otal assets were $5,530. Hope collected on $628 of account receivable that hac
Q: Sales on net credit amount to $584,000. The accounts receivable at the beginning and end are $46,000…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: 9. Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…
A: For income statement method, uncollectible accounts is calculated on the basis of Total or credit…
Q: Funnel Direct recorded $1,344,780 in credit sales for the year and $698,455 in accounts receivable.…
A: The process of recording business transactions in the books of accounts for the first time is known…
Q: The credit manager of Montour Fuel has gathered the following information about the company’s…
A: Uncollectible accounts: Uncollectible accounts refer to that part of receivables which become…
Q: PA4. Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable.…
A: Solution: Introduction: Adjusting Entries are the journal entries that are made at the end of a…
Q: Bonita Corporationreported net credit sales of $3447600 for this year. The company had accounts…
A: AVERAGE COLLECTION PERIOD Account Receivable collection period measure the quality of debtors…
Q: Jars Plus recorded $862,430 in credit sales for the year and $496,000 in accounts receivable. The…
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…
Q: Potato Company began the period with an account receivable balance of $2619 and a balance in the…
A: The account receivables has the normal debit balance. It increases with credit sales and decreases…
Q: Windsor Corp. had the following balances in receivable accounts at October 31, 2022 (in thousands):…
A:
Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…
A: Cash collections for the period = Opening balance of accounts receivable + Credit sales for the…
Q: A company has $635 in inventory, $1,930 in net fixed assets, $306 in accounts receivable, $145 in…
A: Inventory = $635 Net fixed assets = $1930 Accounts receivable = $306 Cash = $145 Accounts payable =…
Q: Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash…
A: Accounts Receivable Balance: The accounts receivable balance is the outstanding balance in the…
Q: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had…
A: The account receivables are also known with the name of debtors. These are the values due to a firm…
Q: 9. Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…
A: The income statement method estimates bad debts based on the percentage of credit sales. Whereas the…
Q: e year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end…
A: Event Account Debit Credit A Bad Debt Expense $19,813 Allowance for uncollectible account…
Q: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The…
A: Required 1:
Q: Bonbon and Caloy agreed to form a partnership by contributing their respective assets and equities…
A: Partnership is one of the agreement between two or more than two persons, in which they invest their…
Q: nkt.5
A: Answers: 1. - Interest revenue from notes receivable: $110,000 x 8% = $8,800 (from the $240,000…
Q: AFA FINANCIAL ACCOUNTING equivalent to 5% of the receivables at that date. receivables expense?
A: Bad Debts:- These are those debts from whom the company is unable to collect debts. These are…
Q: yable P50,000, Accrued liabilities P9,000, Cash P40,000, Intangible assets P45,000, Inventory 3,000,…
A: Working Capital : It is the capital which is required to meet out day to day business operations.…
Q: year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end…
A: To record the year-end entry for bad debt using the income statement method, it is based on the…
Q: S4. Jolly Co. had net sales of $111,500 and accounts receivable of $12,700. Its days' sales…
A: The days' sales uncollected ratio is significant since it reveals a company's liquidity and capacity…
Q: Sheffield Shop had a balance in the Accounts Receivable account of $751000 at the beginning of the…
A: The average collection period measures how long it typically takes a company to collect and turn its…
Q: Presented below is information related to Samhan Trading Corp. Prepare necessary entries in general…
A: Accounts Receivable Factoring This was used for collecting the accounts receivable which are more…
Q: A wants you to calculate its average days in accounts receivable for the year. Its beginning and…
A: Average account receivable = [(Beginning balance - Beginning allowance account) + (Ending balance -…
Q: Rayne Company reported Net sales of $1,300,000 and average Accounts Receivable, net of $78,500. The…
A: Average Accounts Receivable :— It is calculated by dividing sum of beginning and ending balance of…
Q: mpany reports the following:
A: Account Receivable Turnover = Total Sales Average account receivable(net) Number of day sales in…
Q: Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts…
A: Accounts receivable are the customers of the company; from whom, amount is receivable due to the…
Q: At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of…
A: a) Journal entry to record the sales and collections during the period.
Q: On 1 June 2020, Mason Ltd. had Accounts Receivable $424,778 and Allowance for Doubtful Debts…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Finning International Inc. had the following balances in its short-term receivable accounts at…
A: Balance sheet is a financial statement that shows the final ending balances of assets, liabilities…
Q: The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other…
A: Solution Balance sheet is a statement of business's assets , liabilities and owners equity as of any…
Q: Your Company had gross sales of $505,000 and returns allowances and discounts were $5,000 for the…
A: The first step in calculating the accounts receivable turnover is to calculate the net sales. Net…
Q: Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The…
A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…
Q: Blythe Industries reports the following account balances: inventory of $417,600, equipment of…
A: Inventory = i = $417,600Cash = c = $51,900Accounts Receivable = ar = $313,900Equipment is long term…
Hope' Total Assets now = $ 5530
Hope's collected Account Receivable which were written of earlier = $ 628
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following information is available from the annual reports of Pharoah Company and Novak Corp. Companies. Sales Beginning receivables, net Ending receivables, net 1. 2. 1. (In millions) 2. Pharoah Company $128,000 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 23,300 Accounts receivable turnover 16,300 Average collection period Novak Corp. $43,000 4,000 Accounts receivable turnover. (Assume all sales were credit sales.) Average collection period. 4,800 Pharoah Company times. days Novak Corp. times days.Funnel Direct recorded $1,341,780 in credit sales for the year and $699,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,588; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, income statement method B. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, balance sheet method C. Dec. 31 - Select - - Select -…Co. provided some information on their financial records on December 31, 2022: Accounts receivable, January 1 – P19,200; Collections of account receivable – P62,400; Bad Debts – P2,000; Inventory, January 1 – P28,800; Inventory, December 31 – P26,400; Accounts payable, January 1 – P10,000; Accounts payable, December 31 – P15,000; Cash sales – P12,000; Purchases – P48,000; Gross profit on sales – P21,600. What is the ending balance of accounts receivable on December 31, 2022?
- Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.The following information has been extracted from the annual reports of Lilydale Ltd and Monbulk Ltd. Lilydale Ltd Monbulk Ltd $2 950 300 17 100 Sales (net credit) revenue for year Allowance for Doubtful Debts, 1/7/18 Allowance for Doubtful Debts, 30/6/19 Accounts receivable (gross) 1/7/18 Accounts receivable (gross) 30/6/19 $2 204 300 27 100 19780 28 100 722 650 368 000 485 800 384 200 (a) Calculate the receivables turnover ratio and average collection period for both companies. Comment on the difference in their collection experiences. (b) Compare the success or otherwise of their cash collection policies, given that the average receivables turnover for the industry in which the companies operated is 7. Credit terms for both companies are 2/10, n/30.At the beginning of the current period, Asare Company had balances in Accounts Receivable of $200,092 and in Allowance for Doubtful Accounts of $9,996 (credit). During the period, it had net credit sales of $717,375 and collections of $778,839. It wrote off as uncollectible accounts receivable of $7,233. However, a $3,013 account previously written off as uncollectible was recovered before the end of the current period. What is the ending balance in the accounts receivable account? Your Answer: Answer
- The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600Oxford Company has the following account balances: Cash, $40,000; Accounts Receivable, $28,000; Inventory, $12,000; Land, $110,000; Building, $100,000; Accounts Payable, $30,000; Short-term Notes Payable, $10,000; Bonds Payable, $80,000; Oxford, Capital, $170,000; Sales, $120,000; Salaries Expense, $40,000; Utilities Expense, $15,000; and Interest Expense, $5,000. The current ratio for Oxford Company is a. 2.42:1. b. 2.67:1. c. 2:1. d. 2.27:1.
- 39. CityMarket, Inc.'s purchases during the year were $118,378. The balance sheet shows an average accounts payable balance of $12,000. CityMarket's payables payment period is closest to: 37 days. 44 days. 52 days.- The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inverntories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books. b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off. How much is the capital adjustment of partner Y?
