A company is getting ready to publish their annual financial statements. They have the following beginning balances: Beginning balance for gross accounts receivable (A) $2,000 beginning balance for Allowance for doubtful accounts (XA) $300    1.) They make $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible. If the income statement method is used, -Ending balance for the allowance for doubtful accounts= $1,300 -Bad debt expense=$1,000     2.) assume that no cash collections were made during the accounting period and continue to assume that the $10,000 In credit sales were made in the current period. Suppose that 5% of accounts receivable are typically not collectible. If the balance sheet method is used, Bad debt expense= $300 Ending balance for the allowance for doubtful accounts= $600       QUESTION: From your analysis in question 1 and 2, which method will result in a higher net income? Why?

At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment?   You must show your computations.

Gregg company uses the allowance method for recording its expected credit losses. It estimates credit losses at 3% of credit sales, which were $900,000 during the year. On December 31 the accounts receivable balance was 150,000, and the allowance for doubtful accounts had a credit balance of 12,200 before adjustment. A. Prepare the adjusting entry to record the credit losses for the year. B. Show how accounts receivable and the allowance for doubtful accounts would appear in the December 31 balance sheet. The top 2 shaded blanks have the options of Bad debts expense, allowance for doubtful accounts. The bottom 2 shaded blanks have the options of accounts receivable, less: allowance for doubtful accounts.

At the end of the current year, Accounts Receivable has a balance of $128,310; Allowance for Doubtful Accounts has a debit balance of $3,095; and sales for the year total $947,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for bad debt expense.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted Balance   Accounts Receivable $fill in the blank 2   Allowance for Doubtful Accounts fill in the blank 3   Bad Debt Expense fill in the blank 4   c. Determine the net realizable value of accounts receivable.$fill in the blank 5

The following information is available for Market, Incorporated and Supply, Incorporated at December 31.   Accounts Market, Incorporated Supply, Incorporated Accounts receivable $59,800 $77,800 Allowance for doubtful accounts 2,548 2,956 Sales revenue 616,960 907,100 Required What is the accounts receivable turnover for each of the companies? What is the average days to collect the receivables? Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.)         Company Accounts Receivable Turnover Market   times Supply   times   What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.)…

At the end of the current year, Accounts Receivable has a balance of $148,390; Allowance for Doubtful Accounts has a debit balance of $4,406; and sales for the year total $1,056,000. Bad debt expense is estimated at 2% of sales. a.  Determine the amount of the adjusting entry for bad debt expense.$ b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted Balance   Accounts Receivable $   Allowance for Doubtful Accounts     Bad Debt Expense     c.  Determine the net realizable value of accounts receivable.$

Explain within calculation