Olson Corp. reported the following in the Current Assets section of its December 31, 2016 balance sheet:
Question:
During 2016, 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 2016 from sales on credit.
2. Determine the amount of bad debts expense for 2016.
Transcribed Image Text:
12/31/16 12/31/15 Accounts receivable, net of allowances of $5,000 and $3,000, respectively $54,000 $48,000
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Financial Accounting The Impact On Decision Makers
ISBN: 9781305793194
10th Edition
Authors: Gary A. Porter, Curtis L. Norton
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