I want to correct answer general accounting 3. A business s debtors in March total 10 000. Duringthe month of March, the business receives 6,000from its debtors, and the total of debtors on 31 Marchis 12000. The credit sales for the month musttherefore have been:......................

Step 1: Define ReceivablesIn accounting, receivables (accounts receivable) are amounts of money owed…

Answered: 3. A business s debtors in March total…

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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Walc Factory is a manufacturer that makes all sales on 30-day credit terms. Annual sales areapproximately $20 million. At the end of 2010, accounts receivable were presented in the company’sbalance sheet as follows:Accounts receivable from clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,800,000Less: Allowance for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000During 2011, $115,000 of specific accounts receivable were written off as uncollectible. Of theseaccounts written off, receivables totaling $9,000 were subsequently collected. At the end of 2011,an aging of accounts receivable indicated a need for a $75,000 allowance to cover possible failureto collect the accounts currently outstanding.Walc Factory makes adjusting entries for uncollectible accounts only at year-end.Instructionsa. Prepare the following general journal entries:1. One entry to summarize all accounts written off against the Allowance for…
he credit manager of Montour Fuel has gathered the following information about the company’s accounts receivable and credit losses during the current year: Net credit sales for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $8,000,000 Accounts receivable at year-end . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,750,000 Uncollectible accounts receivable: Actually written off during the year . . . . . . . . . . . . . . . . . . . . . . . . . $96,000 Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule). . . . . . . . . . . . . . . . . . . . . . . . 84,000 180,000 Prepare one journal entry summarizing the recognition of uncollectible accounts expense for the entire year under each of the following independent assumptions: a. Uncollectible accounts expense is estimated at an amount equal to 3.5 percent of net credit sales. b. Uncollectible accounts expense is recognized by adjusting the balance in the Allowance…
The credit manager of Montour Fuel has gathered the following information about the company’s accounts receivable and credit losses during the current year: Net credit sales for the year……………… $8,000,000 Accounts receivable at year year-end………………. 1,750,000 Uncollectible accounts receivables: Actually written off during the year…………… $96,000 Estimated portion of year end receivables expected to prove Uncollectible (per aging schedule) 84,000 180,000 Prepare one journal entry summarizing the recognition of uncollectible accounts expense for the entire year under each of the following independent assumptions. a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible accounts expense is recognized by adjusting the balance in the allowance for Doubtful Accounts to the amount indicated in the year end aging schedule. The balance in the allowance…
X Company had credit sales of $700,000 during the year. End of year accounts receivable was $60,000 and beginning accounts receivable was $40,000. Compute the company's receivables turnover ratio. a. 0.07. b. 11.7. c. 14.0. d. 17.5. e. 35.0.
Gandi brothers has DSO of 22 days and its annual sales on account are $7,665,000. Assume number of days in year as 365 days. Calculate the accounts receivable balance. O $550,000 O $462,000 O $410,000 O $450,000
27. GPS Company estimated annual warranty expense at 8% of net sales. The following data relate to the current year: Warranty liability, January 1: before adjustment - 100,000 debit. After adjustment - 540,000 credit. What is the amount of net sales for the current year? * a. 8,000,000 b. 6,750,000 c. 5,500,000 d. 1,250,000
. A company with net credit sales of $960,000, beginning net receivables of $70,000, andending net receivables of $90,000 has days’ sales outstanding closest to:a. 37 days.b. 30 days.c. 34 days.d. 41 days.
On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May? $52,000. $32,000. $47,000. $57,000. $5.000.
A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
Net sales for the month are W800,000,000 and bad debts are expected to be 1.5% of net sales. What would be the net Accounts receivable on the balance sheet? A. W800,000,000. B. W78,800,000 C. W12,000,000. d D. W31,000,000 O O
The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and accounts receivable of S80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the average collection period for accounts receivable in days (rounded)? O 49 days O 16 days 24 days 32 days
What is the average collection period in days on these financial accounting question?

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3. A business s debtors in March total 10 000. During the month of March, the business receives 6,000 from its debtors, and the total of debtors on 31 March is 12000. The credit sales for the month must therefore have been: ............ ..........