Answered: Calculate Days in Accounts Receivable.…

Name: Calculate Days in Accounts Receivable. Total accounts receivable over
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Description: Calculate Days in Accounts Receivable. Total accounts receivable over 90 days: $18,105.50A/R : $67,901Allowance: ($4,521)Gross Charges: $587,857 33 days 120 days 44.95 days 65.7 dats

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Accounting

Calculate Days in Accounts Receivable. Total accounts receivable over 90 days: $18,105.50 A/R : $67,901 Allowance: ($4,521) Gross Charges: $587,857 33 days 120 days 44.95 days

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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Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6. 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year. Round your intermediate calculations and final answer to the nearest cent. $1 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1 Dec. 31 2 2 3
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Account Title Beginning Balance Ending Balance Accounts receivable $28,600 $40,500 Allowance for doubtful accounts 1,760 2,160 Notes receivable 47,200 47,200 Interest receivable 930 4,234 The note receivable has a two-year term with a 7.00 percent interest rate. What amount of interest revenue was recognized during the period? How much cash was collected from interest? Please explain how you find the cash received for interest
Assuming a 360-day year, the interest charged by the bank, at the rate of 8%, on a 90-day, discounted note payable of $105,987 is a.$4,240 b.$8,479 c.$2,120 d.$105,987
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