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In: Accounting
On 12-31-15, Fuji Inc.’s balance sheet reported Accounts Receivable of $100,000 before Allowance for Uncollectibles of...
On 12-31-15, Fuji Inc.’s balance sheet reported Accounts Receivable of $100,000 before Allowance for Uncollectibles of $10,000. Credit sales during 2016 were $611,000 and collections from customers were $591,000. During 2016, Accounts Receivables of $45,000 were written off and $17,000 were recovered. On 12-31-16, Fuji Inc. estimated that $15,000 of its Accounts Receivables were uncollectible.
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What amount should Fuji Inc. report as Accounts Receivables on 12/31/16?
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Expert Solution
| Account Recievables | ||||||
| Opening Balance | 100000 | |||||
| Add: Credit Sales | 611000 | |||||
| Less: Collections | 591000 | |||||
| Less: AR write off | 45000 | |||||
| Add: Reinstatement of AR | 17000 | |||||
| Less: Collection of Reinstated AR | 17000 | |||||
| Closing Balance | 75000 | |||||
| Allowance for Recievables | Write off of AR: | |||||
| Opening Balance | 10000 | PL Account Dr. | 35000 | |||
| Less: AR Write off | 10000 | Allowance for Reciavable Dr. | 10000 | |||
| Net Balance during the Year | 0 | To Account Recievable | 45000 | |||
| New Estimate of Uncollection | 15000 | |||||
| Closing Balance | 15000 | Reinstatement of AR: | ||||
| Account Recievable Dr. | 17000 | |||||
| To PL Account | 17000 | |||||
| AR To be Reported at Year End: | ||||||
| Account Recievalable, Gross | 75000 | Collection of Reinstated AR: | ||||
| Allowance for Uncollectible | 15000 | Cash Account Dr. | 17000 | |||
| Account Recievalable, Net | 60000 | To Account Recievable | 17000 | |||
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