Georgia Company reportedaccountsreceivable of \$16.5 million at the end of its 2012 fiscal year.

Question # 00005301 Posted By: vikas Updated on: 12/13/2013 09:52 PM Due on: 12/30/2013
Subject Accounting Topic Accounting Tutorials:
Question
Georgia Company reportedaccountsreceivable 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
managementestimates 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 thebalancesheet?
List below the accounts and amounts for the balance sheet section for accounts receivable.
Tutorials for this Question
1. Solution: Georgia Company reported accounts receivable of \$16.5 million

Tutorial # 00005099 Posted By: vikas Posted on: 12/13/2013 09:53 PM
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2013-12-12_140403_georgia_company_(1).xlsx (11.41 KB)

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