usKimmel, tinancial Accounting, BeUS eo 1 Srstom AnnouncementsCALCATOBrief Exercise 8-10Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w bePrepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment cindent manually.)Account Titles and ExplanationDebitCreditSHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALPrepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current aarder of liquidity)Pronghorn CorpBalance Sheet (partial)wT O secouNTS SHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALCalculate the accounts receivable turnover. Assume that average net accounts receivable were $322,800. (Round answers to 1 decimal place, e.g. 12.5.)Accounts receivable turnover ratiotimesSHOW LIST OF ACCOUNTSLINK TO TEXTLINK TO TEXTINTERACTIVE TUTORIALINTERACTIVE TUTORIALCalculate the average collection period. (Round answers to 1 decimal place, e.g. 12.5.)Average collection perioddaysClick if you would like to Show Work for this question: Qpen Show WorkSHOW LIST OF ACCOUNTSLINK TO TEXYINTERACTIVE TUTORIALLINK TO TEXTINTERACTIVE TUTORIALQuestion &

The average collection period represents the average number of days between the date a credit sale…

Khamel Financiat Accounting, Be US I Stom Antouncements T8INTEN viel Exercise 8-10 Pri ts first yoar of operations, Pronghorm Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The aredit manager estimates that $16,370 of these receilen will e Depare the joumal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee am indont mannally.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables order of liquidity) has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. ( Pronghorn Corp Balance Sheet (partial)

Khamel Financiat Accounting, Be US I Stom Antouncements T8INTEN viel Exercise 8-10 Pri ts first yoar of operations, Pronghorm Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The aredit manager estimates that $16,370 of these receilen will e Depare the joumal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee am indont mannally.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables order of liquidity) has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. ( Pronghorn Corp Balance Sheet (partial)

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...

See similar textbooks

Related questions

Q: Gu Company provided the following from the unadjusted trial balance at year end Debit Credit…

A: Allowance for doubtful debts are created as a percentage of ending balance of accounts receivable.

Q: Oman company had $180,000 sales on credit last year. The accounts receivable balance was $14,000…

A: Given: Credit sales = $180,000 Accounts receivables = $14,000

Q: X Co. began operating on March 1 and its sales in March were $100,000, all purchased on account.…

A: To calculate the ending Accounts Receivable balance for March, we need to consider the sales,…

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Calculation of Estimated Uncollectibles Days Outstanding Estimated amount Uncollectible…

Q: Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: Aardvark, Ic., began 20X1 with the following receivables-related account balances: Accounts…

A: Financial statement: It is a statement that consists of a cash flow statement, Income statement, and…

Q: The balance sheet of Omni, Inc., at the end of last year included the following items: Notes…

A: Allowance for doubtful debts represents the account prepared by the management to record the…

Q: Rhodes Company reports the following information for the Year 1 fiscal year: Sales on account…

A: Solution: Accounts receivable turnover = Sales / Net accounts receivable = 650000 / (70000-4000) =…

Q: Barga Company's net sales for Year 1 and Year 2 are $665,000 and $749,000, respectively. Its…

A: Days sales uncollected is a liquidity ratio that is used to estimate the number of days before…

Q: The following information relates to ReDo Corporation: $28,184,000 $316,199,000 $64,115,000 What is…

A: Receivables collection period is the average time required to receive payment from debtors. It is…

Q: %24 ... Check my w [The following information applies to the questions displayed below.] Tyrell Co.…

A: Notes Payable - Notes Payable repayable with in a span of 12 Months will be considered as short term…

Q: 31.The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1: Accounts…

A: Working notes= Cash discount 2℅ calculation P107800/98℅ = P110000 Cash discount allowed=…

Q: What is the Accounts receivable balance at the end of 20x1? What should be the balance of the…

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: Calculate the average collection period for T&K Inc. if its accounts receivables were $600 at the…

A: The average collection period is the period in which the accounts receivable are expected to be…

Q: The following data were taken from the records of Jenny Company: Accounts receivable, May 31: (3 x…

A: June credit sale=June sales×30%=P 400,000×30%=P 120,000

Q: Selected data for the Erdin Corporation for the year ended Decmeber 31, 20x5 is provided below:…

A: Journal entries are the modern method of accounting in which all business transactions are recorded…

Q: owed Problem 5-3 (IAA) At the beginning of current year, Jocose Company reported the following: D00…

A: Journal entry is referred to as the recording of the business-related transactions on the basis of a…

Q: The following information is available for Fess Company: Credit sales during 20X1 $ 150,000…

A: Doubtful debts relate to the total amount of account receivable thata company deems to be…

Q: An entity provided the following information for the current year: Accounts receivable – January 1…

A: Recovery of accounts written off is not taken in receivable accounts. It is an income reported…

Q: Exercise 8-04 Assume the following information for Teal Mountain Corp. Accounts receivable…

A: Prepare journal entries of sales, collections, write off, and reverse entries:

Q: Tantrum Company provided the following information in relation to accounts receivable at year-end:…

A: Doubtful accounts: Doubtful accounts means accounts receivable that might become uncollectible or…

Q: Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp.…

A: Accounts Receivable -Money owed to a vendor by purchasers who have not made their payments yet is…

Q: Briel Exercise 8-11 he 2017 financial statements of 3N Company report net sales of $25.3 billion.…

A: Ratio analysis is a tool used by the financial analyst to measure the financial performance of the…

Q: The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit…

A: Current receivables are those amounts which is payable within 12 months. These are amounts which…

Q: Charming Paper Company sells to the 12 accounts listed here. Account Receivable Balance…

A: Account balances less than 30 days or less are 60,800 78300 30400 292000 Account balances…

Q: K Accounts receivable management This table, shows that Blair Supply had an end-of-year accounts…

A: The Average Collection Period refers to the average number of days it takes for a company to collect…

Q: Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Sandhill Co. had…

A: When using the percentage of receivables allowance method, the credit balance in allowance for…

Q: SISSY Company provided the following information relating to accounts receivable for the current…

A: Balance of account receivables is the values due to a firm on which the customer has yet not paid.…

Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

100%

us
Kimmel, tinancial Accounting, Be
US eo 1 Srstom Announcements
CALCATO
Brief Exercise 8-10
Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be
Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c
indent manually.)
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
INTERACTIVE TUTORIAL
INTERACTIVE TUTORIAL
Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a
arder of liquidity)
Pronghorn Corp
Balance Sheet (partial)
wT O secouNTS

SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
INTERACTIVE TUTORIAL
INTERACTIVE TUTORIAL
Calculate the accounts receivable turnover. Assume that average net accounts receivable were $322,800. (Round answers to 1 decimal place, e.g. 12.5.)
Accounts receivable turnover ratio
times
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
INTERACTIVE TUTORIAL
INTERACTIVE TUTORIAL
Calculate the average collection period. (Round answers to 1 decimal place, e.g. 12.5.)
Average collection period
days
Click if you would like to Show Work for this question: Qpen Show Work
SHOW LIST OF ACCOUNTS
LINK TO TEXY
INTERACTIVE TUTORIAL
LINK TO TEXT
INTERACTIVE TUTORIAL
Question &

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Sandhill Co. had credit sales of $3,208,100, of which $434,300 remained uncollected at year-end. The credit manager estimates that $19,120 of these receivables will become uncollectible. (a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Exercise 8-04 Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) $159,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 944,000 Collections 906,000 Write-offs of accounts receivable 5,400 Collections of accounts previously written off 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record sales on account) (To record collection of accounts receivable) SHOW LIST OF ACCOUNTS LINK TO TEXT…
Alfa completed the following transactions during the year ended 31 December 20x7 Credit sales during the year $53,300 Collection from receivables $56,100 During the year, total amount irrecoverable $560 Opening balance of receivables $8,600 Calculate the balance of receivables that will appear in the SOFP on 31 December 20x7. A.$5,800 B.$10,840 C.$5,240 D.$56,100
Hardev
ACCT 102 - Please Do All Three Subparts
Problem 6 Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding % Uncollectible Estimated Amount 1,200,000 0-60 1% 2% 61-120 900,000 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
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.
a6 PLAESE HELP....
vd subject-Accounting
m1
Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit
Crane Bramble Sales $24,200 $15,900 Allowance for doubtful accounts, Jan. 1 72.0 117 Allowance for doubtful accounts, Dec. 31 86.0 113 Accounts receivable balance (gross), Jan. 1 2,500.0 2,100 Accounts receivable balance (gross), Dec. 31 2,900.0 1,400 Calculate the accounts receivable turnover and average collection period for both companies. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) Crane Bramble Accounts receivable turnover times times Average collection period days days