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Accounting for receivables
Acme Company had a January 1, balance in its Allowance for Doubtful Accounts of $7,000 for the current year. The following transactions and events affected the Allowance for Doubtful Accounts during the current year:
Apr 15 Brad's account receivable of $5,700 was deemed uncollectible.
July 1 Drake paid the full amount of a previously written-off account receivable. This receivable of $2,300 had been written off in the prior year.
Dec 31 Bad debts expense of $7,500 was recorded.
a. What amount should appear in the allowance for doubtful accounts in the December 31, balance sheet for the current year? b. How are the direct write-off method and the allowance method applied in accounting for uncollectible accounts receivables? Please explain in words.
Representation of assets at FMV is it Right and Discuss the policy tradeoffs involved in deciding whether to use historical cost or fair market value to value assets on the balance sheet.
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