Concord Company had accounts receivable of $200,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,900,000, cash collections of $1,748,000, and accounts written off of $52,000. (a) Compute the ending balance of accounts receivable Ending balance of accounts receivable S eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer

Concord Company had accounts receivable of $200,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,900,000, cash collections of $1,748,000, and accounts written off of $52,000. (a) Compute the ending balance of accounts receivable Ending balance of accounts receivable S eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900
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ABC Company had the following information relating to its accounts receivable at December 31, 2024 and for the year ended December 31, 2024: Accounts receivable – December 31, 2023 - 8,000,000; Allowance for doubtful accounts – December 31, 2023 - 1,000,000; Sales (80% credit sales) - 50,000,000; Collections from customers on accounts - 31,000,000; Accounts written off - 2,000,000; Estimated uncollectible receivables per aging on December 31, 2024 - 3,000,000. What is the net realizable value if ABC’s accounts receivable on December 31, 2024?
On December 31, 2022, Ace Hardware reported the following information on its balance sheet: Accounts Receivable $1,350,000 Allowance for Doubtful Accounts (credit) 81,000 During 2023, the Company had the following transactions related to receivables: Sales on Account Collections on Account Write-offs of uncollectible accounts Recovery of previously written off accounts The balance in the Accounts Receivable account before any adjusting journal entries, at the end of 2023, would be: Select one: a. $1,485,000 b. $1,395,000 c. $1,575,000 d. $1,467,000 e. $1,503,000 $4,500,000 4,275,000 90,000 18,000
Crane Company had the following balances in receivable accounts at October 31, 2025 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $3,034, Other Receivables $201, and Notes Receivable $1,396. Prepare the balance sheet presentation of Crane Company's receivables in good form. CRANE COMPANY Balance Sheet (Partial) (in thousands) > S 69 S
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Windsor Corp. had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $50, Accounts Receivable $2,820, Other Receivables $190, and Notes Receivable $1,370.1. Prepare the balance sheet presentation of Windsor Corp.’s receivables in good form.
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable: $565700 Less: Allowance for doubtful accounts: $38000 During 2022, the company had the following transactions related to receivables. 1. Sales on account: 2560000 2. Sales on returns and allowances: 50000 3. Collections of accounts receivable: 2260000 4. Write-offs of accounts receivable deemed uncollectible: 42400 5. Recovery of bad debts previously written off as uncollectible: 16000 Compute the accounts receivable turnover.
Sheridan Company had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $51, Accounts Receivable $3,122, Other Receivables $187, and Notes Receivable $1,418.Prepare the balance sheet presentation of Sheridan Company’s receivables in good form.
Sunland Company had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $52,Accounts Receivable $3,034, Other Receivables $201, and Notes Receivable $1,396. Prepare the balance sheet presentation of Sunland Company's receivables in good form. Sunland Company Balance Sheet (Partial) (in thousands) $ $ $