At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000. Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $

At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000. Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.

Compute Teal’s 2020 cash receipts from customers.

Cash receipts from customers

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts receivable totaled $675,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $42,000 at the beginning of 2024 and $26,000 in receivables were written off during the year as uncollectible. Also, $2,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $2,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2024 year-end balance sheet? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the…
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At December 1, 2023, Imalda Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for doubtful accounts $154,000 4,500 (credit balance) The following transactions were completed during December 2023: December 5 Sold merchandise items for $67,000. An amount of $19,000 was received in cash and the rest on account; terms 2/10, n/60. The total cost of sales was $35,000. December 12 Collected amount due from customers for credit sales made on December 5. December 20 Collected $90,000 in cash from customers for credit sales made in November 2023. December 26 One of Imalda's customers that owed $3,000 to the company experienced financial problems and was forced to close its business in December. The full amount was considered uncollectible. Total Estimated % uncollectible The company records sales revenue net of the sales discount. If a customer pays after the discount period, the sales discount that is forfeited is recorded in a…
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