Required information[The following information applies to the questions displayed below.]At December 31, Hawke Company reports the following results for its calendar year.$ 1,905,000$ 5,682,000In addition, its unadjusted trial balance includes the following items.Cash salesCredit salesAccounts receivableAllowance for doubtful accounts.$ 1,270, 100 debit$ 16,580 debit2. Bad debts are estimated to be 1.5% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accountsappear on its December 31 balance sheet.

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Description: Required information[The following information applies to the questions displayed below.]At December 31, Hawke Company reports the following results for its calendar year.$ 1,905,000$ 5,682,000In addition, its unadjusted trial balance includes the f

Bad debt expense is based on a certain % of credit sales. Ending allowance account balance is based…

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At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 1,905,000 Credit sales $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 1,270,100 debit $ 16,580 debit

At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 1,905,000 Credit sales $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 1,270,100 debit $ 16,580 debit

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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Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 640,000 Credit sales $ 1,600,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 480,000 debit $ 5,800 debit 3. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets:
Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $16,500 (of which 40% are credit sales still outstanding)Sales returns and Allowances $1,000Miscellaneous Receivables $1,212Allowance for Doubtful Accounts $1,502Long-term Receivables $9,014Advances to Shareholders and Directors $3,738 Notes Receivables $2,903 (Current Portion)Bad Debt Expense is estimated as 4% of credit sales. Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on December 31st? Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?
View transaction list 1 Bad debts are estimated to be 4% of credit sales. 2 Bad debts are estimated to be 3% of total sales. 3 An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. EX EX:
The following information is extracted from the books of Zone for the month of January: $ Credit purchases 100,258 Cash received from customers 110,568 Returns to suppliers 20,426 Irrecoverable debts written off 224 Receivable ledger balances 1 January 14,968 Payables ledger balances 1 January 54,010 Closing inventory 100,142 Credit sales 148,580 Returns from customers 2,508 Discounts allowed 1,824 Discounts received 864 Cash paid to suppliers 56,546 Required: Prepare the receivables ledger control account and the payables ledger control account for the month.
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $ 10,550 debit Accounts receivable Allowance for doubtful accounts 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. Current assets: %24
Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit and totaled $647,000. Collections on account were $631,000. Write-offs during the year totaled $28,000. What is the ending balance in accounts receivable? A. $10,000 Dr balance B. $18,000 Cr balance C. $6,000 Dr balance D. $34,000 Dr balance
Question: The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for Uncollectible Accounts has a credit balance of $1,000. Net sales for the year were $494,000. In the past, 2 percent of sales have proven uncollectible. An aging of Accounts Receivable accounts results in an estimate of $13,500 of Uncollectible Accounts. Using the percentage of net sales method, calculate the Allowance for Uncollectible Accounts balance after adjustment.
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Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $10,550 debit Accounts receivable Allowance for doubtful accounts 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (Do not round intermediate calculations.) Current assets.
At December 31, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Cash sales. $1,905,000 Credit sales. $5,682,000 Accounts receivable. $1,270,100 debit Allowance for doubtful accounts. $16,580 debit Required 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c.
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Days Outstanding 1-30 days 31-60 days 61-90 days Over 90 days Accounts Est. Percent Receivable Uncollectible $65,000 3% $43,000 5% $25,000 10% $6,000 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $700. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will be after the adjusting entry is made. OA. $9,020 OB. $1,250 OC. $10,420 OD. $9,720