Financial Accounting: - An analysis and aging of Pharoah Corp. accounts receivable at December 31, 2017, disclosed the following. Amounts estimated to be uncollectible Accounts receivable $183,680 1,793,800 Allowance for doubtful accounts (per books) 128,620 What is the net realizable value of Pharoah's receivables at December 31, 2017?

Financial Accounting: - An analysis and aging of Pharoah Corp. accounts receivable at December 31, 2017, disclosed the following. Amounts estimated to be uncollectible Accounts receivable $183,680 1,793,800 Allowance for doubtful accounts (per books) 128,620 What is the net realizable value of Pharoah's receivables at December 31, 2017?

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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the net realizable value of the accounts receivable was P2,500,000. Alow ance for uncolectible accounts on January 1 Accounts written off as uncollectible Accounts receivable on December 31 Uncollectible accounts recovery 280,000 230,000 2,700,000 50,000 What is the uncollectible accounts expense for the current year?
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1.The 2017 year-end balances of Accounts Receivable and Allowance for Doubtful Accounts are $1,000,000 and $100,000, respectively. Complete the net realizable value (net accounts receivable) presentation at 12/31/2017. Do not use decimals. account receivable ? less: allowance for doubtful accounts? net reallizable value? 2.Prepare the journal entry to record 2018 total sales: $3,000,000, of which $2,200,000 are on account. Do not use decimals. [Note: enter cash sales in the first line.] 3.Compute the net realizable value (net accounts receivable) presentation after the journal entry to record 2018 sales. Do not use decimals. 4.Prepare the journal entry to record $2,700,000 of accounts receivable collected in 2018. Do not use decimals. 5.Compute the net realizable value (net accounts receivable) presentation after the two journal entries to record 2018 sales and 2018 collections. Do not use decimals. 6.Prepare the journal entry to record $25,000 of write-offs in 2018. Do not use…
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The 2016 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company’s current gross accounts and other receivables at the end of 2016? (in millions) 2016 2015 Allowance for doubtful accounts $7.2 $9.3 Total accounts and other receivables, net $486.6 $520.2 Group of answer choices $493.8 million $452 million $479.4 million $486.6 million
At December 31, 2018, Oriole Company reported the following information on its balance sheet. Accounts receivable $948,000 Less: Allowance for doubtful accounts 78,000 During 2019, the company had the following transactions related to receivables. 1. Sales on account $3,609,930 2. Sales returns and allowances 51,000 3. Collections of accounts receivable 2,756,000 4. Write-offs of accounts receivable deemed uncollectible 97,000 5. Recovery of bad debts previously written off as uncollectible 28,000 Compute the accounts receivable turnover for 2019, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.)
Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2016, to be $165,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: • The accounts receivable balance on December 31, 2016 was $175,000.• Uncollectible accounts receivable written off during 2016 totaled $12,000.• The allowance for doubtful accounts balance on January 1, 2016 was $15,000. How much is Clark's 2016 bad debt expense? Answer: is 7,000 how do you get this?
At the close of its first year of operations, December 31, 2017, Ming Company had accounts receivable of $1,620,000, after deducting the related allowance for doubtful accounts. During 2017, the company had charges to bad debt expense of $270,000 and wrote off, as uncollectible, accounts receivable of $120,000. What should the company report on its balance sheet at December 31, 2017, as accounts receivable before the allowance for doubtful accounts?