Reporting Uncollectible Accounts and Accounts Receivable
LaFond Company analyzes its accounts receivable at December 31, 2016, and arrives at the aged categories below along with the percentages that are estimated as uncollectible.
Age Group Accounts Receivable Estimated Loss %
Current (not past due) $250,000 0.5%
1-30 days past due 90,000 1.0
31-60 days past due 20,000 2.0
61-120 days past due 11,000 5.0
121-180 days past due 6,000 10.0
Over 180 days past due 4,000 25.0
Total accounts receivable 381,000
At the beginning of the fourth quarter of 2016, there was a credit balance of $4,350 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $3,830 in receivables as uncollectible.
A. What amount of bad debts expense will LaFond report for 2016?
B. What is the balance of accounts receivable that it reports on its December 31, 2016, balance sheet? $376,300
C. Set up T-accounts for both Bad Debt Expense and for Allowance for Uncollectible Accounts. Enter any beginning balances and effects from the information above (including your results from parts a and b).
Bad Debts Expense Allowance for Doubtful Accounts
A) 4,700 0 Bag 0 4,350
Bal.
Balance 4,700 0 Write-off 3,850

Solution :

                                                         Account          Estimated           Estimated          

                                                         receivable          loss%               bad debts

Current                                              250,000              0.5                     1250

1-30 days of past due                       90,000                 1.0                       900

31-60 days of past due                     20,000                  2.0                     400

61-120 days of past due                    11,000                    5.0                      550

121-180 days of past due                   6,000                    10.0                     600

Over 180 days of past due                4,000                    25.0                   1000

Total account receivable                 381,000                                             4700

a). The amount for the bad debts expense is = 4700 - (4350 - 3830)

                                                                          = 4180

b). Balance in the accounts receivable

     Accounts receivable                                              =   381,000

     Less : allowance for bad debts                             =      - 4180

     Net realizable value of the accounts receivable =  376,820

c).      Bad debts expense

     a).           4180

     Balance: 4180

The allowance for un-collectible account

Beg. Bal   :       4350    

write off   :        3830

a).                     4180

Balance            4700                      

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is it right to kick someone out just because they are not on the lease and or had been evicted in the past?

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Which type of marketing intermediary are sales representatives of manufacturers and wholesalers?
A. Industrial distributors
B. Service providers
C. Agents
D. Brokers​

What is the future of discussion of fourms?

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Suppose that the price with free trade is $7. If lawmakers want to ensure that U.S. widget producers can sell at least 8,000 widgets, what might they do?

Price

Quantity Demand

Quantity SuppliedDomestically

Quantity Imported

$6 13,000 2,000 8,000
$7 12,000 4,000 8,000
$8 11,000 6,000 5,000
$9 10,000 8,000 2,000
$10 9,000 9,000 0
$11 8,000 10,000 0
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provide a subsidy for imported widgets

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Required:
Calculate the overhead cost be added to Job W at year-end

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Accounts Payable $8,500 Income Taxes Payable $3,600
Accounts Receivable 40,800 Interest Expense 6,650
Accumulated Depreciation (Furniture) 47,300 Interest Payable 1,800
Advertising Expense 29,200 Inventory 60,500
Cash 3,200 Notes Payable (Long
-Term) 50,000
Common Stock 100,000 Prepaid Rent 15,250
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12/31/2018 15,900
Depreciation Expense (Furniture) 10,400 Sales revenue 264,700
Furniture 128,000 Utilities expense 9,700
Income Taxes Expense 3,800
Required:
Prepare a trial balance. Assume that all accounts have normal balances.

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