A year end review of Accounts Receivable and estimated uncollectible percentages revealed the following:attached in ss below thankasgwroiwrnio A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following:Accounts Est. PercentReceivable Uncollectible$60,000$44,000$25,000$7,000Days Outstanding1-30 days31-60 days61-90 daysOver 90 days3%5%12%51%Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $800. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will beadjusting entry is made.OA. $9,770OB. $10,570OC. $11,370O D. $1,000after the

Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…

A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Accounts Est. Percent Receivable Uncollectible $60,000 Days Outstanding 1-30 days 31-60 days 61-90 days Over 90 days $44,000 $25,000 $7,000 A. $9,770 OB. $10,570 OC. $11,370 O D. $1,000 3% 5% 12% 51% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $800. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will be adjusting entry is made. after the

A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Accounts Est. Percent Receivable Uncollectible $60,000 Days Outstanding 1-30 days 31-60 days 61-90 days Over 90 days $44,000 $25,000 $7,000 A. $9,770 OB. $10,570 OC. $11,370 O D. $1,000 3% 5% 12% 51% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $800. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will be adjusting entry is made. after the

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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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: $1300. Days Outstanding 1-30 days 2% 31-60 days 5% 61-90 days 10% Over 90 days 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1100. Under the aging-of- receivables method, the Uncollectible-Account Expense at year-end is: $9390. $10,490. Accounts Receivable $8290. Est. Percent Uncollectible $65,000 $45,000 $22,000 $7000
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,020,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,400. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. %24 %24 %24 %24 %24
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $754,825 and Allowance for Doubtful Accounts has a balance of $18,222. What is the net realizable value of accounts receivable?
Before the year-end adjustment the Allowance for Doubtful Accounts has a debit balance of $5,000. Using the aging of receivables method, the desired balance of the Allowance for Doubtful Accounts is estimated as $35,000. a) What is the uncollectible accounts expense for the period? b) What is the journal entry required? c) What is the balance of the Allowance for Doubtful Accounts after adjustment? d) If the accounts receivable balance is $325,000, what is the net realizable value of the receivables after adjustment?
us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
The year-end financial statements of Prize Inc. include the accounts receivable footnote:Total accounts and other receivables at December 31 consisted of the following: (in millions) Year 2 Year 1 Total accounts and other receivables $444.4 $476.6 Allowance for doubtful accounts (6.0) (8.4) Total accounts and other receivables, net $438.4 $468.2 The balance sheet reports total assets of $2,984.1 million at December 31, Year 2.The common-size amount for gross accounts and other receivables are: Select one: a. $444.4 million b. None of these are correct. c. 14.7% d. 14.9% e. $438.4 million
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $545,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,450,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $22,500. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,560,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $37,800. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $743,691 and Allowance for Doubtful Accounts has a balance of $20,139. What is the net realizable value of the accounts receivable? Select the correct answer. $723,552 $20,139 $763,830 $743,691