QUESTION 5Hope Company's total assets were $5,530. Hope collected on $628 of account receivable that had previously been written off. After the collection,Hope's total assets will be $

Answered: otal assets were $5,530. Hope collected…

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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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. $2,600
Oxford 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.

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otal assets were $5,530. Hope collected on $628 of account receivable that hac