Presented here is basic financial information (in millions) from the annual reports of Cullumber and Pharoah. Sales Allowance for doubtful accounts, Jan. 1 Allowance for doubtful accounts, Dec. 31 Accounts receivable balance (gross), Jan. 1 Accounts receivable balance (gross), Dec. 31 Accounts receivable turnover Average collection period Cullumber Cullumber $22,000 82.0 88.0 2,500.0 2,800.0 Pharoah $14,100 Calculate the accounts receivable turnover and average collection period for both companies. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 114 days 120 1,900 times 1,400 Pharoah times days

Presented here is basic financial information (in millions) from the annual reports of Cullumber and Pharoah. Sales Allowance for doubtful accounts, Jan. 1 Allowance for doubtful accounts, Dec. 31 Accounts receivable balance (gross), Jan. 1 Accounts receivable balance (gross), Dec. 31 Accounts receivable turnover Average collection period Cullumber Cullumber $22,000 82.0 88.0 2,500.0 2,800.0 Pharoah $14,100 Calculate the accounts receivable turnover and average collection period for both companies. (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 114 days 120 1,900 times 1,400 Pharoah times days

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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Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $635,000; Allowance for Doubtful Accounts has a debit balance of $5,500; and sales for the year total $2,860,000. Bad debt expense is estimated at 1.25% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts. 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense $635,000 ✓ 3. Determine the net realizable value of accounts receivable.
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Ringo Company had the following information relating to net credit sales for 20X5: Accounts receivable, Dec. 31, 20X5 PhP. 18,000 dr. Allowance for uncollectible accounts, Dec. 31, 20X5, prior to adjustment 600 cr. Net credit sales during 20X5 95,000 Collections on account during 20X5 87,000 Cash sales during 20X5 27,000 If uncollectible accounts are determined by the aging of receivables to be PhP. 3,450, the amount of net accounts receivable after adjusting entries for 20X5 would be:
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Accounts receivable turnover and days’ sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow: 20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year 195,300 184,700 End of year 224,700 195,300 a. Determine the accounts receivable turnover for 20Y2 and 20Y1. If required, round the final answers to one decimal place. AccountsReceivableTurnover 20Y2 fill in the blank 1 20Y1 fill in the blank 2 b. Determine the days’ sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days’ Salesin Receivables 20Y2 fill in the blank 3 days 20Y1 fill in the blank 4 days c. Does the change in accounts receivable turnover and the days’ sales in receivables from 20Y1 to 20Y2 indicate a favorable or unfavorable change
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