in-lab _5 Receivables with solution

in-lab _5 Receivables with solution - ACCT 401L Lab...

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Unformatted text preview: ACCT 401L Lab Assignment #5 Name____________________ Date 2/11/11 Problem 1: Presented below are a series of unrelated situations. 1. The following accounts were taken from Steelers Incs trial balance at Dec 31, 2010. Dr. Cr. Net credit sales $ 750,000 Allowance for Doubtful Accounts $ 14,000 Accounts receivable 310,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2010. 2. Packers Companys unadjusted trial balance at December 31, 2010, included the following accounts. Dr. Cr. Allowance for Doubtful Accounts $ 4,000 Net Sales $ 1,200,000 Packers Company estimates its bad debt expense to be 1.5% of net sales. Determine its bad debt expense for 2010. 3. An analysis of Stuart Corp. accounts receivable at December 31, 2010, disclosed the following. Amounts estimated to be uncollectable $ 180,000 Accounts receivable 1,750,000 Allowance for doubtful accounts (per books) 125,000 What is the net realizable value of Stuarts receivables at Dec 31, 2010? 4. At the end of its first year of operations, Dec 31, 2010, Darden Inc. reported the following information. Accounts receivable, net of allowance for doubtful accounts $950,000 Customer accounts written off as uncollectable during 2010 24,000 Bad debt expense for 2010...
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in-lab _5 Receivables with solution - ACCT 401L Lab...

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