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

Step 1:First calculate the net accounts receivable: Net accounts receivable = Gross accounts…

Answered: Ron Company reports the information for…

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

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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
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.
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?
Celtics Company had the following data relating to its accounts receivable. Accounts Receivable, December 31, 2022 P1,300,000Credit sales for 2023 5,400,000Collections from customers during 2023, including recoveries 4,750,000Accounts written off on September 30, 2023 125,000Recoveries of accounts previously written off in prior years 25,000Estimated uncollectible receivables per aging, December 31, 2023 165,000 Question:20. How much is Celtics Company's net accounts receivable at December 31, 2023? A. P1,660,000B. P1,685,000C. P1,825,000D. P1,850,000
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?
Prepare the entry to record the write-off of uncollectible accounts during the period. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Assistance Used
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?
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?
Management estimates 2% of net credit sales to be uncollectible. Net credit sales for the year were $1,500,000. The beginning of the year allowance for doubtful accounts balance is $10,000 before any adjustments. What would the Net Accounts Receivable Balance be presented on the balance sheet be? $1,460,000 $1,500,000 $1,470,000 $1,490,000
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days

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