Homework problems help please


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The Morgan Company earned $45,000 of revenue on account during 2009. There was no beginning balance in the accounts receivable and allowance accounts. During 2009 Morgan collected $34,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.
The amount of bad debts expense recognized on the 2009 income statement was
a. $1,020.
b. $330.
c. $1,350.
d. $11,000.

The net realizable value of Morgan's receivables at the end of 2009 was
a. $9,650.
b. $11,000.
c. $34,000.
d. $45,000.

Also (new problem)...

Hailey Medical Supply Co., which had no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts, earned $80,000 of revenue on account during 2009. During 2009, Hailey collected $64,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 1% of revenue on account. The amount of net realizable value of receivables on the December 31, 2009 balance sheet would be:
a. $16,640.
b. $15,200.
c. $16,000.
d. $15,000.

Thanks so much in advance!!!!!!!
 
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