AR Quiz

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Problem Solving

Write your answers following this sample:

10,000

What is the year-end adjustment to the allowance for doubtful accounts on

December 31, 2020?

140,000
What is the bad debt rate in 2020? (two decimal places)

1.70%
What is the allowance for doubtful accounts on December 31, 2020?

34,000

What is the net realizable value of accounts receivable at year-end?

1,360,000
What is the balance of accounts receivable on December 31?

6,200,000
What is the allowance for doubtful accounts on December 31, 2019?

28,000
The December 31, 2020 statement of financial position should show current
trade and other receivables at

2,717,000

What is the required allowance for doubtful accounts on December 31, 2020?

305,000
What is the balance of accounts receivable on December 31?

1,300,000
What is the total impairment loss of accounts receivable?

3,725,000

What amount should Peace report as net realizable value accounts receivable on
December 31, 2020?

1,653,500
On December 31, 2021, what total amount should be reported as trade and other
receivables under current assets?

940,000
What is the balance of accounts receivable on December 31?

595,000
What amount should be reported as net realizable value of accounts receivable
on December 31?

925,000

What is the net realizable value assuming five percent of net sales may prove
uncollectible?

1,249,100
What is the allowance for doubtful accounts on December 31, 2019?

20,000

What is the net realizable value of accounts receivable on December 31, 2020?

2,650,000
What is the balance of allowance for doubtful accounts on December 31?

200,000
What amount should be reported as trade accounts receivable at year-end?

4,650,000
What is the allowance for doubtful accounts on December 31, 2020?

39,000

Germany Company started business at the beginning of the current year. The
entity established an allowance for doubtful accounts estimated at 5% of credit
sales. During the year, the entity wrote off 50,000 of uncollectible accounts.
Further analysis showed that merchandise purchased amounted to 9,000,000
and ending merchandise inventory was 1,500,000. Goods were sold at 40%
above cost. The total sales comprised 80% sales on account and 20% cash sales.
Total collections from customers, excluding cash sales, amounted to
6,000,000.What is the net realizable value of accounts receivable at year-end?

1,980,000
What amount should be reported as doubtful accounts expense for 2020?

39,000
What amount should be reported as doubtful accounts expense for the current
year?

800,000

What is the balance of accounts receivable on December 31?

2,060,000
What amount should be reported as “trade and other receivables” under current
assets?

8,500,000
What is the year-end adjustment to the allowance for doubtful accounts on
December 31, 2020? Indicate whether debit or credit. Write your answer
following this sample: 10,000 debit or 10,000 credit

200,000 credit
What amount should be reported as doubtful accounts expense in the income
statement for 2020?

320,000
What is the balance of accounts receivable, before allowance for doubtful
accounts on December 31?

1,825,000

What is the net realizable value of accounts receivable at year-end?

580,000
What is the net realizable value of accounts receivable on December 31, 2020?

8,250,000

What amount should be reported as doubtful accounts expense for 2020?

300,000
What is the correct balance of trade accounts receivable?

3,275,000

What amount was recorded as doubtful accounts expense for 2020?

320,000
What is the bad debt rate in 2019? (two decimal places)

1.60%

What amount should be reported as allowance for doubtful accounts on

December 31, 2020?

110,000
 Page 3 of 3

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