Nature of Uncollectible AccountsThe XYZ Corporation owns and operates hotels and casinos including the XYZ Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, XYZreported accounts receivable of $562,000 and allowance for doubtful accounts of $119,144.Patient Care manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of a recent year, Patient Care reported accountsreceivable of $949,000 and allowance for doubtful accounts of $33,215.Round your answers to one decimal place.a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for The XYZ Corporation.%b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care.%

a. accounts receivable = 562,000allowance for doubtful accounts = 119,144 Percentage = 119,144 /…

Answered: Nature of Uncollectible Accounts The…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 5CP

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Nature of Uncollectible Accounts The XYZ Corporation owns and operates hotels and casinos including the XYZ Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, XYZ reported accounts receivable of $350,000 and allowance for doubtful accounts of $53,550. Patient Care manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of a recent year, Patient Care reported accounts receivable of $929,000 and allowance for doubtful accounts of $35,302. Round your answers to one decimal place. a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for The XYZ Corporation.fill in the blank 1 % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care.fill in the blank 2 % c. Possible reasons for the difference in the two ratios computed in (a) and (b) include: Casino operators historically lose money on operations. Casino operators have larger accounts…
Nature of uncollectible accounts The XYZ Corporation owns and operates hotels and casinos including the XYZ Grand and the Bellagio in Las Vegas, Nevada As of a recent year, XYZ reported accounts receivable of $680,000 and allowance for doubtful accounts of $112,880. Patient Care manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of a recent year, Patient Care reported accounts receivable of $942,000 and allowance for doubtful accounts of $32,970 a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for The XYZ Corporation Round your answers to one decimal place. % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care. Round your answers to one decimal place. %. Possible reasons for the difference in the two ratios computed in (a) and (b) include:
Nature of Uncollectible Accounts The XYZ Corporation owns and operates hotels and casinos including the XYZ Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, XYZ reported accour receivable of $676,000 and allowance for doubtful accounts of $132,496. Patient Care manufactures and sells a wide range of healthcare products including Band-A bandages and Tylenol®. As of a recent year, Patient Care reported accounts receivable of $891,000 and allowance for doubtful accounts of $30,294. Round all amounts to one decimal place. a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for the XYZ Corporation. 16.6 X % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care. 3.3 X % c. Possible reasons for the difference in the two ratios computed in (a) and (b) include: a. Casino operators historically lose money on operations. b. Casino operators have larger accounts receivable. c.…
Nature of Uncollectible Accounts The XYZ Corporation owns and operates casinos. For a recent year, The XYZ Corporation reported accounts and notes receivable of $364,000 and allowance for doubtful accounts of $64,792. Patient Care manufactures and sells a wide range of health care products. For a recent year, Patient Care reported notes and accounts receivable of $819,000 and allowance for doubtful accounts of $41,769. Round your percentage answers to one decimal place. a. Compute the percentage of the allowance for doubtful accounts to the accounts and notes receivable for The XYZ Corporation. % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care. % c. Which of the two companies would have a harder time determining the creditworthiness of its customers? XYZ Corporation Patient Care
Nature of Uncollectible Accounts MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $562,947,000 and allowance for doubtful accounts of $89,602,000. Johnson & Johnson manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of a recent year, J&J reported accounts receivable of $11,260,000,000 and allowance for doubtful accounts of $275,000,000. a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for MGM. Round your answer to one decimal place. % b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Johnson & Johnson. Round your answer to one decimal place. % c. Possible reasons for the difference in the two ratios computed in (a) and (b) include: Casino operators historically lose money on operations. Casino operators have…
Nature of uncollectible accounts MGM Resorts International (MGM) owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $712,263,000 and allowance for doubtful accounts of $128,348,000, Johnson & Johnson (JN3) manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of a recent year, J&J reported accounts receivable of $15,513,000,000 and allowance for doubtful accounts of $230,000,000. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for MGM. Round your answer to one decimal place. b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for J&J. Round your answer to one decimal place. c. Possible reasons for the difference in the two ratios computed in (a) and (b) include: a. Casino operators historically lose money on operations. b. Casino operators have larger accounts…
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A & B answers?
Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events. Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Using the percent of receivables method, what amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Current 0-30 31-60 01-90 Over 90 days Total Amount $ 820.000 260,000 130,000 91.000 36,000 Percent Uncollectible Accounts Expense 1% Uncollectible 3% 10% 30% 60%
The basis for recognizing patient care revenue is not always obvious. In a particular month Northwest Medical Clinic reported the following: 1. It provided direct care services to patients, billing them $400,000. Of this amount it received $120,000 in cash, but as a consequence of bad debts it expects to collect a total of only $330,000. 2. It provided direct care to patients covered by insurance and who are members of various group health plans for which, at standard rates, it would have billed $650,000. However, owing to contractual arrangements with the payers, it actually billed them for, and expects to collect, only $480,000. 3. It provided charity care for which it would have billed, at standard rates, $82,000. 4. It received capitation fees of $1,400,000 from health care plans and provided services to members of those plans for which it would have billed, at standard rates, $1,600,000. Prepare appropriate journal entries to recognize revenue.
PT Stone have a several list of customer with outstandin receivables in the year of 2018. Please see below the receivables detail at the end of the year 2018: Customer Days of Outstanding Outstanding Amount PT Twins 40 days IDR 24,000,000 Anchor Corp 31 days IDR 51,000,000 PT Bell 60 days IDR 89,000,000 PT Scott 180 days IDR 160,000,000 PT Stone company policy for allowance of uncollectible receivable allocation are as follow: 0-30 days, 10% 31-50 days , 20% 51 - 100 days, 40% > 100 days 90% Additional Information The balance of Allowance for Doutbul Account at the begininng of the year 2018 is IDR 6,300,000 in the debit Instruction a. Prepare the journal for allowance of uncollectiobel account for the year 2018 (Supported with the calculation) b. At the Feb 28 2019, PT Scott declare their inabillity to fulfill their obligation for theie payables. Prepare the journal for wirte off of the PT scott receivable! c. At the june 30 2019, PT Scott declare that they have…
During its first year of operations, Cullumber Company had credit sales of $3,701,300; $657,200 remained uncollected at year-end. The credit manager estimates that $40,500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Cullumber Company. Assume that in addition to the receivables it has cash of $92,900, inventory of $131,400, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CULLUMBER COMPANYBalance Sheet (Partial) Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant…

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