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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12EB: Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000...

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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
Morgan company reported the following solve this general accounting question
The comparative balance sheet of Sloan company reveal that accounts receivable (before deducting allowance) increased by $15,000 in 2016. During the same period, the allowance for uncollectible accounts increased by $2,100. If sales revenue was $120,000 in 2016nand bad debt expenses were 2% of sales, how much cash was collected from customers during the year? Please show the work.
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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