On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May.total credits to Accounts Receivable were $52,000 from customer payments. The May 31 AccountsReceivable balance was $13,000. What was the amount of credit sales during May?$52,000.$32,000.$47,000.$57,000.$5.000.

Accounts receivables are the dues that the company is entitled to receive from credit purchasers.…

Answered: On April 30, Holden Company had an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sweetens Cove, Incorporated, has weekly credit sales of $69400 and the average collection period is 23 days. What is the average accounts receivable figure?
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For the month of December, the records of ABC Corporation show the following information:Cash received on accounts receivable ₱ 70,000Cash sales 60,000Accounts Receivable, December 1 148,000Accounts Receivable, December 31 160,000Accounts Receivable written-off as uncollectible 2,000How much are the gross sales in December?
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A recent annual report for FedEx contained the following data: Numerator Denominator Numerator Denominator (dollars in thousands) Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Current Year $ 9,416,000 293,000 $9,123,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Receivables turnover Average Days Sales in Receivables 365 Previous Year $ 88,452,000 397,000 $ 88,055,000 365 1.43 0 times 255.24 days
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On June 30, Premier Party Planners had a $35,000 balance in AccountsReceivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. DuringJuly, Premier made credit sales of $193,000. July collections on account were $164,000,and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense isestimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold.Requirements1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-accountexpense by the allowance method during July. Explanations are not required.2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts,and Net Accounts Receivable at July 31. How much does Premier expect to collect?3. Show how Premier Party Planners will report accounts receivable and net sales on its July31 balance sheet and income statement for the month ended July 31.
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