Problem 1: Computing Accounts Receivable
Georgia Company reported accounts receivable of $16.5 million at the end of its 2012 fiscalyear. 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 $1,980,000 were written off as uncollectible during 2013. Georgia’smanagement estimates that 10% of the year-end (2013) Accounts Receivable balancewill be uncollectible.Note: Use minus (-) for negative numbers!
Required:A. What amount will Georgia report for accounts receivable and the allowance for doubtfulaccounts at the end of 2013? Show detailed computations in the space provided below.
Accounts receivable Gross, 1/1/13 ($??,???,??? + $?,???,???)Description of Transaction hereDescription of Transaction hereDescription of Transaction hereAccounts receivable balance, 12/31/13
Ending balance in allowance for doubtful accounts according to management’s estimate($??,???,??? X ??%)
B. What is the Doubtful Accounts Expense for 2013?
Allowance for doubtful accounts, beginning of 2013Description of Transaction hereAmount Required end of 2013Doubtful 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.
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