(a) Complete the aging schedule. Number of Days Accounts Estimated % Total Estimated Outstanding Receivable Uncollectible Uncollected Accounts 0-45 days $767,000 2% 46-90 days 226,000 4% Over 90 days 112,000 15% Total $ $1,105,000 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer %24 %24

(a) Complete the aging schedule. Number of Days Accounts Estimated % Total Estimated Outstanding Receivable Uncollectible Uncollected Accounts 0-45 days $767,000 2% 46-90 days 226,000 4% Over 90 days 112,000 15% Total $ $1,105,000 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer %24 %24

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

AGING ACCOUNT RECEIVABLE ALLOWANCE FOR UNCOLLECTIBLE SCHEDULE AMOUNT UNCOLLECTIBLE AMOUNT 1-30 days $22,000 1% 31-60 days $6,500 2% 61-90 days $300 5% Total Uncollectible Balance Using the aging schedule above, which of the following is the total uncollectible O $500 O $365 O $284.35 $302
QUESTION & 6 The following are estimated the estimated sales of a company for eight month Navember 30.2020 Escimated Sales (Units) Manth 12,000 April 13,000 May 9,000 June 8,000 July 10,000 August September 12,000 October 14,000 November 12,000 As a matter of policy, the company maintains the closing balance of finished goods and raw materials as follows Inventory Items Finished goods Ending Balance -50% of estimated sales of next month Raw materials --Estimated consumption for next month Every unit of production requires 2 kgs of raw materials costing Br, 5 per kg Prepare: Production budget company for the half year ending September 30,2020 (units) and raw material budget in (units and cost) of the QUESTION #-7 Financial ratios are the symptoms like the blood pressure, the pulse or the temperature of an individual. Explain. also name and explain in brief the common types of ratios used by business companies.
a5
Required a + b and all individual parts
Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
Hi expart Provide correct solution
From the following information regarding the year to 31 August 20X6, what is the payables' payment period? $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Payables at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
Prepare a schedule of 15 The owner of a small mining supply company has requested a cash budget é After examining the records or the company, you find the following: ch Budget ust. a. Cash balance on June 1 is $345. b. Actual sales for April and May are requires develope Overh prod April Мay Cash sales Credit sales Mai $ 10,000 25,000 $35,000 Pov $15,000 25,000 Inc Re Total sales $40,000 c. Credit sales are collected over a three-month period: 50 percent in the month of sale, 30 percent in the second month, and 15 percent in the third month. The sales collected in the third month are subject to a 1.5 percent late fee, but only half of the affected customers pay the late fee, and the owner does not think it ie worth his while to try to collect from the other half. The remaining sales are Requ 1. L 2. uncollectible. d. Inventory purchases average 60 percent of a month's total sales. Of those pur- chases, 40 percent are paid for in the month of purchase. The remaining 60 per- cent are…
General accounting question
11:38 AM ... a 4G E 26% E Assignment 2.docx Required: Prepare the current liability section of Jasper Company's 2020 balance sheet. 4. Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the quality of its work and as a result pre-books customers a full year in advance. Customers must pay 40% at the time of booking and the balance on the completion date of the job. Stone Works records the 40% cash advance received from customers in the Unearned Revenues account. The December 31, 2020, balance sheet shows Unearned Revenues totalling $129,000. During 2021, $284,000 of cash was collected in total from customers: $205,000 regarding work completed during the year for customers who paid 40% down in 2020, and the balance representing the 40% prepayments for work to be done in 2022. Required: 1. Prepare the entry to record the collection of cash in 2021. 5. Zing Cell Phone Company entered into…
Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 2OҮЗ Cash $850 $850 Temporary investments 1,200 1,500 Accounts receivable 830 950 Inventory 2,100 2,600 Accounts payable 1,800 2,200 a. Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Υ4 20Υ3 Quick Ratio b. Is the quick ratio improving or declining?
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.