еBookCalculatorInferring Accounts Receivable AmountsAt 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 accountsof $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.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.Accounts Receivable written off$4Accounts Receivable at 1/1/2019( PreviousNext>Check My WorkAll work saved.Email InstructorSave and ExitSubmit Assignment for GradingMacBook ProCSearch or type URL%2#%$4&346deleteETYUJCVNcommandoptionYevenut. opreahnyΣ* 00

Answered: Image /qna-images/answer/811e8c3c-f07a-474f-b8af-b49d49eb40e0.jpg

Answered: еBook Calculator Inferring Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

As of January 1, 2021, Company had a credit balance of 535,000 in its allowance for uncollectible accounts. Based on experience, 2% of the company's gross accounts receivable have been uncollectibleDuring 2021, the company wrote off 665,000 of accounts receivable . The company's gross accounts receivable as December 31, 2021, is 18,750,000 In its December 31, 2021, balance sheet, what amount should the company report as allowance for uncollectible accounts?
The following are the receivables balances of Hendrix Company as of January 1, 2021 (the beginning of the fiscal year). $ 85,000 331,750 Notes receivable Accounts receivable Allowance for doubtful accounts Transactions during 2021 include the following: 1) Sales to customers of $2,017,800 were made during 2021. Customers have 60 days to pay for the product. 2) Accounts receivable of $1,942,000 were collected. 3) $7,000 was received in payment of an account which was written off the books as uncollectible during 2021. 4) Customer accounts of $30,200 were written off during 2021. 16,700 (Credit balance) 5) At year-end (December 31, 2021), an aging of the accounts receivable balance showed the following. Use the below information to record bad debt expense for 2021. Age Under 30 days 30-90 days 91-180 days 181-360 days Over 360 days Amount $169,250 100,000 55,900 38,200 14,000 Estimated % Uncollectible 0.8% 1.6 5.0 15.0 40.0 SHA Instructions a) Prepare the necessary journal entries for…
At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days
please help me
Tyla's bakery estimates the allowance for uncollectible accounts at 1% of the ending balance of accounts receivable. During 2024, Tyla's credit sales and collections were $117,000 and $141,000, respectively. What was the balance of accounts receivable on January 1, 2024, if $240 in accounts receivable were written off during 2024 and if the allowance account had a balance of $750 on December 31, 2024? A.) $41,000 B.) $480 C.) $99,240 D.) None of these answer choices are correct.
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.
Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2021, Chez Fred's credit sales and collections were $ 125,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $180 in accounts receivable were written off during 2021 and if the allowance account had a balance of $750 on December 31, 2021? A) $5,820. B) $31,000. C) $31,180. D) None of these answer choices are correct.
Carter & Evans reported the following rounded amounts (in millions): 2019 $ 5,435 (305) $ 5,130 $ 40,500 2018 $ 5,140 (310) $ 4,830 $ 39,000 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 9.5?
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Question 1 of 8 What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read…
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…
Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $62,000 in allowance for uncollectible accounts $ 394,000 Interest receivable 31,100 Notes receivable 510,000 Additional information: The notes receivable account consists of two notes, a $110,000 note and a $400,000 note. The $110,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $400,000 note is dated March 31, 2023, with principal and 10% interest payable on March 31, 2024. During 2024, sales revenue totaled $2,220,000, $2,080,000 cash was collected from customers, and $51,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable. Required: In addition to sales revenue, what revenue and expense amounts related…
On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age Amount ％ collectible 0-30 days $5,000,000 95 31-60 days 600,000 85 61-90 days 450,000 70 Over 90 days 100,000 50 Total $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS