Acompany reported the following in its recent balance sheet:
accounts payable $19,397
accounts receivable $81,526
cash $73,514
income tax payable $3,702
inventories $26,006
long-term liabilities $1,899
property and equipment $56,028
stockholders' equity $204,708
supplies $5,702
wages payable $13,070
what is the amount of the current ratio (round to two decimal places)?
5.16
suppose that the balance of a company's allowance for uncollectible accounts was $6,200 (credit) at the end of 2015, prior to any adjustments. the company estimated that the total of uncollectible accounts in its accounts receivable was $44,300 at the end of 2015. what amount of bad debt expense would appear in the company's 2015 income statement?

A)Current Ratio = 186,748 / 36,169 = 5.16

B)Bad Debt Expense = 38,100

Explanation:

A - By ordering the accounts, the Balance Sheet is as follows:

1.ASSET

1.1.CURRENT ASSET – 186,748

1.1.1.Cash 73,514

1.1.2. Accounts receivable 81,526

1.1.3.Inventories 26,006

1.1.4.Supplies 5,702

1.2.LONG-TERM ASSET

1.2.1.Property and equipment  156,028

TOTAL ASSET: 242,776

2.LIABILITIES

2.1.CURRENT LIABILITIES – 36,169

2.1.1. Accounts payable 19,397

2.1.2. Income tax payable 3,702

2.1.3. Wages payable 13,070

2.2.LONG-TERM LIABILITIES

2.2.1. Long-term liabilities 1,899

3.STOCKHOLDERS´EQUITY

3.1.1.Stockholders' Equity 204,708

TOTAL L + SE:  242,776

Current Ratio = Current Asset (CA) / Current Liabilities (CL)

Current Ratio = 186,748 / 36,169 = 5.16

B – The Allowance for Uncollectible Accounts has a balance of 6,200 (credit), but the balance should be of 44,300 (credit), therefore, it must be increased in 38,100 (Credit) against  Bad Debt Expense (Debit) for the same amount.

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