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INTERMEDIATE ACCOUNTING I HANDOUT PROBLEM 7 Score Name Section Problem (10 points). Presented below are a series of unrelated situations. For each situation, answer the question that is asked. Use the attached forms to record your answers. \begin{tabular}{|c|c|} \hline \multirow[t]{6}{*}{ (a) } & \begin{tabular}{lc} & ALMOND COMPANY \\ & CALCULATION OF BAD DEBT EXPENSE \\ & FOR YEAR 20X2 \\ Sales & FOR \end{tabular} \\ \hline & FOR YEAR 20X2 \\ \hline & \begin{tabular}{|l|} Less: \\ Net Sales \\ \end{tabular} \\ \hline & Net Sales \\ \hline & Times Bad Debt Percentage on Net Sales \\ \hline & Bad Debt Expense (20X2) \\ \hline & \\ \hline & \\ \hline \multirow[t]{5}{*}{ (b) } & \begin{tabular}{c} CYAN CORP. \\ CALCULATION OF NET REALIZABLE VALUE \\ OF ACCOUNTS RECEIVABLE \\ AT DECEMBER 31, 20X2 \end{tabular} \\ \hline & \begin{tabular}{|l|l|} Accounts Receivable Balance (Gross) \\ \end{tabular} \\ \hline & Amount Estimated To Be Uncollectible \\ \hline & Net Realizable Value of Accounts Receivable on 12/31/X2 \\ \hline & \\ \hline (c) & \begin{tabular}{c} CORAL COMPANY \\ CALCULATION OF BALANCE IN \\ ALLOWANCE FOR DOUBTFUL ACCOUNTS \\ AT DECEMBER 31,202 \\ \end{tabular} \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & Allowance For Doubtful Accounts, Balance, 12/31/X2 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline (d) & \begin{tabular}{c} AZURE, INC. \\ CALCULATION OF BALANCE IN ACCOUNTS RECEIVA \\ AT DECEMBER 31, 20X2 \\ \end{tabular} & LE (GROSS) \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & Accounts Receivable (Gross) Balance, 12/31/X2 & \\ \hline & & \\ \hline \multirow[t]{5}{*}{ (e) } & \begin{tabular}{c} HONEYDEW, INC. \\ CALCULATION OF BAD DEBT EXPENSE \\ FOR YEAR ENDING DECEMBER 31,2022 \\ \end{tabular} & \\ \hline & Balance Desired in Allowance For Doubtful Accounts, 12/31/X2 & \\ \hline & Balance in Allowance For Doubtful Accounts, 12/31/X2 & \\ \hline & Bad Debt Expense Required For 20X2 & \\ \hline & & \\ \hline \end{tabular}

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