View Policies Show Attempt History Current Attempt in Progress Karen.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. (a) Your answer is partially correct. Calculate the total estimated bad debts based on the below information. Num Total 0-30 31-60 Accounts receivable $483,000 $328,000 $82,000 % uncollectible Estimated bad debts " $ A 1% 3280 SA 4% 3280 19 $

Saved Help Save E6-14 (Algo) Recording and Reporting a Bad Debt Estimate Using Aging Analysis LO6-2 Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $51,600; (2) up to 180 days past due, $15,300; and (3) more than 180 days past due, $4,200. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12 percent, and (3) 32 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $300 (credit) before the end-of-period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet. Complete this question by entering…

Beginning balances: Allowance for Doubtful Accounts - $45,000 Accounts Receivable - $3,000,000 Bad Debt percent of credit sales – 1.5% Total Credit Sales – $38,000,000 1) Estimate bad debt expense using percent of sales method 2) Record transaction. 3) Show new adjusted allowance account 4) In January the next year, $48,000 is determined to be uncollectible. Show the entry and adjust accounts.

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Entry for bad debt expenses

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nalysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a.  Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. 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

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $440,000, Allowance for Doubtful Accounts has a debit balance of $4,000, and sales for the year total $1,980,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,400. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. 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    Answer with all work

Mr. and Mrs. FB, a retired couple, decided to open a family restaurant. During March and April, they incurred the following expenses. Prepaid rent on commercial real estate ($2,100 per month from April through December) $ 18,900 Prepaid rent on restaurant equipment ($990 per month from April through December) 8,910 Advertising of upcoming Grand Opening 900 Staff hiring and training 11,500 TOTAL $ 40,210 Mr. and Mrs. FB served their first meal to a customer on May 1. Determine the tax treatment of the above expenses on their tax return.

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