Merck & Company reported the following from its 2016 financial statements.$ millions2013 2014 2015 2016Accounts receivable, net$7,682 $7,121 $6,981 $7,511Allowance for doubtful accounts 154 163 175 213a. Compute accounts receivable gross for each year.$ millions2014Accounts receivable, gross $2013$$2015$2016

ACCOUNTS RECEIVABLEAccounts Receivable are reported under the Non Current Assets section of the…

Merck & Company reported the following from its 2016 financial statements. $ millions Accounts receivable, net Allowance for doubtful accounts 2013 2014 2015 2016 $7,682 $7,121 $6,981 $7,511 154 163 175 213 a. Compute accounts receivable gross for each year. $ millions 2014 Accounts receivable, gross $ 2013 $ $ 2015 $ 2016

Merck & Company reported the following from its 2016 financial statements. $ millions Accounts receivable, net Allowance for doubtful accounts 2013 2014 2015 2016 $7,682 $7,121 $6,981 $7,511 154 163 175 213 a. Compute accounts receivable gross for each year. $ millions 2014 Accounts receivable, gross $ 2013 $ $ 2015 $ 2016

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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Interpreting the Accounts Receivable FootnoteHewlett-Packard Company reports the following in its 2015 10-K report. October 31(in millions) 2015 2014 Accounts receivable $13,363 $13,832 Footnotes to the company's 10-K provide the following additional information relating to its allowance for doubtful accounts. For the fiscal years ended October 31(in millions) 2015 2014 2013 Allowance for doubtful accounts-accounts receivable Balance, beginning of period $232 $332 $464 Provision for doubtful accounts 46 25 23 Deductions, net of recoveries (89) (125) (155) Balance, end of period $189 $232 $332 (a) What is the gross amount of accounts receivables for Hewlett-Packard in fiscal 2015 and 2014? ($ millions) 2015 2014 Gross accounts receivable Answer? Answer? (b)What is the percentage of the allowance for doubtful accounts to gross accounts receivable for 2015 and 2014? (Round your answers to two decimal places.) ($ millions) 2015 2014…
As of December 31, 2017 Cash $ 17,900 Accounts payable $ 29,500 Accounts receivable $ 39,600 Notes payable 15,400 Less: Allowance for doubtful accounts 3,200 36,400 Unearned revenue 3,800 Inventory 61,100 Total current liabilities $ 48,700 Prepaid expenses 7,400 Total current assets $ 122,800 The following errors in the corporation's accounting have been discovered: Keane collected $ 5,200 on December 20, 2017 as a down payment for services to be performed in January, 2018. The company's controller recorded the amount as revenue. 1. The inventory amount reported included $ 2,300 of merchandise that had been received on December 31, 2017 but for which no purchase invoices had been received or entered. Of this amount, $ 1,600 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10, n/30. 2. Sales for the first day in January 2018 in the amount of $ 11,100 were entered in the sales journal as of December 31, 2017. Of these, $ 7,000 were sales on…
What is the net sales of the entity for 2016?
Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45,000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a:. A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000
11. The following to MARIE Company's accounts receivable at December 31, 2016: Estimated % Days outstanding 0 - 60 Amount 120,000 90,000 100,000 310,000 During 2016, MARIE Company wrote off P7,000 in receivables and recovered P4,000 that had been written off in prior years. AAA Company's December 31, 2015 allowance for uncollectible accounts was P22,000. Under the aging method, the amount of allowance for uncollectible accounts MARIE Company should report at December Uncollectible 1% 61 - 120 2% Over 120 6% P 31, 2016 is
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11.…
Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.
Swifty Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $660,000 Interest receivable 36,000 Accounts receivable 1,415,000 Less: Allowance for doubtful accounts receivable 95,000 1,320,000 $2,016,000 The following occurred in 2017. 1. Swifty made sales of $10,540,000. All sales were credit sales. Swifty allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $83,500 were written off during the year. 3. Accounts receivable of $10,640,000 were collected. Collections for the year included $200,000 of accounts on which 1% sales discounts were allowed. 4. $12,500 was received in payment of an account which was written off the books as worthless in 2016. 5. At year-end (December 31, 2017), Swifty estimated that its Allowance for Doubtful Accounts needed a balance of $73,000. This estimate is based on an analysis of…
Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Losses from Year Credit Sales Uncollectible Accounts* 2015 $866,000 $11,125 2016 952,000 14,840 2017 1,083,000 16,790 2018 1,189,000 16,850 *Losses from uncollectible accounts are the actual losses related to sales of that year (rather than write-offs of that year). Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. Enter your answer as percentage, rounded to one decimal place (e.g. .0248563 to 2.5%). 1.45 x % 2. Assume that the credit sales for 2019 are $1,300,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of losses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. Round your answer to the nearest dollar. 5,931 X
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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