ABC company only sells on account for the year 2022. The company began the year with $6,000 in Accounts Receivable and zero in the allowance for doubtful accounts. During the year, sales on account were $27,500, and the cost of goods sold were $8,750. Cash collected on account was $18,000, sales returns and allowances were $800 and sales discount $500.00. In addition, a customer account balance in the amount of $1,000 was written off as uncollectable but $200 were reinstated. 1. What is ABC Company accounts receivable balance and the allowance for doubtful accounts unadjusted at the December 31, 2022? $ and $ (Hint: use a T account to solve this problem)

ABC company only sells on account for the year 2022. The company began the year with $6,000 in Accounts Receivable and zero in the allowance for doubtful accounts. During the year, sales on account were $27,500, and the cost of goods sold were $8,750. Cash collected on account was $18,000, sales returns and allowances were $800 and sales discount $500.00. In addition, a customer account balance in the amount of $1,000 was written off as uncollectable but $200 were reinstated. 1. What is ABC Company accounts receivable balance and the allowance for doubtful accounts unadjusted at the December 31, 2022? $ and $ (Hint: use a T account to solve this problem)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
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