As of January 1, 2021, Company had a credit balance of 535,000 in its allowance for uncollectible accounts. Based on experience, 2% of the company's gross accounts receivable have been uncollectibleDuring 2021, the company wrote off 665,000 of accounts receivable . The company's gross accounts receivable as December 31, 2021, is 18,750,000 In its December 31, 2021, balance sheet, what amount should the company report as allowance for uncollectible accounts?

At the beginning of 2017, EZ Tech Company's Accounts Receivable balance was $143,000, and the balance in Allowance for Doubtful Accounts was $2,450. EZ Tech's sales in 2017 were $1,070,000, 80% of which were on credit. Collections on account during the year were $690,000. The company wrote off $4,000 of uncollectible accounts during the year. Identify and analyze the transactions related to the collections of cash during 2017. Activity Operating  Accounts Cash Increase, Accounts Receivable Decrease  Statement(s) Balance Sheet only    How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Balance Sheet   Income Statement                               Stockholders'   Net       Assets = Liabilities + Equity   Revenues – Expenses = Income…

Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $2,600 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2025. May 30 Discounted the $33,000 note at a local bank. The bank's discount rate is 8 %. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $21,000. Terms of the sale are 4/10/30 Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. August 31 Sold stock in a nonpublic company with a book value of $5,900 and accepted a $6,900 noninterest-bearing note with a discount rate of 8%. The $6,900 payment is due on February 28, 2025. The stock has no ready market value.…

At December 31, 2021, Concord Co. reported the following information on its balance sheet. Accounts receivable $959,700 Less: Allowance for doubtful accounts 78,800 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,715,300 2. Sales returns and allowances 49,700 3. Collections of accounts receivable 2,801,100 4. Write-offs of accounts receivable deemed uncollectible 89,800 5. Recovery of accounts previously written off as uncollectible 28,000 (d) Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.) Accounts receivable turnover ratio Average collection period times days