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Impusle Inc. had the following unadjusted account balances at December 31, 2015, its year-end.
Impulse estimates its uncollectible accounts as five per cent of its December 31 accounts receivable balance.
Required:
- Calculate the amount of estimated uncollectible accounts that will appear on Impulse’s balance sheet at December 31, 2015.
- Calculate the amount of bad debt expense that will appear on Impulse’s income statement at December 31, 2015.
- Prepare a partial balance sheet at December 31, 2015 showing accounts receivable, allowance for doubtful accounts, and the net accounts receivable.
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