i. ii. ii. iv. v. (1) v. (2) Assets 1) On January 1, 2018, Sophie Consulting...

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i. ii. ii. iv. v. (1) v. (2) Assets 1) On January 1, 2018, Sophie Consulting has a $50,000 balance in accounts receivable and a $0 balance in the Allowance for Doubtful Accounts. During 2018, Sophie provides $75,000 of service on account. The company collected $100,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 2% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2018? b. What is the amount of cash flows from Operating activities that would appear on the 2018 Cash Flow statement? c. Show the impact (with amounts) of each of the following items on the horizontal equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $75,000. ii. Show the impact of $100,000 cash collected during the year. iii. Establish an Allowance for Doubtful Accounts at year-end. iv. In the following year, an account worth $800 is determined to be uncollectible, what is the entry? v. A receivable for $300 that was previously written off is collected. What is the 2 step entry? = Liabilities + Stockholders' Revenues Equity Expenses = Net Income Cash Flow i. ii. ii. iv. v. (1) v. (2) Assets 1) On January 1, 2018, Sophie Consulting has a $50,000 balance in accounts receivable and a $0 balance in the Allowance for Doubtful Accounts. During 2018, Sophie provides $75,000 of service on account. The company collected $100,000 cash from Accounts Receivable. Uncollectible accounts are estimated to be 2% of sales on account. a. What is the amount of uncollectible accounts expense recognized in 2018? b. What is the amount of cash flows from Operating activities that would appear on the 2018 Cash Flow statement? c. Show the impact (with amounts) of each of the following items on the horizontal equation. For the asset section, name the specific accounts impacted. i. Record Sales during the year on account of $75,000. ii. Show the impact of $100,000 cash collected during the year. iii. Establish an Allowance for Doubtful Accounts at year-end. iv. In the following year, an account worth $800 is determined to be uncollectible, what is the entry? v. A receivable for $300 that was previously written off is collected. What is the 2 step entry? = Liabilities + Stockholders' Revenues Equity Expenses = Net Income Cash Flow

Answer rating: 100% (QA)

Answer a To calculate the amount of uncollectible accounts expense recognized in 2018 we first need to find the total amount of sales on account and t... View the full answer