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Category > Accounting Posted 25 Aug 2017 My Price 3.00

Olson Corp.

Exercise  7-3    Working  Backward:  Allowance  for  Doubtful  Accounts   Olson Corp. reported the following in the Current Assets section of its December 31, 2014, balance sheet:

 

LO1

EXAMPLE 7-2

 

12/31/14               12/31/13

Accounts  receivable,  net  of allowances

of $5,000 and $3,000, respectively                          $54,000                 $48,000

During 2014, Olson recorded $80,000 of sales on credit and wrote off $4,000 of uncollectible accounts.

Required

1.        Determine the amount of cash collected during 2014 from sales on credit.

2.        Determine the amount of bad debts expense for 2014.

Answers

Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 3.00

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