"Morgan Industries had the following financial data for 2024: • Credit sales: $780,000 Accounts receivable: $195,000 . Allowance for doubtful accounts: $7,800 Calculate Morgan's average collection period."
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- Falcon Corp. data for the year 2021 is presented below: . Credit sales during the year: $4,500,000 • Accounts receivable - December 31, 2021: $410,000 • Allowance for bad debts - December 31, 2021: $50,000 Bad debt expense for the year: $30,000 What amount will Falcon Corp. show on its year-end balance sheet for the net realizable value of its accounts receivable? A. $360,000 B. $410,000 C. $375,000 D. $400,000Morgan company reported the following solve this general accounting questionPlease dont give image format answers
- The statement of financial position of Larkspur Inc. at December 31, 2022, includes the following: Notes receivable Accounts receivable Less: Allowance for expected credit losses Transactions in 2023 include the following: 2. 3. $380,000 4. 282,700 1. Accounts receivable of $144,500 were collected. Customer accounts of $40,400 were written off during the year. In December, an additional $16,200 was received in payment of an account that was written off early in 2023. At year end, Allowance for Expected Credit Losses was estimated to need a balance of $52,400. This estimate is based on an analysis of aged accounts receivable. (47,200) $615,500At January 1, 2024, Kennel Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses During 2024, the company had the following summary transactions for receivables: 1. 2. 3. 4. 5. 6. Show Transcribed Text Sales on account, $1.670,000; cost of goods sold, $935.200; return rate of 7% Selling price of goods returned, $83.000: cost of goods returned to inventory, $46,480 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $47,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 (1) Bal v (4) $500,000 46,000 Your answer is partially correct. (1) Prepare T accounts for Accounts Receivable and Allowance for Expected Credit Losses, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances. (Post…General accounting
- Suppose the 2022 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. Compute 3M’s accounts receivable turnover. - Accounts Recievable turnover ratio=? (times) Compute 3M’s average collection period for accounts receivable in days - Average collection period =? (days)Answer? ? Financial accounting questionThe balance sheet of Concord Company at December 31, 2024, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts Transactions in 2025 include the following. 1. 2. 3. 4. $51,500 188,500 27,400 $212,600 Accounts receivable of $144,200 were collected including accounts of $67,600 on which 3% sales discounts were allowed. $5,950 was received in payment of an account which was written off the books as worthless in 2024. Customer accounts of $27,600 were written off during the year. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27,500. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
- 1. Kinney Corporation estimates its uncollectible accounts as a percentage of its credit sales. The rate it uses is 3% and in 2018, its credit sales were $1,500,000. Required: a. Prepare journal entries to record the bad debts expense for the year. b. If Allowance for an uncollectible account has a credit balance of $60,000 before entries in (a) above, show how Accounts Receivable will be presented in the Balance Sheet of Kinney Corporation.Need help with this question solution general accountingCompute average collection period
