Mifflin Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Accounts receivable turnover us receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Compute the days' sales uncollected. Days Sales Uncollected Numerator: 1 1 $ 62,700 41,000 14,600 6,300 Days' Sales Uncollected Denominator: xx Days = = Days' Sales Uncollected Days' sales uncollected days

Mifflin Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in accounts receivable Ending balance in accounts receivable Compute (a) accounts receivable turnover and (b) days' sales uncollected. Hint. Accounts receivable turnover us receivable, and days' sales uncollected uses the ending balance in accounts receivable. Complete this question by entering your answers in the tabs below. Accounts Receivable Turnover Compute the days' sales uncollected. Days Sales Uncollected Numerator: 1 1 $ 62,700 41,000 14,600 6,300 Days' Sales Uncollected Denominator: xx Days = = Days' Sales Uncollected Days' sales uncollected days

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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Which of the following accounts will get affected when cash is received from sale made on account in the last month? a. Cash and Service Revenue b. Cash and Accounts Receivable c. Cash and Salary Expense d. Cash and Notes Payable
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At January 1, 2025, Pembina Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for expected credit losses 1. During 2025, the company had the following summary transactions related to receivables and sales. Pembina uses the perpetual inventory system. Pembina expects a return rate of 3%. 2. 3. 4. $696,000 5. 44,800 Sales on account amounted to $2,800,000. The cost of the inventory sold was $2,100,000. Goods with a total sales price of $44,800 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,464,000. Write-offs of accounts receivable deemed uncollectible, $50,400. Recovery of credit losses previously written off as uncollectible, $16,800.
Answer only please.
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $754,825 and Allowance for Doubtful Accounts has a balance of $18,222. What is the net realizable value of accounts receivable?
Based on the account balances shown below, calculate "Net Sales". Normal Account Balance Account Name Allowance for Uncollectible $5,000 A/R Deferred Revenue $15,725 Sales Revenue $114,139 Sales Discounts $2,000 Sales Returns $6,000 Fill in the blank with your calculated number. DO NOT include period, decimal points, etc., just enter the raw number. Webcourses will add commas to your nmas, $ sig answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 口/東 %24 3 5 7 9. 01 因 LO 图

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
Give Answer with Explanation
Use the data in Exercises 9-27 and 9-28 to analyze the accounts receivable turnover ratios of the Campbell Soup Company and American Eagle Outfitters, Inc.a. Compute the average accounts receivable turnover ratio for Campbell Soup and American Eagle for the years shown in Exercises 9-27 (See attachment) and 9-28 (See attachment).b. Does Campbelll Soup or American Eagle have the higher average accounts receivable turnover ratio?c. Explain why the average turnover ratios are different in (b).
Presented below is information for Vaughn Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net sales (all on account) for the year were $105,300. Vaughn does not offer cash discounts. 3. Collections on accounts receivable during the year were $84,300. All Boo (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 2. 3.
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