Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. 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 titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. 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 titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

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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Use the following information regarding Skysong, Inc. and Kingbird, Inc. to answer the question “Which amount is equal to Skysong, Inc.'s "days in inventory" for 2022 (to the closest decimal place)?” (Use 365 days for calculation.) * Year Inventory Turnover Ending Inventory Skysong, Inc. 2020 * $26800 * 2021 10.6 $31400 * 2022 10.2 $32400 * Kingbird, Inc. 2020 * $26340 * 2021 8.5 $25230 * 2022 9.2 $23010
Inventory Turnover Calculate the company's inventory turnover for 2020 and compare the result to the industry average.
Sales Cost of goods sold Accounts receivable Numerator: 2021 $ 446,762 225,881 21,623 Numerator: Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Numerator: 1 1 1 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Net Sales favorable or unfavorable? 2020 $ 290,105 146,803 16,913 Trend Percent for Net Sales: 2019 $ 232,084 119,092 15,828 2021: 2020: 2019: 2018: 2017: Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Cost of Goods Sold: 1 Denominator: 7 1 1 1 1 1 I 1 Denominator: Trend Percent for Accounts Receivable: Denominator: 1 1 1 1 2021: 2020: 2019: 2018: 2017: Is the trend percent for Accounts Receivable favorable or unfavorable? 2018 $ 167,570 84,885 9,820 = = = = = = = = = = 2017 $ 128,900 64,450 8,804 = Trend percent Trend percent Trend percent % % % % % % % % % % % % %…
Subject: accounting
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