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E6-18 (Algo) Inferring Bad Debt Write-Offs and Cash Collections from Customers LO6-2

On its recent financial statements, Hassell Fine Foods reported the following information about net sales revenue and accounts receivable (amounts in thousands):

	Current Year		Prior Year
Accounts receivable, net of allowances of $353 and $317	$	15,589	$	13,338
Net sales revenue		65,420		56,122

According to its Form 10-K, Hassell recorded bad debt expense of $128 and there were no bad debt recoveries during the current year. (Hint: Refer to the summary of the effects of accounting for bad debts on the Accounts Receivable (Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.)

Required:

1. What amount of bad debts was written off during the current year?

2. Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassells sales during the period were on open account.

Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What amount of bad debts was written off during the current year? (Enter your answers in thousands not in dollars.) Allowance for Doubtful Accounts 317,000 X Beg. bal. 189 X 128,000 X Bad debt expense Write-offs | 444,811 End. bal. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on your answer to requirement (1), solve for cash collected from customers for the current year, assuming that all of Hassell's sales during the period were on open account. (Enter your answers in thousands not in dollars.) Beg. bal. Net sales Accounts Receivable (Gross) 13,655 65,420 62,755 Cash collections 189 X Write-offs End. bal. 16,131