Get Answer for required Finance Question Question: 43Magnolia Corporation began 2016 with Accounts Receivable of $580,000.Service revenue, all on account, for the year, totaled $2,600,000. Magnoliaended the year with accounts receivable of $600,000. Magnolia's bad-debtlosses are nonexistent.How much cash did Magnolia collect from customers in 2016?

Step 1: Define Accounts Receivables:On the balance sheet, accounts receivable (AR) is reported as a…

Answered: Question: 43 Magnolia Corporation began…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

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Rosewood corporation began 2018 with a balance in accounts receivable of $575,000. Service revenue, all on account, for the year totaled $2,000,000. The company ended the year with a balance in accounts receivable of $800,000. Rosewoods bad debt write offs are nonexistent. How much cash did the comapny collect from customers in 2018? a.$1,775,000 b.$2,225,000 c.$2,800,000 d.$2,000,000
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Use the following to answer questions 28-29: Accounts receivable Allowance Cash realizable value 12/31/2016 $525,000 (45.000) $480.000 During 2017, sales on account were $145,000 and collections on account were $86,000. Also during 2017; the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. 28. The change in the cash realizable value from the balance at 12/31/2016 to 12/31/2017 was a: A) $50,000 B) $59,000. C) $42,000 D) $51,000 29. Bad debts expense for 2017 is: A) $17,000 B) $9,000 C) $54,000 D) $1,000
The company had the following beginning year balances in 2016. The company had credit sales of $1,000,000 and cash sales of $1,200,000. The company estimates bad debts at 1%. During the year $12,000 of the bad debt was deemed uncollectable. On 12/31/16 the remaining accounts receivable outstanding balance for the company was $295,000. 2016 Beginning Balances: Accounts Receivable: $162,000 Allowance for Doubtful Accounts: $9,000 (credit) Accounts Receivable, net: $153,000 Answer the following questions for the T-account for Accounts Receivable: • Sum up all of the items on the debit side (including any beginning debit balances), what is that total? • Sum up all of the items on the credit side (including any beginning credit balances), what is that total? Answer the following questions for the T-account for Allowance for Bad Debt: • Sum up all of the items on the debit side (including any beginning debit balances), what is that total? • Sum up all of the items on the credit side…
The following information is related to December 31, 2016 balances.Accounts receivable $1,400,000 Allowance for doubtful accounts 120,000 Cash realizable value 1,280,000 During 2017 sales on account were $390,000 and collections on account were $230,000. Also, during 2017 the company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $144,000. Bad debt expense for 2017 is: a. $46,000b. $24,000c. $144,000d. $ 2,000
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Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,347.8 $1,675.0 $18,477.6 Balance sheet: Accounts receivable, net Income statement sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20,4 million Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash cofections S 18.004.5
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Merck & Company reported the following from its 2016 financial statements. $ millions 2013 2014 2015 2016 Accounts receivable, net $7,682 $7,121 $6,981 $7,511 Allowance for doubtful accounts 154 163 175 213 a. Compute accounts receivable gross for each year. $ millions 2014 Accounts receivable, gross $ 2013 $ $ 2015 $ 2016
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The Dec. 31, 2016, statement of financial position of Leon Company showed Accounts Receivable of P500,000 and Allowance for Bad Debts of P48,000. Following is a summary of accounts receivable transactions recorded by the entity in 2017: Credit sales during the year P3,120,000 Accounts collected during the year 3,008,000 Accounts written off as uncollectible 52,000 Recoveries of accounts written off in the previous year 2,160 On Dec. 31, 2017, an aging of accounts receivable indicated the following: Age group % of total receivable amount Probability of collection Less than 60 days 70% 98% Between 61 and 120 days 18 85 Between 121 and 180 days 10 50 Over 180 days 2 0 Based on the given information and the result of your audit, answer the following: The accounts receivable as of Dec. 31, 2017 is: P550,916 c. P546,684 P548,800 d. P431,200 The allowance for doubtful accounts as of Dec. 13, 2017 is: a.…

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