The Balances of the Allowance for Doubtful Accounts on the Balance

question 43

Essay

The balances of the allowance for doubtful accounts on the balance sheets dated December 31 of 2017 and 2016 were $21,000 and $14,000, respectively. During 2017, $13,000 of accounts receivable were written off as uncollectible. How much bad debt expense is recognized during 2017?

Understand and analyze income statement components and adjustments for a specified financial period.

Discuss and differentiate between income measurement concepts and their implications on financial reporting.

Identify proper reporting locations for various items of accounting information within financial statements and notes.

Understand the structure and components of a statement of cash flows.

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Definitions:

Small Business Leadership

The guidance and direction provided by individuals in managerial positions within small enterprises to achieve organizational goals.

Being Credible

The quality of being trustworthy or believable, often assessed based on expertise, reliability, and a track record of integrity.

Establishing Vision

The process of creating a clear, inspirational and forward-looking statement that defines the desired long-term future of an organization or team.

Being Authoritative

Exhibiting a confident and forceful presence that commands respect and compliance from others.