Maple Co. provides for bad debts expense at the rate of 5.33% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $12,000. There were $16,000 of accounts written off during the year. Credit sales for the year were $725,000. Ending Accounts Receivable was $135,000. What is the balance in the Allowance for Bad Debts account? Enter your response as a whole number, no commas and no dollar signs. Your Answer:

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 1CE
icon
Related questions
icon
Concept explainers
Question

Please help me 

Maple Co. provides for bad debts expense at the rate of 5.33% of ending Accounts Receivable. On
Jan 1, 20X1, the Allowance for Bad Debts was $12,000. There were $16,000 of accounts written off
during the year. Credit sales for the year were $725,000. Ending Accounts Receivable was
$135,000.
What is the balance in the Allowance for Bad Debts account?
Enter your response as a whole number, no commas and no dollar signs.
Your Answer:
Answer
Transcribed Image Text:Maple Co. provides for bad debts expense at the rate of 5.33% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $12,000. There were $16,000 of accounts written off during the year. Credit sales for the year were $725,000. Ending Accounts Receivable was $135,000. What is the balance in the Allowance for Bad Debts account? Enter your response as a whole number, no commas and no dollar signs. Your Answer: Answer
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning