Need answer the question Mr. Husker's Tuxedos Corp. ended the year2021 with an average collection period of 36days. The firm's credit sales for 2021 were$55.7 million.What is the year-end 2021 balance inaccounts receivable for Mr. Husker'sTuxedos?

Step 1: Define Working Capital ManagementWorking capital management is a management technique that…

Answered: Mr. Husker's Tuxedos Corp. ended the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 40 days. The firm's credit sales for 2021 were $55.3 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions.) Accounts receivable
Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 32 days. The firm's credit sales for 2021 were $56.1 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos? (Enter your answer in dollars not in millions. Use 365 days a year.)
At the beginning of 2021, Orion Ltd had accounts receivable of $100,000. At the end of 2021, the company had accounts receivable of $85,000. During 2021, Orion Ltd had total credit sales of $1,500,000. What was this company's average collection period for 2021?
On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible.During the current year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year totaled P9,000,000.What is the uncollectible accounts expense?
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
Summit Gear has an accounts receivable balance at the end of 2022 of $412,650. The net credit sales for the year are $892,740. The balance at the end of 2021 was $389,200. What is the accounts receivable turnover rate for 2022?
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)
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of $141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of $4,350 and $9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of $1,530,000, collected receivables in the amount of $1,445,700, and recorded bad debt expense of $83,750. Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year. Accounts Receiyable written off Accounts Receivable at 1/1/2019
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit salesfor the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivableturnover rate for 2018 (rounded to two decimal places)?
Mckinney & Co. estimates its uncollectible accounts as a percentage of credit sales. Mckinney made credit sales of' $1,500,000 in 2019. Mckinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
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. $400,000

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Mr. Husker's Tuxedos Corp. ended the year 2021 with an average collection period of 36 days. The firm's credit sales for 2021 were $55.7 million. What is the year-end 2021 balance in accounts receivable for Mr. Husker's Tuxedos?