Georgia Company reported accounts receivable

Question # 00005237 Posted By: expert-mustang Updated on: 12/12/2013 10:34 PM Due on: 12/13/2013
Subject Accounting Topic Accounting Tutorials:
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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!

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.
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Tutorials for this Question
  1. Tutorial # 00005029 Posted By: expert-mustang Posted on: 12/12/2013 10:38 PM
    Puchased By: 2
    Tutorial Preview
    the space provided below. Opening ...
    ACC_Problem_-_Georgia_Company.xlsx (12.08 KB)

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