of answer choices
$8,642
$7,450
$9,892
none of these answer choices are correct
15.
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