7. Accounts receivable is an account whose normal balance is a credit. O True O False
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- Accounts Receivable has a debit balance of $2,500, and the Allowance for UncollectibleAccounts has a credit balance of $500. A $70 account receivable is written off. What is theamount of net receivables (net realizable value) after the write-off?a. $2,430b. $1,930c. $2,000d. $2,070Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000Original Media Sign Incorporated sells on account. Recently, Original reported the following figures Net Credit Sales Net Receivables at end of year Read the requirements. $ 2024 2024 545,100 $ 38,900 2023 Y 602,500 40,100 Requirement 1. Compute Original's days' sales in receivables for 2024. (Round to the nearest day.) First calculate the accounts receivable turnover. (Abbreviations used: AR turn = accounts receivable turnover ratio, Cash Cash including cash equivalents; ST invest = short-term investments. Round the accounts receivable turnover ratios to two decimals, X.XX.) G = AR turn
- What is the APR if the monthly rate of interest a credit card company charges on outstanding balances is 1.62%? Select one: O a. APR =(1.0162)^12) -1 = 0.2127, and APR = 21.27% O b. APR = ((1.0162)^7) - 1 = 0.1191, and APR = 11.91% O C. APR =((1.0162)^52) - 1 = 1.3063, and APR = 130.63%If the company has net sales (120000) D., Accounts receivable (16000) , So the collection period will be : O 48 6. O 7.5 O None of abovea) Calculate Kopitiam Sdn Bud’s accounts receivable turnover ratio for Year 2 and Year 3. b) Calculate the number of days the average balance of receivables is outstanding before being converted into cash (turnover in days) for Year 2 and Year 3 c) What problem do you see with the company’s credit policy if the terms are net 30 days? Explain your answer.
- 5. The following accounts were taken from Nash Inc.'s trial balance at December 31, 2025. Contattaci m M B Son Net credit sales B Hou Allowance for doubtful accounts Accounts receivable Save for Later An MAANA In Bad debt expense, as adjusted $ eTextbook and Media Debit $13,960 333,200 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2025. Credit Search $804,200 DELL Attempts: 0 of 3 use MO8. In any transaction, the total peso amounts of debits must equal the total peso amounts of credits. True False 9. If an equipment is bought by paying P20,000 as a down payment and the remaining P40,000 in 30 days, total liabilities are increased by P20,000. O True O FalseWhat is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
- Salma Corporation sells on terms of net/90. Their accounts receivable are on average 20 days past due. If annual credit sales are P800,000, what is the company’s average investment in accounts receivable? choose the letter of correct answera. P44,444.00b. P144,444.00c. P224,444.00d. P244,444.00e. P344,444.004. KK Co. normally takes 30 days to pay for its average daily credit purchases of P2,000. Its average daily sales are P3,000, and it collects accounts in 25 days. What is its net credit position? (Note that a negative position impliesreceivables exceed payables.) A. P1,000 C. P15,000B. (P1,000) D. (P15,000)choose the letter of the correct answer Company A borrows P500,000.00 from the bank and is required to maintain a 15% compensating. Further, Wilson has an unused line of credit of P200,000.00, with a required 11% compensating balances. What is the total required compensating balance the firm must maintain a. P75,000.00b. P22,000.00c. P97,000.00d. P182,000.00