December 31, 2020 Sy General Services has an estimated uncollectible 1% of its accounts receivable. WHAT IS IT?
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On December 31, 2020 Sy General Services has an estimated uncollectible 1% of its
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- At the end of 2020, Bonita Company has accounts receivable of $960,000 and an allowance for doubtful accounts of $48,000. On January 16, 2021, Bonita Company determined that its receivable from Ramirez Company of $7,200 will not be collected, and management authorized its write-off. What is the net amount expected to be collected of Bonita Company’s accounts receivable after the write-off of the Ramirez receivable? Net amount expected to be collected $At the end of 2020, Shamrock Company has accounts receivable of $832,000 and an allowance for doubtful accounts of $41,600. On January 16, 2021, Shamrock Company determined that its receivable from Ramirez Company of $6,240 will not be collected, and management authorized its write-off.At 30th June 2018 a company’s provision for doubtful debts was £78,000. At 30th June 2019 debtors (receivables) totalled £1,034,000. It was decided to write off debts totalling £74,000 and to adjust the provision to the equivalent of 5% of remaining debtors (receivables). What figure should appear in the income statement for bad and doubtful debts expense for the year ended 30 June 2019? £74,000 £44,000 £47,700 £104,000
- How much is the total realized gross profit in 2020? How much is the monthly payment? How much is the under (over) allowance in trade in?USM records $120,000 of sales in the month of December 2020. USM estimates that $10,000 of returns of December sales will eventually be returned. As of December 31, 2020, $2,000 of returns have been processed. Assuming zero balance in the refund liability account, what is the effect of the entry necessary at December 31 to record estimated returns? Omit the cost of sales entry. Group of answer choices: a,) Decrease revenues and increase liabilities for $8,000 b.) Decrease revenues and increase liabilities for $10,000 c.) Increase expenses and Increase Liabilities for $8,000 d.) Increase expenses and Increase Liabilities for $10,000 e.) None of the aboveBased on aging of the receivables at December 31, 2020, Koko Co. has computed that its collectible trade receivables were P6,500,000. Additional information regarding Koko's trade receivable in 2020 are the following: trade receivables December 31, P700,000; allowance for uncollectible accounts, January 1, P60,000; written off uncollectible accounts P36,000 and recovered uncollectible accounts, P4,000. What is Koko’s provision for bad debts for 2020?
- Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 251,000 Accounts Receivable, December 31, 2021 46,000 Allowance for Uncollectible Accounts, December 31, 2021 1,100 (Credit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)Bluebird, Inc. had net sales (all on account) in 2020 of$600,000. At December 31,2020 , before adjusting entries, the balances in selected accounts were: accounts receivable$75,000debit and allowance for doubtful accounts$1,500debit. Bluebird estimates that3%of its net sales will prove to be uncollectible. What is the net realizable value of the receivables reported on the financial statements at December 31,2020 ?McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $2,400,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney's management decides that $7,300 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2020, McKinney & Co. receives a check from Mangold Corporation for $7,300. Required: Prepare the journal entries for McKinney to record the collection of the account previously written off
- On December 31, 2020, Hoosier Inc. establishes an allowance for doubtful accounts of 3% of its accounts receivable balance of $180,000. Hoosier Inc. decides on March 15, 2021, not to pursue collection of Smith’s $1,000 account. The likelihood of collection does not support further collection efforts. What is the net realizable value (NRV) of accounts receivable before and after the write-off of the Smith account?Mckinney & Co. estimates its uncollectible accounts as a percentage of credit sales. Mckinney made credit sales of' $1,500,000 in 2019. Mckinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.21. During 2019, Company A had net credit sales of Php 600,000. Its Accounts Receivable and Allowance for Doubtful Accounts as of December 31, 2019 before adjustment are Php 100,000 and Php 2,000, respectively. The age of the receivables are as follow: Php 40,000: 0-60 days old; Php 60,000: over 60 days old. If the company uses Aging of Receivables, what should be the amount of Doubtful Accounts Expense to recognize if an allowance of 2% is granted to 0-60 days old receivables and 10% to over 60 days old receivables?
