General accounting question RonCompany reports thefollowinginformation for the 2022 fiscal year:Sales on Account: $420,000Accounts Receivable: $105,000Allowance for Doubtful Accounts: $4,800Determine the average number of days it takesRon to collect its accounts receivable.

Step 1: DefinitionsDefinition of Accounts Receivable Turnover RatioThe Accounts Receivable Turnover…

Answered: Ron Company reports the following…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

???!!
Collect it's account receivable
At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $ 7000. the expected net realizable value of the accounts receivable is?
6) Brotherhood Company had the following information relating to its accounts receivable: Accounts receivable, 12/31/21 1,300,000 Credit sales for 2022 5,400,000 4,750,000 125,000 Collections from customers for 2022, excluding recovery Accounts written off 9/30/22 Collection of accounts written off in prior year (customer credit was not reestablished) Estimated uncollectible receivable per aging of receivable at 12/31/22 25,000 165,000 On December 31, 2022, the amortized cost of accounts receivable is a. 1,825,000 b. 1,800,000 c. 1,635,000 d. 1,660,000
The following information is related to December 31, 2024 balances. • Accounts receivable Allowance for doubtful accounts (credit) $1,400,000 (120,000) 1,280,000 Cash realizable value During 2025, sales on account were $390,000 and collections on account were $230,000. The company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144,000. Bad debt expense for 2025 is A) $46,000. B) $24,000. C) $2,000. OD) $144,000.
ABC Company had the following information relating to its accounts receivable at December 31, 2024 and for the year ended December 31, 2024: Accounts receivable – December 31, 2023 - 8,000,000; Allowance for doubtful accounts – December 31, 2023 - 1,000,000; Sales (80% credit sales) - 50,000,000; Collections from customers on accounts - 31,000,000; Accounts written off - 2,000,000; Estimated uncollectible receivables per aging on December 31, 2024 - 3,000,000. What is the net realizable value if ABC’s accounts receivable on December 31, 2024?
SISSY Company provided the following information relating to accounts receivable for the current yearAccounts receivable on January 1 1,300,000Credit Sales 5,400,000Collections from customers, 4,750,000Accounts written off 125,000Estimated uncollectible receivables per aging 165,000What is the balance of accounts receivable before allowance for doubtful accounts on December 31?a. 1,825,000b. 1,850,000c. 1,950,000d. 1,990,000
Hopefully this is the last one, can you show me this one too? 3. The data presented below are for XYZ Corporation for the year ended December 31, 2018: Credit Sales $1,800,000 Accounts Receivable (12/31/18) 210,000 Sales returns 90,000 Estimated amount of uncollectible accounts based on an aging analysis 22,000 Allowance for doubtful accounts (before adjustment at December 31, 2018) 2,000 A. If bad debts are estimated at 3% of net credit sales, what amount will be reported as bad debts expense for 2018? B. If bad debts are estimated at 3% of net credit sales, what will be the balance in the Allowance for DoubtfulAccounts account after the adjustment for bad debts?
Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 1,300,000Credit sales 5,500,000Sales return 150,000Accounts written off 100,000Collections from customers 5,000,000Estimated future sales return on December 31 50,000Estimated uncollectible accounts per aging at year-end 250,000 What amount should be reported as net realizable value of accounts receivable on December 31?
FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful Accounts was P1,000,000 on January 1, 2021. The following information is provided pertaining to the company's aging analysis. Time outstanding Accounts receivable Percent uncollectible Under 90 days P7,200,000 5% 91 180 days 1,800,000 7% 181 360 days 1,000,000 50% How much should be reported as Allowance for Doubtful Accounts as of December 31, 2021?
A company reports the following: Sales $572,320Average accounts receivable (net) 20,440Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover fill in the blank 1b. Number of days' sales in receivables fill in the blank 2 days
Monthly average accounts receivable:480000, net sales on account:5750000

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS

Ron Company reports the following information for the 2022 fiscal year: Sales on Account: $420,000 Accounts Receivable: $105,000 Allowance for Doubtful Accounts: $4,800 Determine the average number of days it takes Ron to collect its accounts receivable.