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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Collect it's account receivable
Determine the average number of days it takes Ron to collect it's accounts receivable.
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Please provide the answer to this general accounting question using the right approach.
Sales account $420,000
General accounting question
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.
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?
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?

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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.