Solved by verified expert :Computing Accounts Receivable GeorgiaProblem 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 $1,980,000 were written off as uncollectible during 2013. Georgia’s management estimates that 10% of the year-end (2013) Accounts Receivable balance will be uncollectible. Note: Use minus (-) for negative numbers! Required: A. What amount will Georgia report for accounts receivable and the allowance for doubtful accounts at the end of 2013? Show detailed computations in the space provided below. Accounts receivable Gross, 1/1/13 ($??,???,??? + $?,???,???) Description of Transaction here Description of Transaction here Description of Transaction here Accounts receivable balance, 12/31/13 Ending balance in allowance for doubtful accounts according to management’s estimate ($??,???,??? 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 the balance sheet? List below the accounts and amounts for the balance sheet section for accounts receivable.
