Financial Accounting An analysis and aging of Skysong Corporation's accounts receivable atDecember 31, 2023, disclosed the following:ItemAmounts estimated to be uncollectibleAccounts receivableAmount ($)$210,500$1,950,000Allowance for doubtful accounts (per books) $140,000What is the net realizable value (NRV) of Skysong Corporation'sreceivables at December 31, 2023?

Step 1: Define Net Realizable Value (NRV)Net Realizable Value (NRV) of accounts receivable refers to…

Answered: An analysis and aging of Skysong…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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An analysis and aging of Sarasota Corp.’s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $151,000 Accounts receivable 1,830,000 Allowance for doubtful accounts (per books) 140,000 What is the net realizable value of Sarasota Corp.’s receivables at December 31, 2020? Net realizable value $Enter your answer in accordance to the question statement
An analysis and aging of Sarasota Corp.’s accounts receivable at December 31, 2020, disclosed the following: Amounts estimated to be uncollectible $151,000 Accounts receivable 1,830,000 Allowance for doubtful accounts (per books) 140,000 What is the net realizable value of Sarasota Corp.’s receivables at December 31, 2020? Net realizable value $Enter your answer in accordance to the question statem
2. An analysis and aging of Concord Corp. accounts receivable at December 31, 2025, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) $180,710 1,799,500 Net realizable value What is the net amount expected to be collected of Concord's receivables at December 31, 2025? 125,900 1673600
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Total Accounts Receivable $ 127,700 Historical % Uncollectible 90,400 54,800 33,000 Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Complete this question by entering your answers in the tabs below. Number of Days Unpaid Required A The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated…
Please given answer the question
2. An analysis and aging of Concord Corp. accounts receivable at December 31, 2025, disclosed the following. Amounts estimated to be uncollectible Accounts receivable Allowance for doubtful accounts (per books) PAR MEMBER Net realizable value $ $180,710 What is the net amount expected to be collected of Concord's receivables at December 31, 2025? Credit sales during 2025 Bad debt expense Allowance for doubtful accounts 1/1/25 1,799,500 O Search 125,900 3. Marigold Co. provides for doubtful accounts based on 3% of gross accounts receivable. The following data are av a FF $3,343,800 57,040 16,760
Pharoah Ltd. prepared an aging of its accounts receivable at December 31, 2023 and determined that the net realizable value of the receivables was $324800. Additional information for calendar 2023 follows: Allowance for expected credit losses, beginning $38080 Uncollectible account written off during year 25760 Accounts receivable, ending 358400 Uncollectible accounts recovered during year 5600 For the year ended December 31, 2023, Pharoah's loss on impairment should be $20000. $15680. ○ $17920. $25760.
What is the net realizable value?
Injae Trading Company prepared an aging of its accounts receivable on December 31, 2020 and determined that the net realizable value of the Accounts Receivable was P2,500,000. Additional data is available as follows: Allowance for bad debts, January 1 P 280,000 • Accounts written off as uncollectible 230,000 • Accounts receivable, December 31 2,700,000 • Uncollectible accounts recovery 50,000 For the year ended December 31, 2017, what was the bad debts expense? A. P 230,000 B. P200,000 C. P150,000 D. P100,000
Warriors Company prepared an aging of its accounts receivable at December 31, 2023 and determined that the estimated uncollectible on that date was P85,200. During 2023, some customers' accounts were written off. Additional information is available as follows:Allowance for Bad Debts, December 31, 2022 P 63,000Bad debts expense reported in profit or loss 18,000Accounts Receivable, December 31, 2023 607,500Uncollectible accounts recovery during 2023 12,000 Question:21. How much were the accounts written off during 2023? A. P6,000 B. P7,800 C. P18,000 D. P22,200
The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900
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