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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The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
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?
The estimated loss from uncollectible accounts can be based on the net credit sales for the year or the ____________________ balance at the end of the year.
Using the aging of receivable method, prepare the ledger accounts for Allowance for uncollectible sales and Accounts receivable from information given. Prepare the balance sheet extract as at Dec 31 2010 & 2011 to show the net realizable value for the Accounts Receivable.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $890,000; Allowance for Doubtful Accounts has a credit balance of $8,000; and sales for the year total $4,010,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $36,800. a. Determine the amount of the adjusting entry for uncollectible accounts.$ 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.$
Credit Losses Based on Accounts Receivable Hunter, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Age Group Balance Probability ofNoncollection 0–30 days past due $90,000 1% 31–60 days past due 20,000 2% 61–120 days past due 11,000 5% 121–180 days past due 6,000 10% Over 180 days past due 6,000 25% $133,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $820 on December 31, before any adjustments. Prepare the adjusting entry for estimated credit losses on December 31. Prepare the journal entry to write off the Rose Company’s account on April 10 of the following year in the amount of $650. a. General Journal Date Description Debit Credit Dec.31 AnswerBad Debts ExpenseAllowance for Doubtful AccountsAccounts Receivable - Rose Company Answer Answer…
The balance sheet of Omni, Inc., at the end of last year included the following EXERCISE 8-5 Write-Offs and Recoverles items: Notes receivable from cusfomers Accrued Interest on notes receivable. .. . . A .... . $ 540,000 10,600 Accounts recelvable Less: Allowance for dɔubtful accountS .... ... . .. . c 2,268,000 54,000 uSTRUCTIONS You are to record the following events of the current year in general journal en- tries: a Accounts receivable of $51,840 are vritten off as uncollectible. b A customner's note for $14,850, on which interest of $810 has been accrued in the accounts, is deemed uncollectible, and both balances are written off against the Allowance for Doubtful Acçounts. c An account receivable for $7,020 previously written off is collected. d Aging of accounts receivable at the end of the current year indicates a need for an $81,000 allowance to cover possible £ailure to collect accounts currently out- standing. (Consider the effect of entries for a, b, and e on the amount of…
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.$