Nova Solutions, Inc., offers financial data services with credit terms of 2/20, net 40. Based on experience, 80% of all customers take the discount. What is the average collection period? (Do not round intermediate calculations and round your answer to the nearest whole number.)
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- On March 29, Jangles Corporation received a $21,800 invoice dated March 26. Cash discount terms were 4/10, n/30. On April 02, Jangles sent an $8,720 partial payment.a. What credit should Jangles receive? (Round your answer to the nearest cent.) Credit b. What is Jangles’ outstanding balance? (Round your answer to the nearest cent.) Outstanding BalancePlease fill all requirementsCan you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
- The Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?PLEASE MAKE IT IN EXCEL AND SHOW THE FORMULAS (Take screenshots) La Resolana, S.A., has credit sales of $180,000 per year, with net payment terms of 30 days, which is also the average collection period. La Resolana does not currently offer any cash discounts, so customers take the 30 days to pay. What is the average accounts receivable balance? What is the accounts receivable turnover?A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables? The credit to Accounts Receivable is less than the debit to Cash when the accounts are sold. Selling expenses will increase each time accounts are sold. The other expense section of the income statement will increase each time accounts are sold. The loss section of the income statement will increase each time receivables are sold.
- Millennial Manufacturing has net credit sales for 2018 in the amount of $1,443,630, beginning accounts receivable balance of $588,900, and an ending accounts receivable balance of $624,450. A. Compute the accounts receivable turnover ratio and the number of days' sales in receivables ratio for 2018. Round answers to two decimal places. times days B. What do the outcomes tell a potential investor about Millennial Manufacturing if industry average is 2.6 times and number of day's sales ratio is 180 days? Accounts receivable turnover ratio Sales in receivables ratio a. Millennial Manufacturing collects its accounts more quickly than its competitors. b. A lender may favour Millennial Manufacturing over its competitors because of its faster collection period. c. Without prior years' data it is hard to tell if Millennial Manufacturing is really more efficient than its competitors. d. All of the above statements may be correct.Wolfe, Inc. had credit sales for the period of $146,000. The balance in Allowance for Doubtful Accounts is a debit of $663. If Wolfe estimates that 5% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts? O A. Debit Bad Debt Expense, $7,300; credit Allowance for Uncollectible Accounts, $7,300. O B. No entry is required. O C. Debit Bad Debt Expense, $6.637; credit Allowance for Uncollectible Accounts, $6.637. O D. Debit Bad Debt Expense, $7,963; credit Allowance for Uncollectible Accounts, S7,963.Need answer the question
- Gabby Renovation has a total accounts receivable of $600,000. Its analysis indicates that $30,000 of accounts receivable will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $8,000. What is the adjusting entry to the Allowance for Doubtful Accounts? O a Debit of $30,000 Credit of $22,000 Credit of $30,000A company has $235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,590 credit balance. If the company estimates 5% of credit sales will be uncollectible, what will be the amount of the journal entry to record estimated uncollectible accounts? O A. $4,160 O B. $7,590 O C. $19,340 O D. $11,750Hopefully this is the last one, can you show me this one too? 3. The data presented below are for XYZ Corporation for the year ended December 31, 2018: Credit Sales $1,800,000 Accounts Receivable (12/31/18) 210,000 Sales returns 90,000 Estimated amount of uncollectible accounts based on an aging analysis 22,000 Allowance for doubtful accounts (before adjustment at December 31, 2018) 2,000 A. If bad debts are estimated at 3% of net credit sales, what amount will be reported as bad debts expense for 2018? B. If bad debts are estimated at 3% of net credit sales, what will be the balance in the Allowance for DoubtfulAccounts account after the adjustment for bad debts?