The choices are 240K, 248K, 256K and 260K How much is the realized grossprofit in 20x1?Banana Co. began operations on January 2, 20x1. Banana uses the "“installment sales method" ofaccounting. Banana's records on December 31, 20x1 show the following information:Installment accounts receivable, Dec. 31, 20x1Deferred gross profit, before year-end adjustmentGross profit on sales800,000560,00040%240,000248,000256,000260,000

Total gross profit to be recognized later = Installment accounts receivable at the year end * Rate…

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EBK CONTEMPORARY FINANCIAL MANAGEMENT

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ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Doll Company provided the following data for the current year:Allowance for doubtful accounts- January 1, 180,000Sales 9,500,000Sales returns and allowances 800,000Sales discounts 200,000Accounts written off as uncollectible 200,000The entity provided for doubtful accounts expense at the rate of 3% of net sales. What is the allowance for doubtful accounts at year-end?
Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method: Determine the amount to be charged to the uncollectible expense account. Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31.
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At the end of the year, Bertha Enterprises estimates the uncollectible accounts expense to be 0.7 percent of net sales of $15,150,000. The current credit balance of Allowance for Uncollectible Accounts is $25,800. 1.Prepare the entry to record the uncollectible accounts expense. 2. what is the balance of the allowance for uncollectible accounts after this adjustment.
The following data are taken from the financial statements of Coronado Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $465,000. (Round answers to 1 decimal place, e.g. 1.6.) Accounts receivable turnover eTextbook and Media Save for Later (a2) 2022 2021 $525,000 $500,000 4,100,000 3,184,500 Average collection period 2022 times 2022 days 2021 2021 times Compute for each year the average collection period. At the end of 2020, accounts receivable (net) was $465,000. (Use 365 days for calculation. Round answers to 1 decimal place, e.g. 1.6.) Assistance Used Attempts: unlimited days Submit Answer
At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.
Doll Company provided the following data for the current year: Allowance for doubtful accounts- January 1, 180,000 Sales 9,500,000 Sales returns and allowances 800,000 Sales discounts 200,000 Accounts written off as uncollectible 200,000 The entity provided for doubtful accounts expense at the rate of 3% of net sales. What is the allowance for doubtful accounts at year-end? a. P435,000 b. P265,000 c. P235,000 d. P241,000
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company reported credit sale of 6252900 and cost of goods sold of 3300000 for the year. the acconunt receivable balance at the beginning and end of the year were 516000 and 581000. receivables turnover ratio is 1. 10.8 2. 6.0 3. 11.4 4. 5.7
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At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year. Credit sales for the year total $282,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method on a balance sheet.

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How much is the realized gross profit in 20x1?