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

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

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...

See similar textbooks

Similar questions

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.
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
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) $ $ $
Pharoah Company had the following balances in receivable accounts at October 31, 2025 (in thousands): Allowance for Doubtful Accounts $54, Accounts Receivable $3,162, Other Receivables $183, and Notes Receivable $1,369. Prepare the balance sheet presentation of Pharoah Company's receivables in good form. PHAROAH COMPANY Balance Sheet (Partial) (in thousands) $ A +A
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.
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.
Cheyenne Corp. had the following balances in receivable accounts at October 31, 2020 (in thousands): Allowance for Doubtful Accounts $57, Accounts Receivable $2,800, Other Receivables $183, and Notes Receivable $1,354.
Dog
Co. provided some information on their financial records on December 31, 2022: Accounts receivable, January 1 – P19,200; Collections of account receivable – P62,400; Bad Debts – P2,000; Inventory, January 1 – P28,800; Inventory, December 31 – P26,400; Accounts payable, January 1 – P10,000; Accounts payable, December 31 – P15,000; Cash sales – P12,000; Purchases – P48,000; Gross profit on sales – P21,600. What is the ending balance of accounts receivable on December 31, 2022?
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
(d) At December 31, 2021, Sunland Company reported this information on its balance sheet. Accounts receivable $592,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,780,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,480,000 4. Write-offs of accounts receivable deemed uncollectible 44,000 5. Recovery of accounts previously written off as uncollectible 17,000 X Your answer is incorrect. Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles informatio provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Accounts receivable turnover Average collection period 3.9 times 93.6 days