Question

Solve for trade accounts receivable, allowance for doubtful accounts, and prepare current assets section of balance sheet as of 12/31/04.

Ending Balance
Item - 12/31/03 - 12/31/04
Cash - $20,000 - $15,000
Trade accts rec - $40,000 - $???
Allowance for doubtful accts - $5,500 - $???
Inventories - $85,000 - $80,000
Current liabilities - $80,000 - $86,000
Total credit sales - $480,000 - $550,000
Collections on trade accts rec - $440,000 - $500,000

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