16 Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $4,700 of service revenue and collected $3,995 cash from accounts receivable. Required: Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in a horizontal financial statements model before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. Event Eamed revenue Collected accounts receivable Ending balance HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets Accounts receivable Cash Net income + ✦ Accounts Receivable B Liabilities Stockholders' Equity Common Stock a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. + Retained Earnings

16 Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $4,700 of service revenue and collected $3,995 cash from accounts receivable. Required: Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in a horizontal financial statements model before satisfying the requirements.) Note: Enter any decreases to account balances with a minus sign. Event Eamed revenue Collected accounts receivable Ending balance HOLLOWAY COMPANY Effect of Events on the Year 1 Horizontal Financial Statements Assets Accounts receivable Cash Net income + ✦ Accounts Receivable B Liabilities Stockholders' Equity Common Stock a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. + Retained Earnings

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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Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 Receivables as of 31 December 2021 $4,468,392 $4,972,722 $45,349,943 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Net = 2.37 = Accounting receivable: Average Day's sales in receivable = 154. 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
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The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
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