Sunland Company had the following balances in receivable accounts at October 31, 2022 (in thousands): Allowance for Doubtful Accounts $52,Accounts Receivable $3,034, Other Receivables $201, and Notes Receivable $1,396.Prepare the balance sheet presentation of Sunland Company's receivables in good form.Sunland CompanyBalance Sheet (Partial)(in thousands)$$$

Certainly! Let's break down the components of the receivables section on Sunland Company's balance…

Answered: Sunland Company had the following…

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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At December 31, 2021, Concord Co. reported the following information on its balance sheet. Accounts receivable $959,700 Less: Allowance for doubtful accounts 78,800 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,715,300 2. Sales returns and allowances 49,700 3. Collections of accounts receivable 2,801,100 4. Write-offs of accounts receivable deemed uncollectible 89,800 5. Recovery of accounts previously written off as uncollectible 28,000 (d) Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.) Accounts receivable turnover ratio Average collection period times days
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
Using the following accounts, complete all journal entries: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Credit Card Expense Sales Discount Sales Revenue For the year 2019, Bristax Corporation recorded $1,385,660 in credit sales and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. PLEASE NOTE: You must enter the account names exactly as written in the table above and all whole dollar amounts using "$" with commas as needed and rounded to two decimal places (i.e. $12,345.67). Record the year-end adjusting entry for 2019 bad debt using the income statement method. DR CR Record the year-end adjusting entry for 2019 bad debt using the balance sheet method. DR CR Assume there was a previous credit balance in Allowance for Doubtful Accounts of $37,430, record the year-end adjusting entry for bad debt using the income…
Accounts receivable At December 31, 2021, House Co. reported the following information on its balance sheet. Less: Allowance for doubtful accounts 1. 2. During 2022, the company had the following transactions related to receivables. 3. 4. 5. n Sales on account Sales returns and allowances o $960,000 80,000 Show Transcribed Text Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible $3,700,000 50,000 2,810,000 90,000 29,000 1.) Compute the accounts receivable turnover and average collection period for 2022
At December 31, 2021, Pina Co. reported the following information on its balance sheet. Accounts receivable $960,100 Less: Allowance for doubtful accounts 78,200 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,739,000 2. Sales returns and allowances 49,400 3. Collections of accounts receivable 2,814,000 4. Write-offs of accounts receivable deemed uncollectible 90,500 5. Recovery of accounts previously written off as uncollectible 28,000 1. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2 .Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use…
Find the amount of accounts receivables written off in 2019.
The following information is related to December 31, 2024 balances. ● Accounts receivable Allowance for doubtful accounts (credit) Cash realizable value $1570000 (111000) 1459000 During 2025 sales on account were $375000 and collections on account were $230000. The company wrote off $23000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectibles should be estimated at $144000. The change in the cash realizable value from 12/31/24 to 12/31/25 was
H
Please help me. Thankyou.
The following information is related to December 31, 2021 balances. • Accounts receivable $3490000 • Allowance for doubtful accounts (credit) ( 254000) • Cash realizable value $3236000 During 2022 sales on account were $ 885000 and collections on account were $ 500000. Also during 2022 the company wrote off $49000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $ 323000. The change in the cash realizable value from the balance at 12/31/21 to 12/31/22 was a $ 322000 increase. $ 267000 increase. $ 370000 increase. $ 316000 increase.
Answer with explanation
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.

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