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: ............ ..........
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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…Waters Department Store had net credit sales of $16,000,000 and cost of goods sold of $12,000,000 for the year. The average inventory for the year amounted to $2,000,000. The average number of days in inventory during the year was .....................................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
- . 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.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.28Net 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 daysA company's accounts receivable balance is $350,000, and its annual sales are $2,800,000. What is the average collection period (or days sales outstanding)? a. 45.63 days b. 32.50 days c. 36.45 days d. 40.75 daysPHE, Inc.estimates warranty expense at 2% of sales. Sales during the year were $4 million and warranty related cash expenditures were $34,000. What was the balance in the Warranty Liability account at the end of the year? Select one: a. $80,000 b. $36,000 c. $34,000 d. $46,000 e. $56,000
