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Unformatted text preview: beginning balance in the allowance account BEFORE ANY ADJUSTMENTS of $15,000 (credit). During the year they wrote off $10,000 in bad debt and recovered $5,000 in previously written off bad debt. They estimate that $12,000 of their $300,000 in receivables will prove to be uncollectible. What is bad debt expense, the ending balance in the allowance account, and the net realizable value of their accounts receivable? Bad Debt Expense Examples 4. Angus has the following information available: 12/31/2008 12/31/2007 A/R $2,000,000 $2,550,000 Net Sales for 2008, all credit, were $31,850,000. a. What was Angus’ A/R turnover for 2008? b. What was Angus’ Days in Receivable for 2008?...
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- Fall '08
- Financial Accounting, Generally Accepted Accounting Principles, Angus