Silver line Designs Corp. ended the year 2023 with an average collection period of 40 days. The firm's credit sales for 2023 were $62.0 million. What is the year-end 2023 balance in accounts receivable for Silver line Designs?
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- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000Summit Gear has an accounts receivable balance at the end of 2022 of $412,650. The net credit sales for the year are $892,740. The balance at the end of 2021 was $389,200. What is the accounts receivable turnover rate for 2022?
- Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.CornProducts Corporation ended the year 2018 with an average collection period of 40 days. The firm's credit sales for 2018 were $9 million. What is the approximate year-end 2018 balance in accounts receivable for Corn Products?ABC Company has an allowance for uncollectible accounts balance of P34,000 at January 1, 2020. During 2020, accounts totaling P47,000 were written off. Accounts written off in prior years amounting to P7,000 were recovered during the year. At December 31, 2020, an aging of its accounts receivable showed: (See the picture attached) What is the net realizable value of the accounts receivable? A. P588,400 B. P594,400 C. P600,400 D. P606,400
- Indigo Corporation had record sales in 2023. It began 2023 with an Accounts Receivable balance of $613,500 and an Allowance for Expected Credit Losses of $40,400. Indigo recognized credit sales during the year of $8,020,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize the loss on impairment. Also during the year, the company wrote off $42,400 of accounts that were deemed to be uncollectible, although one customer whose $4,800 account had been written off surprised management by paying the amount in full in late September. Including this surprise receipt, $7,882,200 in cash was collected on account in 2023. To assess the reasonableness of the allowance for expected credit losses, the controller prepared the following aged listing of the receivables at December 31, 2023: Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (b) Amount $378,500…Becky had net sales (all on Accounts) in 2020 of $8,000,000. At december 31, 2020, before adjusting entries, the balances in selected accounts were:accounts receivable $1,000,000 debit, and allowance for doubtful accounts $2,000 debit. Becky estimates that 3%of its accounts receivable will prove to be uncollectible. What is the net amount expected to be collected of the receivables reported on the financial statement at December 31, 2020At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, while the company’s total assets equal $1,500,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $2,000 becomes a bad debt on March 14. Record the write off of this customer’s account in 2022 using the direct write-off method.
- At 31 December 2022 a company's receivables totaled $400,000 and an allowance for receivables of $50,000 had been brought forward from the year ended 31 December 2021. It was decided to write off debts totaling $38,000 and to adjust the allowance for receivables to 10% of the receivables total. What expenses for irrecoverable debts and receivables allowance should appear in the company's income statement for the year ended 31 December 2022?Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in the allowance for doubtful accounts was P1,000,000 on January 1 , 2019. During 2019, credit sales totaled P20,000,000, interim provisions for doubtful accounts were made at 3% of credit sales, P200,000 accounts were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made on December 31, 2019. 1 – 60 days 6,000,000 10% uncollectible 61 – 180 days 2,000,000 20% uncollectible 181 – 360 days 1,500,000 30% uncollectible More than one year 500,000 50% uncollectible Based on the review of the “more…Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in the allowance for doubtful accounts was P1,000,000 on January 1 , 2019. During 2019, credit sales totaled P20,000,000, interim provisions for doubtful accounts were made at 3% of credit sales, P200,000 accounts were written off, and recoveries of accounts previously written off amounted to P50,000. An aging of accounts receivable was made on December 31, 2019. 1 – 60 days 6,000,000 10% uncollectible 61 – 180 days 2,000,000 20% uncollectible 181 – 360 days 1,500,000 30% uncollectible More than one year 500,000 50% uncollectible Based on the review of the “more…
