Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $29,500 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,310 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $

Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $29,500 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,310 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? $ Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $ Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the beginning of the current period, Sunland company had balances in accounts receivables of $201,900 and in Allowance for Doubtful Accounts of $9,590 (credit). During the period, it had credit sales of $875,700 and collections of $796,820. It was written off as uncollectible accounts receivable of $7,410. However, a $2,808 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,830 at the end of the period (Omit the cost of goods sold entries). a) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. b) What is the net realizable value of the receivables at the end of the period?
Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $16,500 (of which 40% are credit sales still outstanding)Sales returns and Allowances $1,000Miscellaneous Receivables $1,212Allowance for Doubtful Accounts $1,502Long-term Receivables $9,014Advances to Shareholders and Directors $3,738 Notes Receivables $2,903 (Current Portion)Bad Debt Expense is estimated as 4% of credit sales. Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on December 31st? Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?
At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 280,000 Credit sales $ 700,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 210,000 debit Allowance for doubtful accounts $ 2,500 debit 3. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
Kendo Company has a December 31 year-end. The following information relates to the year just ended: Sales for the year $38,000 (of which 20% were cash sales) Accounts Receivable January 1 were $15,000 and increased 50% by December 31 Allowance for Doubtful Accounts January 1 $4,684 Kendo sets its provision for uncollectible accounts receivable at 2% of credit sales. Required 1: Assuming no other transaction happened, what is the Uncollectible Accounts Expense reported on Decmber 31st? $ Required 2: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $ Required 3: Assuming no other transaction happened, what is the adjusted balance of Allowance for Doubtful Accounts at December 31st? $
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P Corporation reported $3,600 balance in the accounts receivable account on Jan 1. The company made a credit sales of $24,800 and wrote off $1,700 as uncollectible. What is the ending balance of accounts receivable if the amount received from customers is $24,700.
The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)
At the beginning of the current period, Whispering Winds Corp. had balances in Accounts Receivable of $200,600 and in Allowance for Doubtful Accounts of $9,630. During the period, it had net credit sales of $770,000 and collections of $746,470. It wrote off as uncollectible accounts receivable of $7,481. Uncollectible accounts are estimated to total $22,900 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts in a tabular summary. Use the summary to record transactions (a), (b), and (c) below. (a) Record sales and collections during the period. (b) Record the write-off of uncollectible accounts during the period. (c) Record bad debt expense for the period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Liabili ties Assets Stockholders' Equity Allow. Retained Earnings For Doubtf ul Comm Accts. Cash on Rev. Exp. Rec. Accts Stock…
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 1,905,000 $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 1,270, 100 debit $ 16,580 debit 2. Bad debts are estimated to be 1.5% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: Accounts payable $ 0
At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 280,000 Credit sales $ 700,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 630,000 debit Allowance for doubtful accounts $ 5,000 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 4% of credit sales. Bad debts are estimated to be 3% of total sales. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31).
Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables: Sales $28,500 (of which 40% are credit sales still outstanding) Sales returns and Allowances $1,000 Miscellaneous Receivables $1,212 Allowance for Doubtful Accounts $1,502 Long term Receivables $9,014 Advances to Shareholders and Directors $4,266 Notes Receivables $2,903 (Current Portion) Bad Debt Expense is estimated as 4% of credit sales Required 1: Assuming no other transaction happened, what is the Bad Debt Expense reported on Decmber 31st? Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?
Selected data for the Erdin Corporation for the year ended Decmeber 31, 20x5 is provided below: Credit sales Accounts receivable written off Recoveries of previously written of accounts receivable Allowance for doubtful accounts balance, January 1, 20x5 Accounts receivable, December 31, 20x5 Erdin estimates that 0.8% of sales will be uncollectible. Required - $4,500,000 36,500 1,800 33,000 cr. 625,000 Write the journal entries to record the accounts receivable written off, the recoveries and the bad debt expense. Calculate the ending balance in the allowance for doubtful account at December 31, 20x5. Note that the accounts receivable and recoveries have been accounted for in the ending Accounts Receivable balance.