Question 23 Flint Stone Works reported the following accounts receivable at December 31, 2022. The company also provided its estimate of the portion that it believes will not be collected for each category of aged receivable. Customer GVSU MSU Other customers Totals Estimated % Uncollectible $150,000 (B) $137,200 $128,000 Current (D) $22.000 $10,000 $0 $0 $10,000 0% 1-30 Days Past Due SO SO SO SO 1% What should Flint Stone Works report as its gross accounts receivable at December 31, 20227 31-60 Days 61-90 Days Past Due Past Due SO SO SO SO 2% SO SO $40,000 $40,000 5% Over 90 Days Past Due SO $20,000 $80,000 $100,000 20% Total $10,000 $20,000 $120,000 $150,000

Question 23 Flint Stone Works reported the following accounts receivable at December 31, 2022. The company also provided its estimate of the portion that it believes will not be collected for each category of aged receivable. Customer GVSU MSU Other customers Totals Estimated % Uncollectible $150,000 (B) $137,200 $128,000 Current (D) $22.000 $10,000 $0 $0 $10,000 0% 1-30 Days Past Due SO SO SO SO 1% What should Flint Stone Works report as its gross accounts receivable at December 31, 20227 31-60 Days 61-90 Days Past Due Past Due SO SO SO SO 2% SO SO $40,000 $40,000 5% Over 90 Days Past Due SO $20,000 $80,000 $100,000 20% Total $10,000 $20,000 $120,000 $150,000

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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QUESTION 7 The general ledger account for Accounts Receivable shows a debit balance of $25,000. Allowance for Uncollectible Accounts has a credit balance of $1,500. Net sales for the year were $250,000. In the past, 3 percent of sales have proved uncollectible, and an aging of accounts receivable resulted in an estimate of $10,000 of uncollectible accounts receivable. Using the accounts receivable aging method, the Allowance for Uncollectible Accounts balance (after adjustment) would be $11,500 $10,000 $8.500 $10.750
Question 6 Flyzopen Limited had a $900 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $150,000 15,000 10,000 7,000 10,000 $192.000 Uncollectible 1% 2% 6% 12% 30% Required: (a) Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (b) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $900 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. 2
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Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
Problem 3 On January 1,2020, Jamin Company had a credit balance of P260,000 in the allowance for uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible. During the year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year were P9,000,000. On December 31,2020, what amount should be reported as allowance for uncollectible accounts?
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HOMEWORK 8 - CHAPTER 8 Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts (beginning balance) ,11,300 Net credit sales ,942,000 Collections 912,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco