Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales are not reasonably assured, and bad debt losses cannot be reasonably predicted. It is unlikely that repossessed merchandise is in condition to be re-sold. Therefore, Reliable uses the cost recovery method. Merchandise costing $32,250 was sold for $56,500 in 2020. Collections on this sale were $20,600 in 2020, $14,700 in 2021, and $21,200 in 2022.   In 2022, Reliable would recognize gross profit of:

A series of unrelated situations follow for several companies that use ASPE: (a)     Larkspur Inc.’s unadjusted trial balance at December 31, 2020, included the following accounts:     Debit   Credit Allowance for doubtful accounts   $8,000     Sales revenue       $2,065,000 Sales returns and allowances   61,300     Sales discounts   3,900     Larkspur estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2020. (Round answer to 0 decimal places, e.g. 58,971.) Bad debt expense   $Enter your answer in accordance to the question statement        Save for Later Last saved 23 hours ago. Saved work will be auto-submitted on the due date. Attempts: 0 of 1 used Submit Answer     (b) The parts of this question must be completed in order. This part will be available when you complete the part above.   (c) The parts of this question must be completed in order. This part will be available when…

can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available:   Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…

Use Newell Brands, Inc.'s financial statement information to answer the following questions. Provide the following account balances for Newell Brands :     December 31, 2020 December 31, 2019 Accounts Receivable (gross)     Allowance for Doubtful Accounts     Accounts Receivable, net     Which of the above numbers represents the total amount Newell Brands is owed by customers as of December 31, 2020?    Which of the above numbers represents the amount that Newell Brands believes it will not collect from its customers as of December 31, 2020?        Which of the above numbers represents the amount that Newell Brands believes it will collect from its customers as of December 31, 2020?        Provide the journal entry (both accounts and amounts) that Newell Brands must have made to record its estimate of Bad Debt Expense in 2020.                  Provide the journal entry (both accounts and amounts) that Newell Brands must…

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