At December 31, 2021, Carla Vista Imports reported this information on its balance sheet.Accounts receivable $531,000Less: Allowance for doubtful accounts 27,000During 2022, the company had the following transactions related to receivables.1. Sales on account $2,390,0002. Sales returns and allowances 50,0003. Collections of accounts receivable 2,090,0004. Write-offs of accounts receivable deemed uncollectible 40,0005. Recovery of bad debts previously written off as uncollectible 20,000Compute the accounts receivable turnover. (Round answer to 1 decimal place, eg. 12.4.)Accounts receivable turnover3.7times

The accounts receivable turnover ratio is the measure of the efficiency of the company to collect…

At December 31, 2021, Carla Vista Imports reported this information on its balance sheet. Accounts receivable $531,000 Less: Allowance for doubtful accounts 27,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,390,000

At December 31, 2021, Carla Vista Imports reported this information on its balance sheet. Accounts receivable $531,000 Less: Allowance for doubtful accounts 27,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,390,000

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 January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
Bonita Company’s unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable $55,000 Allowance for doubtful accounts 6,980 Net sales $1,217,400 Bonita Company estimates uncollectible accounts will be 8% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020
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On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts If bad debts are estimated to be 1.50% of credit sales, determine the ending balance in the Allowance for Doubtful Accounts after adjustment, at the end of 2023: Select one: O $4,500,000 4,275,000 90,000 18,000 a. $67,500 b. $94,500 c. $58,500 d. $76,500 e. $74,250
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Subject: accounting
In 2021 Coronado Co. had credit sales of $1810000 and sales returns and allowances related to these sales of $150000. Its comparative balance sheet at December 31, 2021 showed the following: 2021 2020 Accounts receivable $775000 $676000 Less: Allowance for doubtful accounts 74000 66000 Carrying amount $701000 $610000 The company's average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose) O 136 days. O 144 days. O 146 days. O 160 days.
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At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…
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