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
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…
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…
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…
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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…
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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 $570,348,000 and allowance for doubtful accounts of $89,789,000. Johnson & Johnson manufactures and sells a wide range of health care products including Band- Aid® bandages and Tylenol®. As of a recent year, Johnson & Johnson reported accountsreceivable of $11,002,000,000 and allowance for doubtful accounts of $268,000,000.a. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for MGM Resorts International. Round to one decimal place.b. Compute the percentage of the allowance for doubtful accounts to the accounts receivable for Johnson & Johnson. Round to one decimal place.c. Discuss possible reasons for the difference in the two ratios computed in(a) and (b).

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