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please calculate blank spaces, will give thumbs up Accounts Rec Estimated Loss 110,000 1% 27,000 5%...

please calculate blank spaces, will give thumbs up
Accounts Rec Estimated Loss 110,000 1% 27,000 5% 14,000 10% 9,000 25% 160,000 1,000 Aging 0-30 61-120 121-180 Over 180 Total
B) Financial statement effects template Cash Assets Balance Sheet Noncash Liabil- Assets ities Contrib Capital Earned Capital
Accounts Rec Estimated Loss 110,000 1% 27,000 5% 14,000 10% 9,000 25% 160,000 1,000 Aging 0-30 61-120 121-180 Over 180 Total Accounts Receivables 3 Balance at the beginning of the year 0 1 2 A) Bad Debt Expense 3 4 Aging 15 0-30 16 61-120 17 121-180 18 Over 180 19 Total Accounts Receivables 20 Total required balance in allowance 21 Less: Balance at the beginning of the year 22 Bad debt expense for the year 23 24 B) Financial statement effects template 25 26 27 Dad Debts Accounts Rec Estimated Loss 110,000 1% 27,000 5% 14,000 10% 9,000 25% 160,000 Cash Balance Sheet Noncash Liabil Contrib
B) Financial statement effects template Cash Assets Balance Sheet Noncash Liabil- Assets ities Contrib Capital Earned Capital Income Statement anywa Net enues ses Income
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ReportAnswer #1
SOLUTION: A
CALCULTION OF BAD DEBT EXPENSES
Aging Account Receivable   Estimated Loss   Bad Debts
0-30 $          1,10,000 1.00% $             1,100
61-120 $             27,000 5.00% $             1,350
121-180 $             14,000 10.00% $             1,400
Over 180 $                9,000 25.00% $             2,250
Total Account Receivables $          1,60,000
Total Required balance in Allowance $             6,100
Less: Balance at the beginning of the year $             1,000
Bad Debt Expenses of the year $             5,100
SOLUTION: B
Bad Debt Expenses will affect in financial statement as below
Noncash Assets is reduced by bad debt expenses $              -5,100
Bad Debt expenses shown as expenses $                5,100
Net income will be come negative $              -5,100
Earned Capital will be negative for $ $              -5,100
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