An analysis and aging of Giant Corp.'s accounts receivable at December 31, 2019, disclosed the following: Amounts estimated to be uncollectible $185,200 Accounts receivable $1,920,000 Allowance for doubtful accounts (per $140,000 book) Required: What is the net realizable value of Giant Corp.'s receivables at December 31, 2019?

An analysis and aging of Giant Corp.'s accounts receivable at December 31, 2019, disclosed the following: Amounts estimated to be uncollectible $185,200 Accounts receivable $1,920,000 Allowance for doubtful accounts (per $140,000 book) Required: What is the net realizable value of Giant Corp.'s receivables at December 31, 2019?

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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Outpost Designs decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
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The following is a portion of the current assets section of the balance sheets of Avanti's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for baddebts of $9,750 and $15,336, respectively $179,866 $225,851 Required:a. If $11,849 of accounts receivable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint: Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) b. The December 31, 2020, Allowance account balance includes $3,034 for a past due account that is not likely to be collected. This account has not been written off.(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If it had been written off, will there be any effect of the write-off on net income and ROI for the year ended December 31, 2020? Yes No c. The…
c. On December 31, 2019, an aging-of-receivables, indicates that $41 million of the total receivables of $444 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry. Date C. Journal Entry Accounts Doubtful-Account Expense Allowance for Doubtful Accounts ▼ Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. i Data Table Accounts receivable Allowance for doubtful accounts Print Done (In millions) $ 381 (52) x
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J-Hope Company prepared an aging of its Accounts Receivable at December 31, 2020 and determined that the estimated uncollectibles on that date was P85,200. During 2020, some customers’ accounts were written off. Additional information is available as follows: Allowance for Bad Debts, December 31, 2019- P63,000 Bad debts expense reported in 2020 profit or loss- P18,000 Accounts Receivable, December 31, 2020- P607,500 Uncollectible accounts recovery during 2020- P12,000 How much were the accounts written off during 2020? A P18,000 B P6,000 C P22,200 D P7,800
Wallace Inc. had a net realizable value of receivables of $700,000 when they prepared an aging of the accounts receivable as of Dec 31,2020. Additional information is available as follows: What would be the uncollectible accounts expense for 2020? $32,000 $28,000 $18,000 $50,000
The following Is a portion of the current assets section of the balance sheets of Avantl's, Inc., at December 31, 2020 and 2019: 12/31/20 12/31/19 Accounts receivable, less allowance for bad debts of $9,884 and $18,755, respectively $178,387 $223,883 Requlred: a. If $11,579 of accounts recelvable were written off during 2020, what was the amount of bad debts expense recognized for the year? (Hint. Use a T-account model of the Allowance account, plug in the three amounts that you know, and solve for the unknown.) Bad debt expense b. The December 31, 2020, Allowance account balance Includes $3,017 for a past due account that is not likely to be collected. This account has not been written off. |(1) If it had been written off, will there be any effect of the write-off on the working capital at December 31, 2020? Yes No (2) If It had been written off, will there be any effect of the write-off on net Income and ROI for the year ended December 31, 2020? Yes No c. The level of Avantı's sales…
Taiju Company prepared an aging of accounts receivable on December 31, 2020 and determined that the net realizable value of the accounts receivable was P2,500,000. Additional information is available as follows: Allowance for doubtful accounts on Jan. 1 280,000 Accounts written off as uncollectible 230,000 Accounts receivable on December 31 2,700,000 Uncollectible accounts recovery 50,000 For the year ended December 31, 2020, what amount should be recognized as doubtful accounts expense?