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- The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $60 million $ 39 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- At Fiscal Year-end 2014 end 2015 Ending Balance 13,503 million 13,706 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 13,972 million 14,218 million Allowance for Doubtful AccountsThe following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. For Fiscal 2015 For Fiscal 2014 $ 57 million $36 million Provision for doubtful accounts Accounts receivable, net Accounts receivable, gross Beginning Balance At Fiscal Year- end 2015 13,473 million 13,673 million Using a T-account for the allowance for doubtful accounts, identify the changes in the account during fiscal year 2015. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Ending Balance At Fiscal Year-end 2014 13,942 million 14, 185 million Allowance for Doubtful Accounts
- 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.During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.In your audit of Ledo Plastic Corporation , you noted that the company’s statement of financial position shows the accounts receivable balance as at December 31, 2020 as follows : Accounts Receivable P 3,600,000 Allowance for Doubtful Accounts 72,000 P 3,528,000 During 2021 , transactions relating to the accounts were as follows: Sales on account , P 38,400,000 Cash received from collection of current receivable totaled P 31,360,000 after discount of P 640,000 were allowed for prompt payment Customer’s accounts of P 160,000 were ascertained to be worthless and were written off Bad debts accounts previously written prior to 2021 amounting to P 40,000 were recovered The company decided to provide for P 184,000 for doubtful accounts by journal entry at the end of the year Accounts receivable of P 5,600,000 have been pledged to a local bank on a loan of P 3,200,000. Collections of P 1,200,000 were made on these receivables (not…
- A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. Is presented here: Accounts receivable Less: Allowance for bad debts $ 21,700 (2,900) The company's accounting records revealed the following Information for the year ended December 31, 2020: Sales (all on account) Cash collections from customer's Accounts written off Bad debts expense (accrued at 12/31/20) At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 18,800 $ $ 165,500 151,000 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint. Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) 4,100 5,000 0During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 23,700 Less: Allowance for bad debts (3,500 ) $ 20,200 The company’s accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) $ 154,500 Cash collections from customers 147,000 Accounts written off 2,900 Bad debts expense (accrued at 12/31/20) 5,800 Required:Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)
- The financial data for A Company is the following: Balance sheet data (in $ millions) at 12/31 Accounts receivable Less: allowance for doubtful accounts Accounts receivable (net) Income statement data, year ending 12/31 Net sales (assume all on credit) Uncollectible accounts expense 2021 $ 500 150 350 2020 $ 450 140 310 $33,400 $21,500 100 110 1. Compute the accounts receivable turnover ratio for 2021 and 2020. 2. Wat amount of accounts receivable was collected in 2021? 3. How much was the write off of uncollectible accounts in 2021? 2019 $410 160 250 $19,200 95The December 31, 2020 statement of financial position of Leon Company showed Accounts receivable balance of P500,000 and Allowance for Bad Debts of P48,000. Following is a summary of accounts receivable transactions recorded by the company in 2021: Credit sales during the year P 3,120,000 Total accounts collected during the year 3,020,160 Accounts written off as uncollectible 42,000 Recoveries of accounts written off in the previous year 2,160 On December 31, 2021, an aging of accounts receivable indicated the following: Age group % of total receivable amount Probability of collection Less than 60 days 60% 99% Between 61 and 22% 88% 120 days Between 121 and 180 days 15% 45% Over 180 days 3% 20% Questions: Based on the above and the result of your audit, answer the following: The adjusted gross balance of accounts receivable is? Group of answer choices 560,000 562,160 570,000 604,160…the December 31, 2020 statement of financial position of Leon Company showed Accounts receivable balance of P500,000 and Allowance for Bad Debts of P48,000. Following is a summary of accounts receivable transactions recorded by the company in 2021: Credit sales during the year P 3,120,000 Total accounts collected during the year 3,020,160 Accounts written off as uncollectible 42,000 Recoveries of accounts written off in the previous year 2,160 On December 31, 2021, an aging of accounts receivable indicated the following: Age group % of total receivable Probability of amount collection Less than 60 days 60% 99% Between 61 and 120 days 22% 88% Between 121 and 180 days 15% 45% Over 180 days 3% 20% Questions: Based on the above and the result of your audit, answer the following: The net realizable value of…
