Please do not give solution in image format thanku At December 31, 2021, Oriole Company reported this information on its balance sheet.Accounts receivableLess: Allowance for doubtful accounts1.During 2022, the company had the following transactions related to receivables.2.3.4.5.Sales on accountSales returns and allowances$573,000Collections of accounts receivable33,000Write-offs of accounts receivable deemed uncollectibleRecovery of accounts previously written off as uncollectible$2,450,00056,0002,150,00046,00020,000 Compute the accounts receivable turnover and average collection period, assuming the expected uncollectiblesinformation provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.)Accounts receivable turnoverAverage collection periodtimesdays

Account receivable are the amount of sales that are pending with customers and collection of money…

Accounts receivable Less: Allowance for doubtful accounts 1. During 2022, the company had the following transactions related to receivables. 2. 3. Sales on account Sales returns and allowances $573,000 Collections of accounts receivable 33,000 $2,450,000 56,000 2,150,000

Accounts receivable Less: Allowance for doubtful accounts 1. During 2022, the company had the following transactions related to receivables. 2. 3. Sales on account Sales returns and allowances $573,000 Collections of accounts receivable 33,000 $2,450,000 56,000 2,150,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?
Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
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