On January 1, 2017, Terps Company's Accounts Receivable had a normal balance of $50,000, and its Allowance for Doubtful Accounts had a normal balance of $4,200. During the year 2017, the company made $160,000 of credit sales, and collected cash of $185,000 from its credit customers. They also wrote off $3,500 of receivables as uncollectible during the year. 4. Refer to the information related to Terps Company above. The company estimates that they will be unable to collect 3% of its 2017 credit sales. Determine the net realizable value of accounts receivable on December 31, 2017. 5. Refer to the information related to Terps Company above. The company estimates that they will be unable to collect 15% of its Accounts Receivables as of December 31, 2017. Determine the bad debts expense for the year 2017.

On January 1, 2017, Terps Company's Accounts Receivable had a normal balance of $50,000, and its Allowance for Doubtful Accounts had a normal balance of $4,200. During the year 2017, the company made $160,000 of credit sales, and collected cash of $185,000 from its credit customers. They also wrote off $3,500 of receivables as uncollectible during the year. 4. Refer to the information related to Terps Company above. The company estimates that they will be unable to collect 3% of its 2017 credit sales. Determine the net realizable value of accounts receivable on December 31, 2017. 5. Refer to the information related to Terps Company above. The company estimates that they will be unable to collect 15% of its Accounts Receivables as of December 31, 2017. Determine the bad debts expense for the year 2017.

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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KINGDOM OF SAUDI ARABLA MINISTRY OF HIGHER EDUCATION 4 Imam Muhammad thn Sand hlamie Universio College of Ecenomies and Adminirative Selenees Department of inance and Investment Acedemic year1442-144 Level i four Caurne Princiuler af finance and investment-FINI02 Home exercises 1 All results must be numerie and rounded to the nearest hundredth When you round off to the hundredih digit, you look at only the thousandth digit Le you focus only on the next digit. Say x- 8678.4546 When you round it to the nearest hundredth digit, you get - 8678.45 Say z= 8678.4556 When you round it to the nearest hundredth digit. you get z 8678.46 Question1: You are given the following information about a corporation. Statement income 2019 2020 Sales 250 300 Operating costs Depreciations Net Working Capital Capital Spending If we assume the firm faces a 20% tax rate, calculate the free cash flow (FCF) for the year 2020. 180 200 45 20 50 25 45 50 Question2: You are considering an investment in a new project.…
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