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During fiscal year 2012, Byrd Inc. wrote-off $8,000 of customer accounts as uncollectible. Which of the following items would be decreased by these write-offs? (indicate all that apply) a. Accounts Receivable b. Allowance for Doubtful Accounts c. Net Income d. Bad Debt Expense e. Cash flow from Operations

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Assume that Simple Co. had credit sales of $259,000 and cost of goods sold of $159,000 for the period. Simple uses the aging method and estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,900. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $340.   What amount of Bad Debt Expense would the company record as an end-of-period adjustment?

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Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales outstanding on its cash conversion cycle. Winston's 2015 sales (all on credit) were $127,000 and its cost of goods sold was 75% of sales. It turned over its inventory 8.21 times during the year. Its receivables balance at the end of the year was $13,176.01 and its payables balance at the end of the year was $7,390.04. Using this information calculate the firm's cash conversion cycle. Do not intermediate calculations. Round your answer to the nearest whole number. days

Newton Corporation reported an increase in inventory of $75,000. The cost of goods sold for the year was $210,000. There was also a $9,000 decrease in accounts payable from the beginning of the year to the end of the year. What is Newton's cash payment to suppliers for inventory? OA. $294,000 B. $276.000 OC. $285,000 OD. $219,000

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During 2014, SABA Company had net sales of $11,400,000. Most of the sales were on credit. At the end of 2014, the balance of Accounts Receivable was $1,400,000 and Allowance for Uncollectible Accounts had a debit balance of $48,000. SABA Company’s management uses two methods of estimating uncollectible accounts expense: the percentage of net sales method and the accounts receivable aging method. The percentage of uncollectible sales is 1.5 percent of net sales, and based on an aging of accounts receivable, the end-of-year uncollectible accounts total $140,000.  Show your computations.

At the end of the current year, the accounts receivable account has a balance of $2,875,000 and sales for the year total $34,500,000. Determine the amount of the adjustment to provide for doubtful accounts under each of the following independent assumptions: a.  The allowance account before adjustment has a negative balance of $(18,500). Bad debt expense is estimated at ½ of 1% of sales.  The allowance account before adjustment has a negative balance of $(18,500). An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $200,000.$fill in the blank 2 c.  The allowance account before adjustment has a positive balance of $9,000. Bad debt expense is estimated at ¾ of 1% of sales.$fill in the blank 3 d.  The allowance account before adjustment has a positive balance of $9,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $255,000.

Morgan company reported the following solve this general accounting question

During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.

At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…

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During 2014, a company wrote off $6,000 in uncollectible accounts receivable. At the end of the year, they estimated bad debt expense using a percent of gross sales. In 2015, the company recovered a $1,000 account that was written off in 2014. The recording of this recovery would include a a. Debit to retained earnings b. Credit to accounts receivable c. Debit to allowance for doubtful accounts d. Credit to prior period adjustments

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During fiscal year 2012, Byrd Inc. wrote-off $8,000 of customer accounts as uncollectible. Which of the following items would be decreased by these write-offs? (check all that apply) Accounts Receivable Allowance for Doubtful Accounts Net Income Bad Debt Expense Cash flow from Operations Adjust Draw

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Marbel had $4,448 million in sales and $1,218 million in ending accounts receivable for the current period.  For the same period, Maxtel reported $5,703 million in sales and $1,145 million in ending accounts receivable.  Calculate the days’ sales uncollected for both companies as of the end of the current period.  Marbel Maxtel Which company is doing a better job in managing the collection of its receivables?

At the end of the current year, the accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000. The allowance account before adjustment has a debit balance of $27,100. Bad debt expense is estimated at ½ of 1% of sales. The allowance account before adjustment has a debit balance of $27,100. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $128,000. The allowance account before adjustment has a credit balance of $17,900. Bad debt expense is estimated at ¾ of 1% of sales. The allowance account before adjustment has a credit balance of $17,900. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $279,000Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.