Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected CreditLosses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows:Number of DaysOutstanding(a)0-3031-6061-90Over 90TotalYour answer is correct.Age of Accounts0-30 days31-60 daysAccounts Receivable$258,00061-90 daysOver 90 daysPrepare an aging schedule to determine the total estimated uncollectibles at March 31.Amount45,80032,60027,300$363,70045,800%$258,000 2%10%32,600 30%27,300 50%Estimated PercentageUncollectible2%$10%30%50%Estimated Uncollectible5160458097801365033170 (b)Your answer is correct.Prepare the adjusting entry at March 31 to record the credit losses for the period. (List debit entry before credit entry. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts.)(c)Date Account Titles and ExplanationMar. 31Credit LossesAllowance for Expected Credit LosseseTextbook and MediaList of AccountsYour answer is incorrect.What is the carrying amount of the receivables at March 31?Carrying amount$Debit24570Credit24570Assistance UsedAssistance UsedAttempts: 8 of 15 used

Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Estimated Percentage Uncollectible 2% 10% 30% Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. 0-30 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Age of Accounts 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Amount % $258,000 2% 45,800 10% 32,600 30% 27,300 50% $ 50% $ Estimated Uncollectible 5160 4580 9780 13650 33170

Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Estimated Percentage Uncollectible 2% 10% 30% Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. 0-30 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Age of Accounts 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Amount % $258,000 2% 45,800 10% 32,600 30% 27,300 50% $ 50% $ Estimated Uncollectible 5160 4580 9780 13650 33170

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On February 28, Wildhorse Company had accounts receivable in the amount of $568,100 and Allowance for Doubtful Accounts had a credit balance of $2,782 before adjustment. Net credit sales for February amounted to $3,900,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Kathy Black for $7,930 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediately paid her past due account in full. (a) Prepare the journal entries made by Wildhorse Company on the following dates: (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) 1. 2. 3. February 28 March 10 March 31 Date Account Titles and Explanation Debit Credit
Dat
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,283 Allowance for Doubtful Accounts (XA) 8,474 Accounts Receivable (Net) (A) $ 39,809 During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,059, and the bad debt expense adjustment was $4,775. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
At December 31, Gill Co. reported accounts receivable of $236,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $1,450 $4.980 $3,270. $4,720
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620
Maple Leafs Construction has the following data for the year ended December 31, Year 1: Accounts receivable (January 1, Year 1) $455,000 Credit sales 900,000 Collections from credit customers 825,000 Customer accounts written off as uncollected 15,000 Allowance for doubtful accounts (after write-off of uncollected accounts) 2,100 Estimated uncollected accounts based on an aging 29,200 analysis (December 31, Year 1) Refer to Maple Leafs Construction. What is the balance of accounts receivable at December 31, Year 1? O $455,000 O $511,900 O $515,000 O $440,000
At December 31, Gill Co. reported accounts receivable of $281,000 and an allowance for uncollectible accounts of $1,600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $8,340. $1,600. $8,430. $6,830.
Sipacore Ltd. has an Accounts Receivable amount of $363,700 and an unadjusted credit balance in Allowance for Expected Credit Losses of $8,600 at March 31. The company's accounts receivable and percentage estimates of uncollectible accounts are as follows: Number of Days Outstanding 0-30 (a) 31-60 61-90 Over 90 Total Your answer is correct. Age of Accounts 0-30 days 31-60 days Accounts Receivable $258,000 45,800 32,600 27,300 $363,700 61-90 days Over 90 days Prepare an aging schedule to determine the total estimated uncollectibles at March 31. Amount % $258,000 2% 45,800 10% 32,600 30% Estimated Percentage Uncollectible 27,300 50% 2% 10% 30% 50% Estimated Uncollectible 5160 4580 9780 13650 33170