Impusle Inc. had the following unadjusted account balances at December 31, 2015, its year-end. Impulse estimates its

Question:

Impusle Inc. had the following unadjusted account balances at December 31, 2015, its year-end.

Impulse estimates its uncollectible accounts as five per cent of its December 31 accounts receivable balance.
Required:
1. Calculate the amount of estimated uncollectible accounts that will appear on Impulse's balance sheet at December 31, 2015.
2. Calculate the amount of bad debt expense that will appear on Impulse's income statement at December 31, 2015.
3. Prepare a partial balance sheet at December 31, 2015 showing accounts receivable, allowance for doubtful accounts, and the net accounts receivable.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...