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 And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 2PB: Aging of receivables; estimating allowance for doubtful accounts Wig Creations Company supplies wigs...

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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
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 account 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-Ald bandages and Tylenol. As of a recent year, Patient Care reported accounts receivable of $891,000 and allowance for doubtrul 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) indude: a. Casino operators historically lose money on operations. b. Casino operators have larger accounts receivable. c. Individuals who may have adequate…
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 $449,000 and allowance for doubtful accounts of $69,146. Patient Care manufactures and sells a wide range of healthcare products including Band-Aids® bandages and Tylenol®. As of a recent year, Patient Care reported accounts receivable of $924,000 and allowance for doubtful accounts of $30,492. 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.% b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Patient Care.% 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 receivable. Individuals who may have adequate creditworthiness could…
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…
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 $707,278,000 and allowance for doubtful accounts of $94,561,000. Johnson & Johnson (JNJ) manufactures and sells a wide range of healthcare products including Band-Aids and Tylenol. As of recent year, J&J reported accounts receivable of $14,707,000,000 and allowance for doubtful accounts of $226,000,000. 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 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 receivable. c. Individuals who…
The XYZ Corporation owns and operates casinos. As of a recent year, The XYZ Corporation reported accounts receivable of $663,000 and allowance for doubtful accounts of $80,886. Patient Care manufactures and sells a wide range of health care products. As of a recent year, Patient Care reported accounts receivable of $888,000 and allowance for doubtful accounts of $15,984. 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. % 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 receivable. Individuals who may have adequate creditworthiness could overextend themselves and lose more than they can afford if they get caught up in the excitement…
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Lion Corporation is located in Quezon City but does business throughout Metro Manila. The company builds and sells equipment used in manufacturing pharmaceuticals. On December 31, 2021, Lion's accounts receivable are as follows: Individually significant receivables A Company B Company C Company DCompany P 320,000 800,000 480,000 400,000 All other receivables 2,000,000 Total P. 4,000,000 Lion Corporation determines that A Company's receivable is impaired by P160,000 and D Company's receivable is totally impaired. The otherreceivables from B and Care not considered impaired. Lion determines that a composite rate of 2% is appropriate to measure impairment on all other receivables. What is the total impairment of receivable for Lion Corporation for 2021?
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%

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