Need Your help expert Quality Products has the following data:beginning accounts receivable $35,000,credit sales $420,000, cash collections$390,000, and write-offs $5,000. What isthe ending accounts receivable balance?

Explanation of Accounts Receivable: Accounts Receivable represents money owed to a company by…

Answered: Quality Products has the following…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
XYZ Company has the following information: Beginning accounts receivable: $50,000 Ending accounts receivable: $60,000 Credit sales: $200,000 Cash collections: $180,000 Calculate the company's accounts receivable turnover ratio and average collection period.
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The following information is available for Crane Company. Beginning accounts receivable Ending accounts receivable Net sales Compute the accounts receivable turnover and the average collection period. (Round average collection period to 1 decimal places, eg. 15.2. Use 365 days for calculation.) Accounts receivable turnover $72,800 114,400 1.216,800 Average collection period times days
Twist Corp. has a current accounts receivable balance of $357,615. Credit sales for the year just ended were $2,936,600. a. What is the receivables turnover? b. What is the days' sales in receivables?
A company’s accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following: $100,000 of the accounts that are 1 to 30 days past due are 2% uncollectible; and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible. What is the net realizable value of the accounts receivable? $150,000 $148,000 $145,000 $143,000
The Allowance for uncollectible accounts currently has a credit balance of $200. Thecompany's management estimates that 2.5% of net credit sales will be uncollectible. Netcredit sales are $115,000. What will be the amount of Uncollectible account expensereported on the income statement?

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Quality Products has the following data: beginning accounts receivable $35,000, credit sales $420,000, cash collections $390,000, and write-offs $5,000. What is the ending accounts receivable balance?