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Problem--Accounts Receivable (4 points each. 24 points total) Mega Multilayered Manufacturing (Mega) was formed in 2017, an

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Problem--Accounts Receivable (4 points each. 24 points total) Mega Multilayered Manufacturing ("Mega") was formed in 2017, and its fiscal year end is December 31st For all of the questions below, assume that on average 10.0% of its accounts receivable and 1.0% of its net credit sales are uncollecti ble (bad debts). 2017 and 2018 On December 31, 2017, Mega had accounts receivable of $200,000, and net credit sales were $2,000,000 for the year then ended. What is the amount of bad debt expense for Fiscal Year Ended December 31, 2017 (put your answers on the Answer Sheets)? 1. Using the Percentage of Receivables Basis 2. Using the Percentage of Sales Basis $200,000 x 10%= $20,000 $2,000,000 x 1% = $20,000 On December 31, 2018 the company had accounts receivable of $400,000, a credit balance in the allowance for doubtful accounts of $20,000, and net credit sales were $4,000,000 for the year then ended. What is the amount of bad debt expense for Fiscal Year Ended December 31, 2018? 3. Using the Percentage of Receivables Basis 4. Using the Percentage of Sales Basis ($400,000 x 10%) - 20,000 20,000 4,000,000 x 1% 40,000 2019 and 2020 The fact pattern is as follows: (1) Allowance for Doubtful Accounts balance as of December 31, 2019 was $40,000; (2) a customer who owed the company $6,000 declared bankruptcy during 2020 and the account was written off; (3) On December 31, 2020 the company had accounts receivable of $600,000; and (4) net credit sales were $6,000,000 for the year 2020. What is the amount of bad debt expense for Fiscal Year Ended December 31, 2020? 5. Using the Percentage of Receivables Basis 600,000 x 10% - (40,000 6,000) 26,000 6. Using the Percentage of Sales Basis 6,000,000 x 1% = 60,000

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% of Bad Debt              Accounts Receivables  10%              Net Credit Sales  1%                              2017      Bad Debt Account      Amount  % of Bad Debt  Opening  Addition  written off  Closing    Accounts Receivables  200000  10%  0  20000  0  20000    Net Credit Sales  2000000  1%  0  20000  0  20000    Total Bad Debt Expense        40000                        2018      Bad Debt Account      Amount  % of Bad Debt  Opening  Addition  written off  Closing    Accounts Receivables  400000  10%  20000  20000  0  40000    Net Credit Sales  4000000  1%  0  40000  0  40000    Total Bad Debt Expense        60000                        2019      Bad Debt Account      Amount  % of Bad Debt  Opening  Addition  written off  Closing    Accounts Receivables  400000  10%  40000  0  0  40000    Total Bad Debt Expense        0                        2020      Bad Debt Account      Amount  % of Bad Debt  Opening  Addition  written off  Closing    Accounts Receivables  600000  10%  40000  26000  6000  60000    Net Credit Sales  6000000  1%  0  60000  0  60000    Total Bad Debt Expense        86000       .

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	% of Bad Debt
Accounts Receivables	10%
Net Credit Sales	1%

2017			Bad Debt Account
	Amount	% of Bad Debt	Opening	Addition	written off	Closing
Accounts Receivables	200000	10%	0	20000	0	20000
Net Credit Sales	2000000	1%	0	20000	0	20000
Total Bad Debt Expense				40000

2018			Bad Debt Account
	Amount	% of Bad Debt	Opening	Addition	written off	Closing
Accounts Receivables	400000	10%	20000	20000	0	40000
Net Credit Sales	4000000	1%	0	40000	0	40000
Total Bad Debt Expense				60000

2019			Bad Debt Account
	Amount	% of Bad Debt	Opening	Addition	written off	Closing
Accounts Receivables	400000	10%	40000	0	0	40000
Total Bad Debt Expense				0

2020			Bad Debt Account
	Amount	% of Bad Debt	Opening	Addition	written off	Closing
Accounts Receivables	600000	10%	40000	26000	6000	60000
Net Credit Sales	6000000	1%	0	60000	0	60000
Total Bad Debt Expense				86000