of 3okIt1ncesRequired information[The following information applies to the questions displayed below.]At December 31, Hawke Company reports the following results for its calendar year.Cash salesCredit sales$ 480,000$ 1,200,000In addition, its unadjusted trial balance includes the following items.$ 648,000 debit$6,500 debitAccounts receivableAllowance for doubtful accounts3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and theAllowance for Doubtful Accounts appear on its December 31 balance sheet.Current assets:Accounts receivableLess: Allowance for doubtful accounts$0

Ending balance in allowance for doubtful accounts = Accounts receivable*5% Net realizable value of…

! Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $ 480,000 $ 1,200,000 In addition, its unadjusted trial balance includes the following items. $ 648,000 debit $ 6,500 debit Cash sales Credit sales Accounts receivable Allowance for doubtful accounts 3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: Accounts receivable Less: Allowance for doubtful accounts EA 0

! Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $ 480,000 $ 1,200,000 In addition, its unadjusted trial balance includes the following items. $ 648,000 debit $ 6,500 debit Cash sales Credit sales Accounts receivable Allowance for doubtful accounts 3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: Accounts receivable Less: Allowance for doubtful accounts EA 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

i need the answer quickly
The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 320,000 Credit sales $ 800,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 432,000 debit Allowance for doubtful accounts $ 4,300 debit 3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
Fernández Company uses the allowance method of accounting for uncollectible accounts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31 of the current year. Number of Days Outstanding 0-31 days 31-60 days Over 60 days Amount $500,000 200,000 100,000 The following additional information is available for the current year: Net credit sales for the year Loss allowance: Balance, January 1 Balance before adjustment, December 31 Probability of Collection 0.98 0.90 0.80 A. $752,000 B. $48,000 C. $50,000 D. $748,000 $4,000,000 45,000 (cr.) 2,000 (cr.) B If Fernández bases its estimate of uncollectible accounts on the aging of accounts receivable, Expected Credit Loss for the current year ending December 31 is
Required information [The following information applies to the questions displayed below] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 340,000 $ 850,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable. Allowance for doubtful accounts Current assets: $765,000 debit $ 6,100 debit 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. $ 0
Alpesh
ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit
Answer
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 280,000 $ 700,000 In addition, its unadjusted trial balance includes the following items. $ 210,000 debit $ 2,500 debit Accounts receivable Allowance for doubtful accounts 2. Bad debts are estimated to be 2% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: $ 0
3 ces ! Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 480,000 $ 1,200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 648,000 debit $ 6,500 debit 3. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets: Accounts receivable Less: Allowance for doubtful accounts $
Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $1,184,000 and sales for the year total $13,420,000. a. The allowance account before adjustment has a credit balance of $16,000. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before adjustment has a credit balance of $16,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $51,20o. c. The allowance account before adjustment has a debit balance of $9,300. Bad debt expense is estimated at 3/4 of 1% of sales. d. The allowance account before adjustment has a debit balance of $9,300. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $77,200. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $ b. $ c. $ d. $
At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 320,000 Credit sales $ 800,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 432,000 debit Allowance for doubtful accounts $ 4,300 debit 2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.
Mc Graw Hill Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $ 400,000 $ 1,000,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list