Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the net realizable value of the receivables was P250,000. Additional information is available as follows: P 28,000 23,000 270,000 5,000 Allowance for Bad Debts, 12/31/19 - debit balance Accounts written off as uncollectible during 2020 Accounts Receivable at 12/31/20 adjusted Uncollectible accounts recovery during 2020 What is amount of bad debts expense that shall be presented in Nissan's 2020 statement of financial performance?

Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the net realizable value of the receivables was P250,000. Additional information is available as follows: P 28,000 23,000 270,000 5,000 Allowance for Bad Debts, 12/31/19 - debit balance Accounts written off as uncollectible during 2020 Accounts Receivable at 12/31/20 adjusted Uncollectible accounts recovery during 2020 What is amount of bad debts expense that shall be presented in Nissan's 2020 statement of financial performance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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An analysis and aging of Marigold Corp.’s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $156,000 Accounts receivable 1,810,000 Allowance for doubtful accounts (per books) 140,000 What is the net realizable value of Marigold Corp.’s receivables at December 31, 2020? Net realizable val
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Apple Company determined that the net realizable value of its accounts receivable at December 31, 2020 based on aging of accounts receivable was P3,160,000. Additional information for 2020 is as follows: Allowance for doubtful accounts - Jan. 1 500,000 Accounts receivable - December 31 4,800,000 Doubtful accounts written off during the year 320,000 Doubtful accounts recovered during the year 70,000 What should be the doubtful accounts expense for 2020? 390,000 520,000 480,000 460,000
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johnson company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectable accounts had a credit balance of $12000 at the begining of 2024. no previously written off accounts recievable were reinstated during 2024. at 12/31/2024, gross accounts recievable totaled $200,100, and prior to recording the adjusting entry to recognize bad debt expenses for 2024, the allowance for uncollectable accounts had a debit balance of $22000. required 1. what was the balance in gross accounts recievable as of 12/31/2023? 2. what journal entry should johnson record to recognize bad debt expense for 2024? 3. assume johnson made no other adjustments of the allowance for uncollectable accounts during 2024. Determine the amount of accounts recievable written off during 2024. 4. if johnson instead used the direct write off method, what would bad debt expense be for 2024?
21. Ebasan Company estimates its doubtful accounts by aging its accounts receivable. The aging schedule of accounts receivable at December 31, 2020 is presented below: Age of Accounts 0-30 days 31-60 days Amount P1,264,800 691,500 61-90 days 288,600 114,975 91-120 days Over 120 days 59,100 Ebasan's uncollectible accounts experience for the past 5 years are summarized in the following schedule: Year 0-30 31-60 61-90 91-120 Over 120 2019 Receivable (Dec 31) P1,968,750 1,500,000 697,500 0.3% 1.8% 12% 38% 65% 2018 0.5% 1.6% 41% 70% 2017 1.5% 0% 50% 69% 0.2% 0.4% 2016 1,224,000 1,7% 10.2% 47% 81% 2015 1,865,500 0.9% 2.0% 9.7% 33% 95% The balance of the allowance for doubtful accounts at December 31, 2020 before adjustment is P126,751. The necessary adjusting journal entry to adjust the allowance for doubtful accounts as of Dec 31,2020 would include: A. A debit to retained earnings of P13,894, B. A debit to doubtful accounts expense P140,644. C. A credit to doubtful accounts expense…
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