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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At December 31, 2021, Concord Co. reported the following information on its balance sheet. Accounts receivable $959,700 Less: Allowance for doubtful accounts 78,800 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,715,300 2. Sales returns and allowances 49,700 3. Collections of accounts receivable 2,801,100 4. Write-offs of accounts receivable deemed uncollectible 89,800 5. Recovery of accounts previously written off as uncollectible 28,000 (d) Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.) Accounts receivable turnover ratio Average collection period times days
Ivanhoe Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 8% of receivables will eventually be uncollectible. Selected account balances at December 31, 2019, and December 31, 2020, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts (a) Nov. 15 Date Aug. 10 Record the following events in 2020. The given balance in the Accounts Receivable account at December 31, 2020 reflects the 2020 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Sept. 12 12/31/19 $324,000 Aug. 10 Determined that the account of L. Young for $648 is uncollectible. Sept. 12 Determined that the account of J. E. Ford for $3,672 is uncollectible. Oct. 10 Received a check for $432 as payment on account from L. Young, whose account had previously been written off…
Accounts receivable At December 31, 2021, House Co. reported the following information on its balance sheet. Less: Allowance for doubtful accounts 1. 2. During 2022, the company had the following transactions related to receivables. 3. 4. 5. n Sales on account Sales returns and allowances o $960,000 80,000 Show Transcribed Text Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $3,700,000 50,000 2,810,000 90,000 29,000 1.) Compute the accounts receivable turnover and average collection period for 2022
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Interpreting the Accounts Receivable FootnoteHP Inc. reports the following in its 2018 10-K report. October 31(in millions) 2018 2017 Accounts receivable $5,113 $4,414 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. For the fiscal years ended October 31(in millions) 2018 2017 2016 Allowance for doubtful accounts-accounts receivable Balance, beginning of period $101 $107 $80 Provision for doubtful accounts 57 30 65 Deductions, net of recoveries (29) (36) (38) Balance, end of period $129 $101 $107 (a) What is the gross amount of accounts receivables for HP in fiscal 2018 and 2017? ($ millions) 2018 2017 Gross accounts receivable Answer Answer (b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2018 and 2017? (Round your answers to two decimal places.) ($ millions) 2018 2017 Percentage of uncollectible…
Requlred Information [The following information apples to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). $ 257,000 52,000 1,100 Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 (debit) Requlred: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-recelvables method. Suzukl estimates 12% of recelvables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
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John Lee Wholesale provides the following information: Accounts Receivable - 01/07/2020 $150 Accounts Receivable - 30/06/2021 900 Cash received from accounts receivable 8,050 What would be the credit sales for the year? Select one: 8,950 750 8,800 1,050
At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days
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