Question

Hope Company’s total assets were $5,380. Hope collected on $957 of account receivable that had previously been written off.  After the collection, Hope’s total assets will be $______

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Hope Company’s total assets were $19,502. Hope determined that an $1,066 account receivable was uncollectible and wrote off the receivable. After the write off, Hope’s total assets will be $______

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At the beginning of 2018 Evan Company had a $1,795 balance in its accounts receivable account and a $462 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events.

(1) Earned $2,697 of revenue on account.

(2) Collected $1,639 cash from accounts receivable.

(3) Wrote-off $612 of accounts receivable as uncollectible.

Evan estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 balance in the accounts receivable account is

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Ava Company sets bad debt expense at 2 percent of its sales. Ava reported total sales of $ 65,249. Before the adjustment, Ava had $509 credit balance in its allowance for doubtful accounts.

What is the ending balance in the Allowance for Doubtful Accounts that Ava report on its Balance Sheet?

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On December 31, 2018, Ava Company had an ending balance of $9,213 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $119.Ava estimates uncollectible accounts expense to be 9% of receivables. .Based on this information, the amount of uncollectible accounts expense shown on the 2018 income statement is $___________

Answer 1