Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $34,000 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,508 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ 544 Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ 14812 Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $ 23826

Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $34,000 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,508 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ 544 Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ 14812 Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $ 23826

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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