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Solution Library
Calculation of Uncollectible Accounts, Bad Debt Expenses And Unrealized Losses On Net Income
Question
1. Taylor Corporation reported on its 2012 statement of common stockholders’ equity, that unrealized losses on available-for-sale investments had increased by $11,324 thousand during the year. How do these losses affect net income? What, if any, equity account(s) will be affected?
Use the following information to answer questions 2 and 3
The beginning balance in the allowance for doubtful accounts was $171 (in thousands). During the year Stone Corporation wrote off $22 (in thousands) of accounts that Stone Corporation deemed uncollectible. Stone Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands):
|
Age of Receivables |
Balance |
Estimated % uncollectible |
|
Current |
$4,000 |
1% |
|
30-60 days past due |
1,600 |
3% |
|
61-90 days past due |
900 |
6% |
|
Over 90 days past due |
510 |
10% |
|
Total |
$7,010 |
|
2. Determine the appropriate allowance for uncollectible accounts.
3. What was Stone Corporation’s bad debt expense for the period?
Summary
These short answer questions belong to Finance. The 1st question is unrealized losses affecting the net income of a company. The 2nd question is about calculating the appropriate allowance for uncollectible accounts and calculation of bad debt expenses for the company.
Total Word Count 120
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