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2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the...

2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimat

2. An analysis and aging of Riverbed Corp. accounts receivable at December 31, 2020, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $ 182,300 1,786,000 126,040 What is the net amount expected to be collected of Riverbed's receivables at December 31, 2020? Net realizable value $ 1659960 3. Marin Co. provides for doubtful accounts based on 2% of gross accounts receivable. The following data are available for 2020. Credit sales during 2020 Bad debt expense Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was reestablished) Customer accounts written off as uncollectible during 2020 $3,912,600 57,110 16,250 8,520 28,190 What is the balance in Allowance for Doubtful Accounts at December 31, 2020? Allowance for doubtful accounts 12/31/20 4. At the end of its first year of operations, December 31, 2020, Headland Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $867,500 Customer accounts written off as uncollectible during 2020 24,140 Bad debt expense for 2020 90,280 What should be the balance in accounts receivable at December 31, 2020, before subtracting the allowance for doubtful accounts? Accounts receivable, before deducting allowance for doubtful accounts 857780
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Answer #1

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· #2

Net Realizable value = $ 1786000 account receivables - $ 182300 amount estimated to be uncollectible
= $ 1603700

· #3
Allowance for doubtful accounts 12/31/20
= $ 16250 beginning balance + $ 8520 collected + $ 57110 bad debt expense - $ 28190 written off
= $ 53,690

· #4

Bad Debt Expense for 2020

$90,280

Customers written off

($24,140)

A

Allowance account balance

$66,140

B

Net Account receivables

$867,500

C = A+B

Account receivables, before deducting Allowance account

$933,640

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