19) We have $600,000 of accounts receivable at end of first year (2022). We estimate that 3% willnot be collected.By 4/1/2023, we have collected $578,000 of the $600,000. In the chart below, make an entry on4/1/2023 that reflects a belief that the remaining AR will never be collected. Label columns.Apr 1,2023AcashERetainedearnings

The fundamental accounting equation states that the sum of equity and liability is always equal to…

Answered: 19) We have $600,000 of accounts…

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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12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that 1.5% of sales will be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?
Given the following information, which statement is correct? 2021 2022 Cash $120 $100 Accounts receivable $100 $150 Net sales $450 $500 COGS $400 $380 Gross profit margin is improving from 2021 to 2022. A/R turnover is increasing from 2021 to 2022. Days receivable is becoming shorter from 2021 to 2022. Net cash build is $500 for 2022. The current assets are decreeing from 2021 to 2022. The gross profit is same for both 2021 and 2022.
24. Following are a company's income statement at the end of the last year (year 0) and coming year (year 1). Each year, the company's accounts receivable need to be main- tained at 5% of sales. The company's inventory and accounts payable do not change. Capital expenditure in year 1 is $10,000. Year Sales Depreciation EBIT Taxes (a) What is the free cash flow in year 17 1 85,000 92,000 20,000 22,000 17,000 19,500 3,500 3,700 0 (b) The company's business is mature, so it is expected to generate the same amount of free cash flow every year forever. The firm-specific discount rate is 7%, and the risk-free rate is 2%. What is the enterprise value of the company? (c) The company has $150,000 in cash and $50,000 in debt. In addition, it has 7000 shares outstanding. What is the company's stock price per share?
Your company ended 2018 with cash of $8M. Cash increased year-end 2019 by 20%. Sales in 2019 were $30M. What is the Cash Turnover Ratio for 2019? 4.2 3.4 4.3 3.8 please explain your answer and give rught choices
Time remaining: 01 :57 :19 Accounting Several of Kimper Corporation's major customers experienced cash flow problems in 2020, mainly due to their increasing labour and production costs in 2019 and 2020. As a result, Kimper's accounts receivable turnover ratio (net sales revenue/average trade receivables [net]) decreased significantly in 2020. However, Kimper believes that its customers' cash flow problems are temporary. In estimating uncollectible accounts receivable as at December 31, 2020, Kimper decreased the estimated percentage of its outstanding accounts receivable that will become uncollectible. (A lower percentage was applied in 2020 than was applied in the previous five years.) Kimper's bad debt expense as a percentage of sales for the year ended December 31, 2020, was lower than the percentage reported in the previous five years, and no additional note disclosure regarding potentially higher risk of uncollectible accounts was reported. Based only on the information…
An analysis and aging of Marigold Corp.’s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $156,000 Accounts receivable 1,810,000 Allowance for doubtful accounts (per books) 140,000 What is the net realizable value of Marigold Corp.’s receivables at December 31, 2020? Net realizable val
SCENARIO #2 12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. Yolandi's management has estimated that $9,000 in accounts receivable would be uncollectible (use the aging method). For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense Allowance for doubtful accounts For the end of 2019, what is the company's net realizable value? 12/31/2020: During 2020, S10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. Yolandi's management has estimated that S17,000 in accounts receivable would be uncollectible (use the aging method). Bad debt expense Allowance for doubtful accounts For the end of 2020, what is the company's net realizable value?
Super quick ratio at the end of the year is 0.25x. Revenues are INR 120 Cr and the Gross Profit Margin of the Company is 25%. Assuming that Opening Stock = Closing Stock and Accounts Payable Turnover Ratio is 6x, please calculate the cash balance. Please note that Opening Accounts Payable = 1.25 times Closing Accounts Payable and there are no other liabilities in the balance sheet [Hint: Super Quick Ratio assumes only Cash in the Numerator]
Help me answer this thank you
None
Apple Company determined that the net realizable value of its accounts receivable at December 31, 2020 based on aging of accounts receivable was P3,160,000. Additional information for 2020 is as follows: Allowance for doubtful accounts - Jan. 1 500,000 Accounts receivable - December 31 4,800,000 Doubtful accounts written off during the year 320,000 Doubtful accounts recovered during the year 70,000 What should be the doubtful accounts expense for 2020? 390,000 520,000 480,000 460,000
64.) Using Financial Statements for 2018-2019. Net book value for 2019 is $8,394,200. TRUE OR FALSE?

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