please need answer for all with all working and steps Complete this question by entering your answers in the tabs below.Req 1Req 2 to 4What amount of accounts receivable did Gemston Products write off during 2016? What is the amount of Gemston Product'sgross sales for the 2016 fiscal year? Assuming that all sales are made on a credit basis, what is the amount of cash GemstonProducts collected from customers during the 2016 fiscal year? (Enter your answers in thousands.)2. Accounts receivable write off3.Gross sales4. Cash collections$$9,320715,860< Req 1Reg 2 to 4 > Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company'sconsolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands):2016Current assets:Receivables, less allowances of $132,340 in2016 and $87,940 in 2015Calculation of account receivables, net:Receivables$460,500Less: allowance for doubtful accountsLess: reserve for product returnsTrade accounts receivable, net:A disclosure note accompanying the financial statements reported the following ($ in thousands)Year Ended2015$440,8002016(In thousands)2015$ 592,840 $528,740(123,020)(9,320)$ 460,500(77,720)(10,220)$440,800Assume that the company reported bad debt expense in 2016 of $191,800 and had products returned for credit totaling $187,120 (salesprice). Net sales for 2016 were $5,618,800 ($ in thousands).Required:1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015?2. What amount of accounts receivable did Gemstone write off during 2016?3. What is the amount of Gemstone's gross sales for the 2016 fiscal year?4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016fiscal year?

Accounts receivable are also referred to as debtors and are one of the elements of the balance sheet…

Required: 1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015? 2. What amount of accounts receivable did Gemstone write off during 2016? 3. What is the amount of Gemstone's gross sales for the 2016 fiscal year? 4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016 fiscal year?

Required: 1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015? 2. What amount of accounts receivable did Gemstone write off during 2016? 3. What is the amount of Gemstone's gross sales for the 2016 fiscal year? 4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016 fiscal year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG…

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: look at the image to help me solve the problem

A: In Double Entry System, the total of assets are always equal to the total of liabilities.

Q: three projects that need to be implemented immediately at the Clarion School and how you would…

A: Concept Introduction:Capital budgeting a process of evaluating the projects. There are several…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Thank you so much this is very clea

A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…

Q: Identify activities that consume resources.

A: Activity-based costing also known as ABC is a costing method that assigns indirect cost to…

Q: Can you show steps on how you got the answers?

A: Workings:

Q: explain Stakeholder engagement use your word

A: Stakeholder engagement: Stakeholder engagement refers to a scenario whereby an organization…

Q: relevance characterisitic

A: Relevance is an important characteristic of accounting or financial information.

Q: Explain how copmany approch to planing and its mission can be translated inti action plans

A: Planning: Planning refers to the process which helps in bridging the gap between the point the…

Q: I need help understanding step by step how to slove this

A: Introduction: Direct material: Direct material refers to the material used by the company in…

Q: Describe the ways and the extent to which IFRS are used around the world.

Q: solve all of them. I mentioned in my question to solve all the parts

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Please respond via a memo on your thoughts of the GAAP article bellow:

A: Accounting Principles- Accounting principles are the principles that are to be followed by an…

Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

please need answer for all with all working and steps

Gemstone Products located in New York City, is one of the world's largest producers of beauty and related products. The company's
consolidated balance sheets for the 2016 and 2015 fiscal years included the following ($ in thousands):
2016
Current assets:
Receivables, less allowances of $132,340 in
2016 and $87,940 in 2015
Calculation of account receivables, net:
Receivables
$460,500
Less: allowance for doubtful accounts
Less: reserve for product returns
Trade accounts receivable, net:
A disclosure note accompanying the financial statements reported the following ($ in thousands)
Year Ended
2015
$440,800
2016
(In thousands)
2015
$ 592,840 $528,740
(123,020)
(9,320)
$ 460,500
(77,720)
(10,220)
$440,800
Assume that the company reported bad debt expense in 2016 of $191,800 and had products returned for credit totaling $187,120 (sales
price). Net sales for 2016 were $5,618,800 ($ in thousands).
Required:
1. What is the amount of accounts receivable due from customers at the end of 2016 and 2015?
2. What amount of accounts receivable did Gemstone write off during 2016?
3. What is the amount of Gemstone's gross sales for the 2016 fiscal year?
4. Assuming that all sales are made on a credit basis, what is the amount of cash Gemstone collected from customers during the 2016
fiscal year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: 1) Computation of accounts receivable due from customers

VIEW

Step 3: 2) Computation of receivables written-off

VIEW

Step 4: 3) Computation of gross sales

VIEW

Step 5: 4) Computation of cash collection

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 6 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Liquid assets are held in order to Group of answer choices make everyday transactions. build reserves for future planned expenditures. meet recurring household expenses. All have money for emergency expenditures
PLEASE EXPLAIN EACH POINT STEP BY STEP
Can you share an example and explainwhy the CVP is important please.
Give And Discuss Three (3) Concrete Steps That You Can Do In Order To Develop/Nurture A Balanced Self. (Explain Concisely)
Please show and explain all steps to solve this problem.
Goodwill messages craft special messages that foster goodwill and convey kindness. One page answer
4. Explain Ted's strategy to justify his request and include a list of items Ted might ask for?
Match each of the components of relevance with its definition. Relevance Definitions 1 . Confirmatory value 2 . Predictive value 3 . Materiality a. Information is useful in helping to forecast future outcomes. b. Information provides feedback on past activities. c. The nature or amount of an item has the ability to affect decisions.