Accounts Receivable Allowance for Doubtful Accounts Road Runner Express reported the following rounded amounts (in millions): 2018 $ 5,040 (260) 2019 $ 5,335 (255) Accounts Receivable, Net of Allowance $ 5,080 $ 4,780 Net Sales (assume all on credit) $ 48,500 $ 46,700 Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 10.8? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect 6.5 times 56.2 days

Accounts Receivable Allowance for Doubtful Accounts Road Runner Express reported the following rounded amounts (in millions): 2018 $ 5,040 (260) 2019 $ 5,335 (255) Accounts Receivable, Net of Allowance $ 5,080 $ 4,780 Net Sales (assume all on credit) $ 48,500 $ 46,700 Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 10.8? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Days to Collect 6.5 times 56.2 days

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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How much is the accounts receivable as of December 31, 2019? * 460,800 434,400 405,600 398,400
The Phillips Company gathered the following information pertaining to its year ended December 31, 2020 prior to any adjustments: Net Sales for the Year $780,000 Accounts Receivable, 12/31 165,000 Allowance for Uncollectible Accounts, 12/31 2,200 Debit Assume that Phillips uses the percentage of outstanding accounts receivable method for uncollectible amounts. An aging of accounts receivable indicates that $9,550 will be uncollectible. Phillips will report the following amounts in its 2020 financial statements: Select one: a. Bad debts expense $11,750; Net accounts receivable $155,450 b. Bad debts expense $9,550; Net accounts receivable $155,450 c. Bad debts expense $9,550; Net accounts receivable $157,650 d. Bad debts expense $1,750; Net accounts receivable $157,650 e. Bad debts expense $7,350; Net accounts receivable $157,650
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $950,000, Allowance for Doubtful Accounts has a credit balance of $8,500, and sales for the year total $4,280,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,800. 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.
Carter & Evans reported the following rounded amounts (in millions): 2019 $ 5,435 (305) $ 5,130 $ 40,500 2018 $ 5,140 (310) $ 4,830 $ 39,000 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.5?
can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850
The following information is available for AVS-CVN Company: Credit sales during 2019 P 8,000,000 Accounts receivable deemed worthless and written off during 2019 180,000 Allowance for doubtful accounts at December 31, 2018 160,000 As a result of a review and aging of accounts receivable in early January 2020, however, it has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? P130,000 c. P90,000 P110,000 d. P270,000
The net realizable value of the accounts receivable at December 31, 2021 isoverstated (understated) by: Please include solutions. Thank you!
Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850
FDNACCT Co. has the following balances on December 31, 2021 before any adjustments: Accounts Receivable = P920,000 Allowance for Doubtful Accounts = P3,250 Total credit sales = P3,000,000 Provision for doubtful accounts is estimated at 5% of Accounts Receivable. How much should be credited to the Allowance for Doubtful Accounts as adjustment?
FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P13,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 7% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?