Question 4 of 4 -/2 View Policies Current Attempt in Progress Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf's receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, eg. 52.5.) 2018 2017 Receivables turnover times times Average collection period days days eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

Question 4 of 4 -/2 View Policies Current Attempt in Progress Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf's receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, eg. 52.5.) 2018 2017 Receivables turnover times times Average collection period days days eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

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 was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnover ratio financial statement effects [LO7-5, 7-6, 7-7, 7-8, 7-9] Chamberlain Enterprises incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: accounts Accounts receivable, net of $37,000 in allowance for uncollectible $ 283,000 11,050 390,000 Interest receivable Notes receivable Additional Information: 1. The notes receivable account consists of two notes, a $65,000 note and a $325,000 note. The $65,000 note is dated October 31, 2024, with principal and interest payable on October 31, 2025. The $325,000 note is dated June 30, 2024, with principal and 6% Interest payable on June 30, 2025. 2. During 2025, sales revenue totaled $1,470,000, $1,345,000 cash was collected from customers, and $35,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the…
QUESTION 2: | Accounts Receivable 100,000 2,000 Allowance for Uncollectible Accounts The company uses the "aging method" for determining its Doubtful accounts. The adjustment is made only once a year at the end of December. The aging analysis is as follows: Aging Category Not yet due 30 days past due 60 days past due Over 90 days past due Estimated Doubtful % Amount $40,000 $30,000 $20,000 $10,000 2% 3% 4% 5% Required: a) Prepare the adjustment in journal entry format. b) Show the balances of the accounts that will be reported in the balance sheet.
US Kiumel, finamclal Accounting, Se Hele I Syotem Aenouncements CALLAT Briel Exercise 8-11 he 20117 financial staternents of 3M Company report net sales of $25.3 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.24 billion at the cde Compute 3M Company's receivable turnover. (Round answer to 1 decimal place, e.g. 12.5.) Accounts receivable turnover ratio times SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Compute 3M Company's average collection period for accounts receivable in days. (Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Average collection period days Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 usec
E8-1A Credit Losses Based on Credit Sales Lewis Company uses the allowance method for recording its expected credit losses. It estimates credit losses at 2 percent of credit sales, which were $900, 000 during the year. On December 31, the Accounts receivable balance was $150, 000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. Prepare the adjusting entry to record the credit losses for the year.
View Policies Show Attempt History Current Attempt in Progress Sarasota Limited had net sales in 2023 of $2.3 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $236,900 debit; Allowance for Expected Credit Losses $2,300 credit. Assuming Sarasota has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $29,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media Debit Credit
View Policies Current Attempt in Progress Vaughn Manufacturing has outstanding accounts receivable totaling $ 6.47 million as of December 31 and sales on credit during the year of $ 24.5 million. There is also a credit balance of $ 11500 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? O $388200. O $ 399700. O $ 376700. O $1470000. Save for Later Attempts: 0 of 1 used Submit Answer
26 ces Required information [The following information applies to the questions displayed below] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory. Prepaid expenses Plant assets, net Total assets Current Year $ 30,401 92,653 113,068 9,790 285,290 $ 531,208 1 Year Ago $ 37,001 66,035 85,566 9,809 259,527 $457,938 $ 133,593 97,870 162,500 137,245 $ 531,200 Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For both the current year and one year ago, compute the following ratios: 2 Years Ago $ 37,413 48,906 53,137 3,994 227,050 $370,500 $ 76,618 104,272 163,500 113,548 $ 457,938 $ 49,884 81,062 161,500 76,054 $ 370,500 1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable?…
Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Trade receivables (gross) $109,945 $90,862 $90,463 Allowance for doubtful accounts 1,305 5 5 Sales 3,495,519 3,522,226 3,331,812 (a) Calculate Maple Leaf’s receivables turnover and average collection period for 2018 and 2017. (Round answers to 1 decimal place, e.g. 52.5.) 2018 2017 Receivables turnover enter number of times rounded to 1 decimal place times enter number of times rounded to 1 decimal place times Average collection period enter days rounded to 1 decimal place days enter days rounded to 1 decimal place days
! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
PROBLEM 3 (MODIFIED) Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2020 92,000 Allowance for uncollectible accounts at December 31, 2020 1,850 Debit Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: Prepare the adjusting entry to record uncollectible account expense on December 31, 2020. Determine the balance in allowance for uncollectible accounts after the adjusting entry is prepared. Show how the receivables would be reported on the December 31, 2020 balance sheet for Seed Enterprise.
Cornerstone Exercise 5-28 Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) During 2022, Khalid had $18,500,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end. Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. $1,280,000 44,000 2. Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022. Dec. 31 (Record adjusting entry for bad debt expense estimate)