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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Requirement Number 11, 15 and 16
Problem 6-7: The Chancellor Corporation The following information was available for the Chancellor Corporation on December 31, 2021: Year 2019 2020 2021 Sales 3000 9000 7000 Accounts Receivable 800 100 300 Required: 1. Calculate Receivables Turnover in 2021 (round to 2 decimal places). 2. Calculate the average days to collect receivables in 2020. Assume a 365 day year and round all results to the nearest day. 3. Calculate the average days to collect receivables in 2021. Assume a 365 day year and round all results to the nearest day. Upon completion, enter your answers below (2 decimal places): Receivables Turnover (2021): Days to Collect Receivables (2020): Days to Collect Receivables (2021): submit
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trail balance not include O revenue. O cost of goods sold. O Ending inventory. O fright-in account. Dividend occur in the O single step income ststement. multiple step statement. O retained earning. Balance sheet.
Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.
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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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