Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec.
Question:
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 540,000 Allowance for Doubtful Accounts 14,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: Sales totalled $2,960,000, of which 25% were cash sales (cost of sales $1,909,000). Sales returns were $103,000, half regarding credit sales. The returned merchandise was scrapped. An account for $19,000 was recovered. Several accounts were written off: $21,000. Collections from credit customers totalled $1,870,000 (excluding the recovery in (c) above).'
question #1: Show how accounts receivable will appear on the December 31, 2020, balance sheet.
Question #2 What will bad debt expense be on the income statement for the year ended December 31, 2020?
question #3: Show how accounts receivable will appear on the December 31, 2020, balance sheet.
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann