Calculate for each year the receivable turnover. At the end of 2019, accounts receivable was $568,500, (Round answers to 1 decimal place, e.g. 12.5.) 2021 2020 Accounts receivable turnover times times eTextbook and Media Calculate for each year the collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2021 2020 Collection period days days

Calculate for each year the receivable turnover. At the end of 2019, accounts receivable was $568,500, (Round answers to 1 decimal place, e.g. 12.5.) 2021 2020 Accounts receivable turnover times times eTextbook and Media Calculate for each year the collection period. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 2021 2020 Collection period days 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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A bank lent P350,000 to a customer on December 1, 2019 that required the customer to pay an annual percentage rate of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31, 2020. 14. Prepare the initial entries to record the given loan. 15. What date should be used to record the December adjusting entry? 16. What are the accounts involved in the adjusting entries? 17. Prepare the adjusting entries.
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4. Banyana's Financial year ends on 30th June. She maintains a provision for doubtful debts at 5% of the trade receivables at the end of the year. Banyana provided the following information: P 2020 July 1 Balance on provision for doubtful debts 900 2021 June 30 Total trade receivables 20000 2022 June 30 Total trade receivables 16000 On 1 July 2020 the balance on the provision for doubtful debts account was P900. Write up the provision for doubtful debts account for each of the years ended 30th June 2021 and June 2022. Balance the account at the end of each year.
What is Disney's Average Collection Period for the year ending 9/30/2019 using Yahoo finance data? Use this information for accounts receivable: 2018 accounts receivable 8,275,000 2019 accounts receivable 12,882,000 28.6 years 29.1 years 34.1 days 54.7 days
180 - Our business opened a 1-year term deposit account of 180.000 TL on 01.08.2020. The interest rate is 16%. Which of the following accounts is correct to use in the accrual record to be made on 31.12.2020? a) 642 Interest Income Hs. 28.800 TL (Creditor) B) 642 Interest Income Hs. 9.600 TL (Creditor) NS) 181 Income Accruals Hs. 19.200 TL (Borrower) D) 181 Income Accruals Hs. 12.000 TL (Borrower) TO) 642 Interest Income Hs. 8.800 TL (Creditor)
Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr corporation $300,000, receiving in exchange a one-year, 12 percent per year note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2018 will amount to: a $36,000 b $28,000 c $18,000 d $21,000
Trade receivables (net of allowances of $45 at December 31, 2022 and $37 at December 31, 2021) December 2022: $3,088 December 2021: $2,337 Other receivables (net of allowances of $59 at December 31, 2022 and $49 at December 31, 2021) December 2022: $819 December 2021: $851 Calculate average account receivables. (Also explain if you add/minus/not use net of allowances)
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se the following selected financial statement information from Black Water Industries. BLACK WATER INDUSTRIES Year Net Credit Sales Ending Accounts Receivable 2017 $687,430 $332,250 2018 705,290 362,450 2019 769,500 403,650 A. Compute the number of days’ sales in receivables ratios for 2018 and 2019. Round your answers to two decimal places. 2018 fill in the blank 1 days 2019 fill in the blank 2 days B. Using the sales in accounts receivable, choose the statement that most closely describes the company's management of its receivables. a. The company collects its accounts slowly, and the days are increasing. b. This may be leave the company unable to pay current debt owed to a lender. c. The company may need to be more aggressive with its receivable collection procedures. d. All of the above statements may be correct.
16. On October 1, 2020, Zachary's Balloons borrowed S4,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2020, and a correct reversing entry was made on January 1, 2021. The entry that should be made on March 31, 2021, is a. Interest Payable 240 Cash 240 b. Interest Expense Interest Payable 120 120 Cash 240 c. Interest Expense 240 Cash 240 d. Interest Expense 120 Cash 120
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