"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 questionThe following information is related to December 31, 2024 balances. • Accounts receivable Allowance for doubtful accounts (credit) $1,400,000 (120,000) 1,280,000 Cash realizable value During 2025, sales on account were $390,000 and collections on account were $230,000. The company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144,000. Bad debt expense for 2025 is A) $46,000. B) $24,000. C) $2,000. OD) $144,000.
- 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)Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $525,000, and the interest rate of the notes averaged 4.2%. b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with – for decreases.)Compute average collection period
- In 2022, Sandhill Co. has net credit sales of $1,833,000 for the year. It had a beginning accounts receivable (net) balance of $110,000 and an ending accounts receivable (net) balance of $125,000. Calculate Sandhill Co.'s average collection period in days. (round answer to 1 decimal place)What is the net realizable value of the receivables at December 31, 2025? Cash (net) realizable value of receivablesOn January 1, 2025, Larkspur Corporation started the year with a balance in Accounts Receivable of $141,000 and a credit balance in Allowance for Doubtful Accounts of $8,150. During 2025, the company had total sales of $590,000; 80% of these sales were credit sales. Collections (not including the cash sales) during the period were $502.000. Larkspur wrote off as uncollectible accounts receivable of $8,900. In addition, an account of $870 that was previously written off an uncollectible was recovered during the year. Uncollectible accounts are estimated to be 5% of the end-of-year Accounts Receivable balance. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (Omit cost of goods sold entries.) (List all debit entries before crédit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the…
- In 2022, Blossom Company has net credit sales of $1,761,000 for the year. It had a beginning accounts receivable (net) balance of $115,700 and an ending accounts receivable (net) balance of $119,100. Compute Blossom Company’s accounts receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover enter the accounts receivable turnover in times rounded to 1 decimal place times Calculate Blossom Company’s average collection period in days. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period enter the average collection period in days rounded to 1 decimal place daysWilliams Company uses the net credit sales method to estimatebad debt expense and has estimated that 6% of its credit saleswill be uncollectible. During 2027, Williams Company reportednet credit sales of $350,000 and collected a total of $426,000cash from its credit customers. Also during 2027, Williams Co.wrote-off $12,000 of accounts receivable as being uncollectibleand had recoveries of previously written off accounts receivabletotaling $19,000 (note that the $19,000 recovery is not includedin the $426,000 of cash collections given previously). WilliamsCompany reported accounts receivable of $202,000 and had anallowance for doubtful accounts with a $27,000 credit balanceat January 1, 2027.Calculate the net realizable value of Williams Company's accountsreceivable at December 31, 2027.???!!
