Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 7.00

Mahogany Company

Mahogany Company had the following information relating to its accounts receivable at December 31, 2011, and for the year ended December 31, 2012:
Accounts receivable balance at 12/31/11 . . . . . . . . . . . . . . . . . . .. . . . . . . . . $ 750,000
Allowance for bad debts at 12/31/11 (credit balance) . . . . . . . . . . . . . . . . . . 45,000
Gross sales during 2012 (all credit). . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 3,500,000
Collections from customers during 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,075,000
Accounts written off as uncollectible during 2012 . . . . . . . . . . . . . . . . . . . . . 50,000
Estimated uncollectible receivables at 12/31/12 . . . . . . . . . . . . . . . . . . . . . . 90,000
Mahogany Company uses the percentage of receivables method to estimate bad debt expense.
1. At December 31, 2012, what is the balance of Mahogany Company’s Allowance for Bad Debts? What is the bad debt expense for 2012?
2. At December 31, 2012, what is the balance of Mahogany Company’s gross accounts receivable?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 06:08 PM My Price 7.00

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