b.1 Presented below is an aging schedule for Oriole Company at December 31, 2024.Number of Days Past DueCustomerTotalNot YetDueOver1-3031-6061-9090Aneesh$ 22,900$8,800 $14,100Bird30,600$30,600Cope46,7005,3005,300DeSpears35,500$36,100$35,500Others117,50073,80031,60012,100$253,200$109,700 $45,700$26,200$36,100$35,500Estimated percentage3%7%11%26%65%uncollectibleTotal estimated bad debts$41,833$3,291$3,199$2,882$9,386$23,075At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,200.(a1)Journalize the adjusting entry for bad debts at December 31, 2024. (List debit entry before credit entry. If no entry is required, select"No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Donot indent manually.)DateAccount Titles and ExplanationList of AccountsDebitCrec

Not Yet Due:Total Amount = $41,833Percentage Uncollectible = 3%Estimated Uncollectible Amount ;=…

Answered: Presented below is an aging schedule…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Compute the DSO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number): Account Age Amount Outstanding Average Days 0-30 days P55,000 24 31-60 days 30,000 42 Over 60 days 5,000 66
Compute the DO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number):
✔ Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31. (b) Age of Accounts Amount Estimated Uncollectible S 0-30 days 5400 $270,000 2% 31-60 days 48.400 10% 9180 61-90 days 30.600 30% Over 90 days 23.100 50% eTextbook and Media List of Accounts Your answer is partially correct. 30970 Attempts: 2 of 2 used Prepare the adjusting entry at March 31 to record the credit losses for the period. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Credit Losses Allowance for Expected Credit Losses Debit Credit
The schedule of aging accounts for a Cormpany at the end of the year 2020, appears below Accounts Recebvable $40,000 10,000 5,500 1.800 5Z.300 Estimate % of Bad Detts Current 1:30 days overdue 31-60 days overdue More than 60 days overdue Total 1% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance acoount had a debit balance of $000, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) ALTAENAEI0/Mari
Carson's Bakery operates on a calendar year end and using the Aging Method. The company presents the following information: Total Amount % Estimated Estimated Number of Days Outstanding 0-30 31-60 61-90 91-120 Receivable Uncollectible Uncollectible 172,000 79,000 51,000 43,000 15,000 360,000 1.00% 200% 5.00% 20.00% Over 120 40.00% TOTALS What is the ending balance in the company's Allowance for Doubtful account? (use a numeric value with a comma and no $ sign) Type your answer..
Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Presented below is an aging schedule for Kingbird Company at December 31, 2021. Anders Blake Coulson Deleon Others Customer Estimated Percentage Uncollectible Total Estimated Bad Debts Total $ 24,100 40,100 56,100 33,600 130,600 $284,500 $ 34,385 Not Yet Due $ 40,100 16,300 96,600 $153,000 3% $4,590 1-30 $10,200 5,000 15,100 Number of Days Past Due 5% 31-60 $13,900 13,400 $30,300 $27,300 $34,800 13% 61-90 $1,515 $3,549 $34,800 25% $8,700 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,800. Over 90 $33,600 5,500 $39,100 41% $16,031 Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is enter Date Dec. 31 ad Debts Expense Date Explanation Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Account Titles Dec. 31 Adjusting Ref. Ref. Debit Debit Debit Credit Credit Credit Balance Balance
QUESTION 1 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Accounts Receivable $40,000 10,000 5,500 1,800 57,300 Estimate % of Bad Debts Current 1% 1-30 days overdue 31-60 days overdue More than 60 days overdue 5% 10% 20% Total The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020.
Noreen Company provided the following information for 2020:Accounts receivable – January 1 2,000,000Credit sales 10,000,000Collection from customers, excluding the recovery of accounts written off 8,000,000Accounts written off 100,000Sales returns 500,000Recovery of accounts written off 50,000Estimated future sales returns on December 31 150,000Estimated uncollectible accounts on December 31 per aging 300,000What is the “amortized cost” of accounts receivable on December 31, 2020?A. 3,400,000 B. 3,100,000 C. 2,950,000 D. 2,900,000
CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2021 was $3 million. The balance sheet showed ending inventory of $17 million at the end of 2021. What would the ending inventory have been if CMN had always used FIFO? Multiple Choice $20 million. S17 milion. $14 milon
3) On December 31, 2020, James Company has an accounts receivable balance of $324,000 before any 3) year-end adjustments. The Allowance for Doubtful Accounts has a $1,100 credit balance. The company prepares the following aging schedule for accounts receivable: Total Balance 1-30 days 31-60 days 61-90 days over 90 days $157,000 $324,000 $89,000 $51,000 $27,000 Percent uncollectible 1% 2% 4% 21% What is the Uncollectible-Account Expense at December 31, 2020 A) $9,960 B) $11,060 C) $12,160 D) $1,570

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