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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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
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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?
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…
At the end of its first year operations , December 31, 2014, Darden Inc. reported the following information. Accounts receivable , net of allowance for doubtful accounts (950,000) Customer accounts written off as uncollectible during 2014 (24,000) Bad debt expense for 2014 (84,000) What should be the balance in accounts receivable at December 31, 2014 , before subtracting the allowance for doubtful?