29 Jun Question Computing Accounts Receivable Georgia
Question
Computing Accounts Receivable Georgia
Problem 1: Computing Accounts Receivable
Georgia Company reported accounts receivable of $16.5 million at the end of its 2012 fiscal
year. This amount was net of an allowance for doubtful accounts of $1,800,000. During 2013,
Georgia sold $56.5 million of merchandise on credit. It collected $57.9 million from customers.
Accounts valued at $1,980,000 were written off as uncollectible during 2013. Georgia’s
management estimates that 10% of the year-end (2013) Accounts Receivable balance
will be uncollectible.
Note: Use minus (-) for negative numbers!
Required:
A. What amount will Georgia report for accounts receivable and the allowance for doubtful
accounts at the end of 2013? Show detailed computations in the space provided below.
Accounts receivable Gross, 1/1/13 ($??,???,??? + $?,???,???)
Description of Transaction here
Description of Transaction here
Description of Transaction here
Accounts receivable balance, 12/31/13
Ending balance in allowance for doubtful accounts according to management’s estimate
($??,???,??? X ??%)
B. What is the Doubtful Accounts Expense for 2013?
Allowance for doubtful accounts, beginning of 2013
Description of Transaction here
Amount Required end of 2013
Doubtful accounts expense for 2013
C. How will the accounts receivable and allowance accounts be presented on the balance sheet?
List below the accounts and amounts for the balance sheet section for accounts receivable.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.