Megasoft Corporation develops, produces, and markets a wide range of computer software including the Windows operating system. Megasoft reported the following information about Net Sales Revenue and Accounts Receivable (all amounts in millions). June 30, 2016 June 30, 2015 Accounts Receivable, Net of Allowance for Doubtful Accounts of $300 and $350 $16,850 67,000 $15,600 61,000 Net Revenues According to its Form 10-K, Megasoft recorded Bad Debt Expense of $21 and did not recover any previously written-off accounts during the year ended June 30, 2016. Required: 1. What amount of accounts receivable was written off during the year ended June 30, 2016? (Enter your answer in millions.) 2. What was Megasoft's receivables turnover ratio in 2016? (Round your answer to 1 decimal place.) 1. Accounts Receivable Written-Off 2. Receivables Turnover Ratio million times

Megasoft Corporation develops, produces, and markets a wide range of computer software including the Windows operating system. Megasoft reported the following information about Net Sales Revenue and Accounts Receivable (all amounts in millions). June 30, 2016 June 30, 2015 Accounts Receivable, Net of Allowance for Doubtful Accounts of $300 and $350 $16,850 67,000 $15,600 61,000 Net Revenues According to its Form 10-K, Megasoft recorded Bad Debt Expense of $21 and did not recover any previously written-off accounts during the year ended June 30, 2016. Required: 1. What amount of accounts receivable was written off during the year ended June 30, 2016? (Enter your answer in millions.) 2. What was Megasoft's receivables turnover ratio in 2016? (Round your answer to 1 decimal place.) 1. Accounts Receivable Written-Off 2. Receivables Turnover Ratio million times

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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Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?
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Fedex Ltd is a manufacturer that makes all sales on a 30-day credit terms. Annual sales are approximately $65 million. At the end of 2014 accounts receivable were presented in the company’s Balance Sheet as below: Accounts Receivable $5,350,000 Less: Allowance for Doubtful accounts $90,000 During 2015, $740,000 in accounts receivable were written off as uncollectible. Of these amounts written off, receivables totalling $34,000 were unexpectedly collected. At the end of 2015, an ageing of accounts receivable indicated a need for an $80,000 allowance to cover possible failure to collect the accounts currently outstanding. Fedex Ltd makes adjusting entries in its accounting records only at year-end. Required: Explain the difference between making an allowance for bad debts and writing off bad debt. Explain how each case is treated and shown in accounting. Prepare one journal entry to summarize…
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D l. 3:56 Done a1961caa318d9983..._¿JWIÇ̟IJI Q2- Expand Furniture Store has credit sales of $400,000 in 2016 and a debit balance of $600 in the Allowance for Doubtful Accounts at year end. As of December 31, 2016, $130,000 of accounts receivable remain uncollected. The credit manager prepared an aging schedule of accounts receivable and estimates that $7,000 will prove to be uncollectible. On March 4, 2017, the credit manager authorizes a write-off of the $1,200 balance owed by Ahmad Instructions (а) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2016. (b) Show the balance sheet presentation of accounts receivable on December 31, 2016. (c) On March 4, before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $3,000. Make the appropriate entry to record the write-off of the Ahmad account. Also show the balance sheet presentation of accounts receivable before…
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