2ts9O 03:18:17eBookHintPrinteferencesb. Recalculate the cash collections with a collection period of 60 days. (A negativeanswer should be indicated by a minus sign. Do not round intermediatecalculations and round your answers to 2 decimal places, e.g., 32.16.)Beginning receivablesSalesCash collectionsEnding receivablesBeginning receivablesSalesCash collectionsEnding receivablesQ1$380.00790.00Q1Q2380.00790.00820.00c. Recalculate the cash collections with a collection period of 30 days. (A negativeanswer should be indicated by a minus sign. Do not round intermediatecalculations and round your answers to 2 decimal places, e.g., 32.16.)Q2Q3820.00900.00Q3Q4900.00980.00Q4980.00 2ints03:18:33eBookHintPrintReferencesThe Morning Jolt Coffee Company has projected the following quarterly sales amountsfor the coming year:Q1 Q2 Q3 Q4Sales $790 $820 $900 $980a. Accounts receivable at the beginning of the year are $380. The company has a 45-day collection period. Calculate cash collections in each of the four quarters bycompleting the following: (A negative answer should be indicated by a minussign. Do not round intermediate calculations and round your answers to 2 decimalplaces, e.g., 32.16.)Beginning receivablesSalesCash collectionsEnding receivablesQ1380.00790.00Q2820.00Q3900.00Q4980.00b. Recalculate the cash collections with a collection period of 60 days. (A negativeanswer should be indicated by a minus sign. Do not round intermediate

An account receivable is produced when a business offers goods or services on credit or permits…

03:18:17 Book Hint rint rences b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables $ Beginning receivables Sales Cash collections Ending receivables Q1 $ 380.00 790.00 Q1 Q2 380.00 790.00 820.00 c. Recalculate the cash collections with a collection period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q2 Q3 820.00 900.00 Q3 Q4 900.00 980.00 Q4 980.00

03:18:17 Book Hint rint rences b. Recalculate the cash collections with a collection period of 60 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables Sales Cash collections Ending receivables $ Beginning receivables Sales Cash collections Ending receivables Q1 $ 380.00 790.00 Q1 Q2 380.00 790.00 820.00 c. Recalculate the cash collections with a collection period of 30 days. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Q2 Q3 820.00 900.00 Q3 Q4 900.00 980.00 Q4 980.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Debit Accounts receivable $730000 Allowance for uncollectible accounts 7500 Net credit sales Credit O $47750 O $145000. $36500, O $133750. $2900000 Bonita estimates that 5% of the gross accounts receivable will prove to be uncollectible. After adjustment at December 31, 2025, the allowance for uncollectible accounts should have a credit balance of
Account Type Opening Deposit Rate(APR) APY Checking – Variable Rate $0 0.25% 0.25% Money Market – Variable Rate $250.00 1.00% 1.01% Summer Cash - Variable Rate $0 0.99% 1.00% Holiday Cash – Variable Rate $0 0.75% 0.75% 6 Months – Fixed Rate $250.00 1.00% 1.00% 12 Months – Fixed Rate $250.00 1.00% 1.00% 18 Months – Fixed Rate $250.00 1.00% 1.00% 24 Months – Fixed Rate $250.00 1.00% 1.00% 30 Months – Fixed Rate $250.00 1.00% 1.00% 36 Months – Fixed Rate $250.00 1.25% 1.25% 48 Months – Fixed Rate $250.00 1.50% 1.50% 60 Months – Fixed Rate $250.00 1.50% 1.50% Use the table above: For the “Summer Cash Variable Rate” and “Money Market Variable Rate” check the APY. Do both of these appear t be printed correctly? a) Summer Cash - Variable Rate: APY = % (round to 2-decimal point in percent) b) Money Market - Variable Rate: APY = % (round to…
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QUESTION 39 Sally's Shed had account balances in Accounts Receivable of $415,000 and in Allowance for Uncollectible Accounts of $800 (debit) before any adjustments on December 31. An analysis on December 31 determined that the allowance for uncollectible accounts should be 4% of accounts receivable. The amount of the end of period adjustment would be: A. $15,190 OB. $15,800 OC. $16,600 D. $17,400
QUESTION 7 The general ledger account for Accounts Receivable shows a debit balance of $25,000. Allowance for Uncollectible Accounts has a credit balance of $1,500. Net sales for the year were $250,000. In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the accounts receivable aging method, the Allowance for Uncollectible Accounts balance (after adjustment) would be $11,500 $10,000 $8.500 $10.750
Question 6 Flyzopen Limited had a $900 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $150,000 15,000 10,000 7,000 10,000 $192.000 Uncollectible 1% 2% 6% 12% 30% Required: (a) Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $900 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. 2
Question Content Area Cash and accounts receivable for Adams Company are provided below: Current Year PriorYear Cash $76,835 $63,500 Accounts receivable (net) 48,794 78,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown with horizontal analysis? Enter a decrease using a minus sign before the amount and the percentage. Account Dollar Change Percent Change Cash $fill in the blank 1 fill in the blank 2 % Accounts Receivable $fill in the blank 4 fill in the blank 5 %
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Write- off Method cash 15,000 accounts receivable 40,000 less: allowance for doubtful accounts 6,000 36,000 inventory 15,000 total current assets 66,000 before write off after Write off Accounts receivable 50,000 49,000 allowance for DA 3,000 2,0000 cash Realizable value 47,000 47,000
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Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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