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scoundrel [369]
3 years ago
15

On June 2, 2018, Fred’s TV Sales sold Mark a large HD TV on account for $12,000. Fred’s TV Sales uses the accrual method. In 201

9, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2020 final settlement was made and Fred received $1,000. How much bad debt loss can Fred deduct in 2020?
Business
2 answers:
olya-2409 [2.1K]3 years ago
4 0

Answer:

$0.

Explanation:

This is business bad debt. Therefore, partial worthlessness can be recognized in 2019. The 2019 loss is $8,000. In 2020, the collection of $1,000 would produce a $1,000 gain ($1,000 - 0) rather than a loss.

Effectus [21]3 years ago
3 0

Answer:

0$

Explanation:

On June 2, 2018, Fred’s TV Sales sold Mark a large HD TV on account for $12,000. Fred’s TV Sales uses the accrual method. In 2019, when the balance on the account was $8,000, Mark filed for bankruptcy. Fred was notified that he could not expect to receive any of the amount owed to him. In 2020 final settlement was made and Fred received $1,000. How much bad debt loss can Fred deduct in 2020

Debt is when a business is owing some money

This business has ran into loss. There was a bad debt recorded in 2019 to the tune of $8000. In 2020, there was a gain instead of a loss

Therefore, to get the balance we say gain minus loss

1000-0

which mens

$1000 gain and  no loss in  dollar

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National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first mon
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Answer:

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Unadjusted Trial Balance

May 31, 2019

Account Titles                Debit       Credit

Cash                            $10,700

Equipment                   25,000

Drawing                         3,500

Accounts receivable     3,500

Accounts payable                          $ 1,750

Fees Earned                                   13,900

Supplies                       2,450

Capital                                            34,700

Operating expenses   5,200

Totals                      $50,350     $50,350

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Cash

Account Titles                Debit       Credit

Beth Worley, Capital  (1) 34,700

Supplies                                      (2) 2,450

Equipment                                  (3) 4,500

Operating expense                   (4) 3,800

Accounts payable                    (5) 18,750

Accounts receivable (6) 10,400

Operating expense                   (8) 1,400

Drawings                                  (9) 3,500

Balance                                        10,700

Totals                         $45,100  $45,100

Equipment

Account Titles             Debit       Credit

Cash                         (3) 4,500

Accounts payable (3) 20,500

Balance                                       25, 000

Totals                       $25,000   $25,000

Beth Worley, Drawing

Account Titles           Debit       Credit

Cash                     (9) 3,500

Accounts Receivable

Account Titles           Debit       Credit

Fees Earned     (7) 13,900

Cash                                    (6) 10,400

Balance                                      3,500

Totals                   $13,900    $13,900

Accounts Payable

Account Titles           Debit       Credit

Equipment                             (3) 20,500

Cash                    (5) 18,750

Balance                      1,750

Totals                   $20,500     $20,500

Fees Earned

Account Titles           Debit       Credit

Accounts receivable            (7) 13,900

Supplies

Account Titles           Debit       Credit

Cash                   (2) $2,450

Beth Worley, Capital

Account Titles           Debit       Credit

Cash                                       (1) 34,700

Operating Expenses

Account Titles           Debit       Credit

Cash                     (4) 3,800

Cash                     (8) 1,400

Balance                                       5,200

Totals                    $5,200       $5,200

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