Bad debt expense & non-current assets
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The following is a portion of the current assets section of the balance sheets of Spectrum, Inc., at December 31, 2011 and 2010:
Accounts receivable, less allowance for bad 12/31/11 12/31/10
debts of $9,634 and $15,914, respectively. $ 173,709 $ 220,461
If $11,774 of accounts receivable were written off during 2011, what was the amount of bad debts expense recognized for the year?
Bad debt expense _________
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On November 1, 2010, Myers Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2011, at which time the contract may be renewed.
If the advance payment made on November 1, 2010, had covered an 18-month lease period at the same amount of rent per month, how should Myers Co. report the prepaid amount on its December 31, 2010, balance sheet?
Non-current asset $ _________
Current asset $ ___________
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