Compute Net Accounts Receivable for the Following Independent Situations

question 120

Short Answer

Compute net accounts receivable for the following independent situations.
a)Accounts receivable has a balance of $16,000. The allowance for doubtful accounts has a credit balance prior to adjustment of $350. An aging schedule prepared on December 31 reveals $1,250 of uncollectible accounts.
b)Accounts receivable has a balance of $17,500. The allowance for doubtful accounts has a debit balance prior to adjustment of $560. An aging schedule prepared on December 31 reveals $1,500 of uncollectible accounts.
c)Accounts receivable has a balance of $15,500. The allowance for doubtful accounts has a debit balance prior to adjustment of $760. Net credit sales for the year are $35,000 and 3.5% of net credit sales are deemed uncollectible.
d)Accounts receivable has a balance of $20,200. The allowance for doubtful accounts has a credit balance prior to adjustment of $460. Net credit sales for the year are $35,000 and 4.5% of net credit sales are deemed uncollectible.

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Definitions:

Contingency Leadership

Contingency Leadership is a management theory that suggests the effectiveness of a leader is contingent upon how well their leadership style matches the current situation.

Situational Forces

External factors or circumstances that influence behavior, decisions, or events, often beyond individual control.

Frustrating Barriers

Obstacles that create significant challenges or hindrances, leading to feelings of annoyance or discouragement.

Employee Confidence

The belief and assurance employees have in their skills, abilities, and their workplace's support, enabling them to tackle challenges confidently.