Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnoverratio financial statement effects [LO7-5, 7-6, 7-7, 7-8, 7-9]Chamberlain Enterprises incorporated reported the following receivables in its December 31, 2024, year-end balance sheet:Current assets:accountsAccounts receivable, net of $37,000 in allowance for uncollectible$ 283,00011,050390,000Interest receivableNotes receivableAdditional Information:1. The notes receivable account consists of two notes, a $65,000 note and a $325,000 note. The $65,000 note is dated October31, 2024, with principal and interest payable on October 31, 2025. The $325,000 note is dated June 30, 2024, with principal and6% Interest payable on June 30, 2025.2. During 2025, sales revenue totaled $1,470,000, $1,345,000 cash was collected from customers, and $35,000 in accountsreceivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting theallowance account to an amount equal to 10% of year-end accounts receivable.3. On March 31, 2025, the $325,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%.Chamberlain accounts for the discounting as a sale.Required:1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2025 Incomestatement?2. & 3. What amounts will appear in the 2025 year-end balance sheet for accounts receivable? Calculate the receivables turnover ratiofor 2025.Complete this question by entering your answers in the tabs below.Req 1Req 2 and 3In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2025income statement?Revenue:Income Statement for 2025Expense:

Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $37,000 in allowance for uncollectible accounts Interest receivable Notes receivable $ 283,000 11,050 390,000

Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $37,000 in allowance for uncollectible accounts Interest receivable Notes receivable $ 283,000 11,050 390,000

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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On January 1, 2021, the general ledger of Big Bles: Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23, 308 48, e0e Accounts Receivable Allowance for Uncollectible Accounts $ 4, 580 37, eee Inventory Land 72,100 Accounts Payable Notes Payable (6%, duc in 3 years) 28,98e 37,eee 63,0ee 39,8ee Comnon Stock Retained Earnings Totals $172,400 $172, 400 The $37,000 beginning belance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,680 units for $168,89e on account ($185 cach). January 8 Purchase 1,78e units for $187, e0e on account ($110 each). January 12 Purchase 1,88e units for $207, B00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788, eee. The cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753, eee…
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Walmart Inc (WMT) has the following excerpts from their financial statements January 31, 2022 January 31, 2021 Net Receivables * (in $ Millions) 8,280 6,516 *Net Receivable = Gross receivable minus Allowance Walmart’s fiscal year “FY22” is defined as the period between February 1, 2021 – January 31, 2022 Gross (Accounts) Receivables, January 31, 2022: $9,265 Million Gross Receivables, January 31, 2021: $7,421 Million Accounts Written-off in FY 22 $221 Million 2% of credit sales is assumed to be uncollectable CALCULATE The ending balance of Allowance for uncollectable accounts as of January 31, 2022 Bad Debt Expense for the fiscal year ending on January 31, 2022. Collections during FY22
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At January 1, 2024, Tarjee Inc. reported the following information on its statement of financial position: Accounts receivable $530,000 40,000 Allowance for expected credit losses ,40,000 During 2024, the company had the following summary transactions for receivables: Sales on account, $1,930,000; cost of goods sold, $1,061,500; return rate, 5% Selling price of goods returned, $76,000; cost of goods returned to inventory, $41,800 Collections of accounts receivable, $1,700,000 Write-offs of accounts receivable deemed uncollectible, $53,000 Collection of accounts previously written off as uncollectible, $12,000 After considering all of the above transactions, total estimated uncollectible accounts, $32,000 Prepare the journal entries to record each of the above summary transactions. (List all debit entries before credit entries. 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…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…